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Todayโs Summary
Monday, November 13, 2023
Indices: Dow +0.16% | Russell 2000 +0.01% | S&P 500 -0.08% | Nasdaq 100 -0.30%
Sectors: 5 of the 11 sectors closed higher. Energy led, gaining +0.72%. Utilities lagged, falling -1.19%.
Commodities: Crude Oil futures rose +1.41% to $78.26 per barrel. Gold futures rose +0.65% to $1,950 per oz.
Currencies: The US Dollar Index fell -0.13% to $105.66.
Crypto: Bitcoin fell -1.62% to $36,485. Ethereum rose +0.36% to $2,054.
Volatility: The Volatility Index rose +4.16% to 14.77.
Interest Rates: The US 10-year Treasury yield fell to 4.642%.
Here areย the best charts, articles, and ideas shared on the web today!
Chart of the Day
$NVDA pic.twitter.com/tSVU5ynD3d
— Arun S. Chopra CFA CMT๐ง (@FusionptCapital) November 13, 2023
Todayโs Chart of the Day was shared by Arun Chopra (@FusionptCapital). Nividia ($NVDA) has risen for nine consecutive days now. It’s flirting with record highs after correcting -18% from its August peak. It’s currently up more than +232% YTD, making it the best-performing stock in the S&P 500. At the end of October, Many pointed out that $NVDA had formed a Head & Shoulders top. From a structural perspective, this was a textbook H&S pattern. However, the outcome was anything but textbook. According to conventional wisdom, breaking the neckline at $400 should’ve led to a ~20% decline (using a measured move from the pattern’s height). The stock indeed violated the neckline two weeks ago, but it hasn’t closed lower since. This was one of the most well-broadcast patterns we’ve seen in a while. Everyone and their priest saw it! Patterns often fail when too many anticipate them. Remember, it’s often bullish when bearish patterns fail.
Quote of the Day
โSelling your winners and holding your losers is like cutting the flowers and watering the weeds.โ
โPeter Lynch
Top Links
Short (-lived) Selling – Trading Adventures
Andy Moss highlights several technical developments to keep an eye on this week.
What Does The Santa Claus Rally Mean in 2023 – All Star Charts
JC looks at the prospects of a year-end rally.
Which Way Is the Stock Market Going to Break? – Ciovacco Capital Management
Chris Ciovacco examines the short-term and long-term trends in the market.
Three Decades and Nothing to Show For It – Bespoke
Bespoke looks at the Japanese Yen and the Nikkei.
Bitcoinโs Intermediate-Term Momentum ‘Very Much to the Upside,’ Technical Analyst Says – CoinDesk
Katie Stockton shares her near-term outlook on Bitcoin and Ethereum.
Top Tweets
$SPY Close, but no cigar. ๐ญ
All about tomorrow's CPI print now! pic.twitter.com/gp8ezyprW9
— TrendSpider (@TrendSpider) November 13, 2023
Don't get too hype about tomorrow's CPI report.
The S&P hasn't moved 1% or more on a CPI day since March
(wild considering it caused 1% swings in 7/12 CPI days last year)
Inflation isn't the big story any more. pic.twitter.com/mGoOF5zaG2
— Callie Cox (@callieabost) November 13, 2023
The 10 consecutive bullish gaps the $SPX just closed out this morning matches the longest stretch of bullish openings (9/25/13) going back decades: pic.twitter.com/woI6NLlffH
— John Kicklighter (@JohnKicklighter) November 13, 2023
Dow Jones Industrials $DJIA Death Cross (50D crossing below the 200D moving average) has formed pic.twitter.com/MCFGF2lTj5
— Barchart (@Barchart) November 13, 2023
Nasdaq's record streak of positive Mondays ends at 18. It was fun while it lasted. pic.twitter.com/lIyhSrx639
— Bespoke (@bespokeinvest) November 13, 2023
Hate on Tech all you want. Putting your money anywhere else over the last 5 years has been a recipe for disappointment $XLK $SPX pic.twitter.com/aHXQvsO4dK
— Austin Harrison, CFA, CMT (@meanstoatrend) November 13, 2023
I can't say it is my base case, but small caps have a chance to do something here pic.twitter.com/yRrEHp2yfd
— Scott Brown, CMT (@scottcharts) November 14, 2023
26% of stocks in the Nasdaq 100 made new 8-week relative highs on Friday, the largest 1-day reading since July 2020…$NDX $QQQ $NQ_F pic.twitter.com/Zd7I8RwhjV
— Ian McMillan, CMT (@the_chart_life) November 13, 2023
$NVDA is now within 1.5% of an all-time record closing high after the Halloween "trick" breakdown from a massive H&S pattern.
The company reports earnings next week ahead of the Thanksgiving holiday – will there be even more for bulls to be thankful for? pic.twitter.com/zrw7M9PnlX
— Matt Weller CFA, CMT (@MWellerFX) November 13, 2023
If someone told you 5 years ago that there would be a pandemic & Pfizer would be the leading manufacturer of a vaccine with sales of over $70 billion in 2021-22, you'd probably assume that Pfizer would outperform the market.
Last 5 Years…
S&P 500 $SPY: +76%
Pfizer $PFE: -16% pic.twitter.com/PY5ALOMXdV— Charlie Bilello (@charliebilello) November 13, 2023