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Today’s Summary
Friday, November 11th, 2022
Indices: Nasdaq 100 +1.82% | S&P 500 +0.92% | Russell 2000 +0.79% | Dow +0.10%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +2.91%. Health Care lagged, falling -1.22%.
Commodities: Crude Oil futures rose +2.88% to $88.96 per barrel. Gold futures gained +0.90% to $1,769 per ounce.
Currencies: The US Dollar Index continued lower by -1.44%.
Crypto: Bitcoin fell -3.10% to $17,007. Ethereum inched lower by -0.78% to $1,285.
Interest Rates: The US 10-year Treasury yield inched higher to 3.850%.
**Happy Veterans Day, & thank you to those who served ??**
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
All you need to know. $UUP $DXY $USD pic.twitter.com/3YhpNky1ON
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) November 11, 2022
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). One of the biggest developments this week was the breakdown in the US Dollar. The US Dollar Index dropped 4% this week, marking the worst week since 2009. Mike points out that it broke the uptrend line that has been in place for the majority of 2022. The strength in the US Dollar has been putting pressure on stocks and risk assets all year, so this is exactly what the bulls have been waiting for.
Quote of the Day
“We can disagree and still like each other. Let’s not conflate disagreement with disdain or hate. Debate with friends is essential for progress.”
– Lex Fridman
Trendlines over Headlines
The latest episode of Trendlines > Headlines is out!
In this week’s episode, we sit down with Jerry Parker. Jerry is the founder of Chesapeake Capital, and he’s one of the original Turtle Traders. We discuss Trend Following, and he shares the legendary story of the Turtle Traders.
You can also listen to the podcast version here.
Top Links
Breaking Down the 200-Day Moving Average – LPL Financial Research
Adam Turnquist shares a ton of stats about the S&P 500’s 200-day moving average.
The Death of a Wrecking Ball – All Star Charts
Ian Culley examines the recent weakness in the US Dollar.
Stock Rally Verified – Trading Adventures
Andrew Moss recaps this week’s price action across the markets.
Banks and Brokers on Fire – Bespoke
Bespoke takes a look at the recent strength in the Financial sector.
Some “Risk On” Vibes – Research by Potomac
Dan Russo looks at several key risk ratios.
Top Tweets
Big win for the bulls this week! ?
? $SPY +5.46% pic.twitter.com/mNRmAG7o0v
— TrendSpider (@TrendSpider) November 11, 2022
For the first time in nearly 3 months, and by the slimmest of margins (191 to 187), we had new highs > new lows today. pic.twitter.com/WC2GTs8XBt
— Willie Delwiche, CMT, CFA (@WillieDelwiche) November 11, 2022
It was a countertrend week. $QQQ $GDX $OIL $UUP pic.twitter.com/DLOuNDaRHC
— Brian G (@alphacharts) November 11, 2022
Weekly $SPX update: a shot in the arm from the soft inflation data results in a 6% gain. Poised to make another run at the 40wk EMA, maybe third time's a charm? pic.twitter.com/VwqHGqsLMw
— Michael Turvey (@MikeTurvey_TDA) November 11, 2022
$SPX rallied more than 10% in the past 20 sessions. This has been a level that marked the beginning of new long-term rallies in recent past – going all the way back the March 2009 low. But, in 2022, it's 0 for 1. pic.twitter.com/oJSylOiR2z
— David Settle, CMT (@davidsettle42) November 11, 2022
The Nasdaq is up 8.4% over the past two trading days, its biggest gain since **December 2008**–Dow Jones Market Datahttps://t.co/Ayb7Q5vhUH @WSJmarkets pic.twitter.com/k6Pt90mDsQ
— Gunjan Banerji (@GunjanJS) November 11, 2022
Small-caps above the 200-day for first time since August.
@MikeZaccardi $RUT pic.twitter.com/WxZAgUHzgE
— Carl Quintanilla (@carlquintanilla) November 11, 2022
We call this pattern the face-ripper $ARKK pic.twitter.com/ios1YmofWT
— Steven Strazza (@sstrazza) November 11, 2022
As I was saying… #sentimentrader https://t.co/dZp0rikP66 pic.twitter.com/P90pTgRkbq
— Jay Kaeppel (@jaykaeppel) November 11, 2022
US Dollar Futures ⚓️VWAP from the 2022 low is just over a dollar lower from here.
It is a level of interest which has the potential to find enough demand to provide support$DXY $USDX pic.twitter.com/WFzT2Uv3V6
— Brian Shannon, CMT (@alphatrends) November 11, 2022
Was this the week large cap tech broke its correlation with crypto? I think so… $QQQ $BTC pic.twitter.com/FMZC4PKbzr
— Matt ?, CMT (@topstockcharts) November 11, 2022
#Bitcoin The weekly view still shows a crucial breakdown of 5-month horizontal support.
Weekend's are generally when previous moves earlier in the week are exacerbated when there is less liquidity.
$13.2k-$13.7k still is the main level to watch below. pic.twitter.com/U4GFjJskKO
— Jake Wujastyk (@Jake__Wujastyk) November 11, 2022
Short Forbes pic.twitter.com/1JZvXX1to9
— Inverse Cramer ETF (Not Jim Cramer) (@CramerTracker) November 11, 2022
You’re all caught up now. Thanks for reading!