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Today’s Summary
Thursday, November 11th, 2021
Indices: Dow -0.44% | S&P 500 +0.06% | Nasdaq +0.52% | Russell 2000 +0.82%
Sectors: 5 of the 11 sectors closed higher. Materials led, gaining 0.80%. Utilities lagged, falling 0.61%.
Commodities: Crude Oil futures inched lower by 0.20% to $81.18 per barrel. Gold futures closed higher for the sixth day in a row, rising 0.87% to $1,864 per ounce.
Currencies: The US Dollar Index rose 0.30% to its highest level in over a year.
Interest Rates: The US 10-year Treasury yield rose to 1.596%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared in a note by John Roque of 22V Research. It’s a chart of the US Dollar Index ($DXY) over the past two years. John points out that the Dollar is breaking out of a 16-month base and an inverted head & shoulders pattern. It’s currently trading at its highest level in more than a year and looks poised to continue higher. Conventional wisdom would say that a rising Dollar is bearish for risk assets including Stocks, Commodities, and even Crypto. However, the Dollar has been trending higher all year, and yet all three of those asset classes are rising along with it. Will it eventually matter? Maybe. But, it can be hazardous to overcomplicate things by reading too far into the intermarket implications of a rising dollar.
Quote of the Day
“Think in the morning. Act in the noon.
Eat in the evening. Sleep in the night.”
– William Blake
Top Links
Tops Wobble Before Falling Over – Quantifiable Edges
Rob Hanna examines what has historically happened after the S&P 500 closes below its 10-day moving average for the first time in 15-days or more.
Wilshire 5000 Trading Into Important Inflection Point! – Kimble Charting Solutions
Chris Kimble points out that the Wilshire 5000 index is testing the top of a rising channel that has been in place since the 1980s.
Technology – Is It Only Just Getting Started? – Honey Stocks Charting
Sam McCallum gives an update on the Technology sector.
Stocks Waver But Breadth Remains Supportive of a Melt Up – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
Sentiment Steadily Moving Higher – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Top Tweets
So far in 2021, 57.6% of the days have been higher for the S&P 500.
This ranks 10th since 1950 (10 out of 72).
The average year sees 53.1% of the days higher.
The highest ever was 1958 at 62.3% and the worst ever was 1974 at only 41.5%. pic.twitter.com/1mhv9DNe9z
— Ryan Detrick, CMT (@RyanDetrick) November 11, 2021
$QQQ and $QQQE so far holding their breakout pic.twitter.com/SuDswdoEPU
— Bailey.Baxter2020 (@BBaxter2020) November 11, 2021
Energy sector has had incredible run since November 2020, but relative to S&P 500, it has a long way to go for a more substantial recovery
[Past performance is no guarantee of future results] pic.twitter.com/CBHGsWO9oJ— Liz Ann Sonders (@LizAnnSonders) November 11, 2021
Did y'all have fun during $IWM's persistent range this year?
Ex-US stocks now doing the same (since April). $VEU pic.twitter.com/2bz1DkpDJx— Mike Zaccardi, CFA, CMT (@MikeZaccardi) November 11, 2021
IMO, odds are greater that Chinese stocks advance 50% rather than decline 20% $CN_F pic.twitter.com/TCvgoILltJ
— Peter Brandt (@PeterLBrandt) November 11, 2021
$ILF I'm always looking for the next big thing. Latin America has been on the back burner for a long time now. Maybe w inflation kicking, this is the next move. pic.twitter.com/9i1VHvO1i4
— Alan Cohen (@al_xdpg) November 11, 2021
Silver found support at $22 yet again and is moving higher…#silver $SIL $SLV pic.twitter.com/IJHEN8HFCj
— Greg Rieben (@gregrieben) November 11, 2021
Why would treasuries, the dollar, and gold all go up at once? pic.twitter.com/ts1TNrz7Y4
— Mike Singleton, CFA (@InvictusMacro) November 11, 2021
$USD futures breaking out despite accelerating inflation. Chart looks constructive w/big base and double bottom. Interesting. pic.twitter.com/XbIFNNSr9M
— Tarek I. Saab (@FibLines) November 11, 2021
Complex H&S Bottom and away we go?
Rates and the $DXY rising together?
Hmmm…. pic.twitter.com/J9SLir9fB1
— Ian Culley (@IanCulley) November 11, 2021
That Dollar ya'll$DXY pic.twitter.com/DRrw5y0k4Z
— David Zarling, CMT (@AdaptivCharts) November 10, 2021
You’re all caught up now. Thanks for reading!