Daily Chart Report 📈 Tuesday, November 12, 2024
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Today’s Summary
Tuesday, November 12, 2024
Indices: Nasdaq -0.17% | S&P 500 -0.29% | Dow -0.86% | Russell 2000 -1.77%
Sectors: 3 of the 11 sectors closed higher. Communications led, gaining +0.45%. Materials lagged, dropping -1.70%.
Commodities: Crude Oil futures inched higher by +0.12% to $68.12 per barrel. Gold continued lower by -0.44% to $2,606 per oz.
Currencies: The US Dollar Index rose +0.42% to a four-month high of $105.96.
Crypto: Bitcoin snapped a seven-day winning streak, falling -0.83% to $88,031. Ethereum also snapped a seven-day winning streak, dropping -3.81% to $3,247.
Volatility: The Volatility Index fell -1.74% to 14.70.
Interest Rates: The US 10-year Treasury yield rose to 4.429%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today's Chart of the Day was shared by Brian Shannon (@alphatrends).
- The S&P 500 ($SPY) snapped a five-day winning streak today, falling -0.31%. The Nasdaq ($QQQ) fell by a negligible amount for the second day, closing just -0.24%, below a record high.
- Brian points out that the two indices successfully tested their VWAPs from Tuesday's election, appropriately colored orange. If $SPY and $QQQ are above these VWAPs, buyers have control of the post-election rally. However, breaking these levels would put sellers in control.
- While $SPY and $QQQ held the most important VWAP today, they both failed to reclaim their Daily VWAP (black) and the VWAPs from the prior three sessions: Thursday (green), Friday (pink), and Monday (blue).
The Takeaway: The post-election rally passed its first test today, as $SPY and $QQQ bounced off their VWAPs from Tuesday's Election. However, the two major indices aren't entirely out of the woods until they reclaim their VWAPs from the prior three sessions.
Top Links
November Monthly Option Expiration Day: Russell 2000 Best - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed around November Options expiration.
Crypto to the Moon - All Star Charts Crypto
With Crypto surging to all-time highs, the team at All-Star Charts reveals their top crypto picks.
Historical Indicator Points To Interest Rates Decline - Kimble Charting Solutions
Chris Kimble highlights the divergence between the 10-year yield and the Copper/Gold ratio.
The History and Evolution of Technical Analysis on Wall Street - Bloomberg Intelligence
Join us next Wednesday in person at Bloomberg's Park Ave office in NYC as the CMT Association and Bloomberg Intelligence celebrate the History of Technical Analysis with some of the industry's greatest minds.
Quote of the Day
“Observe that the blade of grass that resists the lawnmower gets cut down while the blade that bends remains uncut.”
- A Sign Above PTJ's Desk
Top Tweets