Daily Chart Report π Wednesday, November 13, 2024
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Todayβs Summary
Wednesday, November 13, 2024
Indices: Dow +0.11% | S&P 500 +0.02% | Nasdaq 100 -0.16% | Russell 2000 -0.94%
Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, gaining +0.85%. Technology lagged, falling -0.35%.
Commodities: Crude Oil futures rose +0.46% to $68.43 per barrel. Gold continued lower by -0.76% to $2,587 per oz.
Currencies: The US Dollar Index rose +0.49% to a 52-week high of 106.48.
Crypto: Bitcoin rose +2.83% to an all-time high of $90,521. Ethereum fell -1.72% to $3,191.
Volatility: The Volatility Index fell -0.69% to 14.01.
Interest Rates: The US 10-year Treasury yield rose to a four-month high of 4.451%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by @CyclesFan.
- The S&P 500 has been in a tight range all week, moving less than 50bps in either direction as it digests last week's +5% post-election rally.
- It began stalling around 6,000 on Friday after gapping higher for four consecutive days. This round number isn't just a key psychological level; it also represents the 161.8% Fibonacci extension of the July correction. The next Fib-extension is +9.5% higher, at 6,380.
- After consolidating at 6,000 over the past three sessions, @CyclesFan points out that the odds of a breakout are greater than the odds of a retest, as Thursdays and Fridays have been the best days of the week in 2024.
The Takeaway: After a strong post-election rally, the S&P 500 has stalled at a natural resistance level this week, consolidating in a tight range below 6,000. A breakout would clear the way for a potential +9.5% rally to 6,380 in the coming weeks/months.
Top Links
Steve Strazza highlights the comeback in speculative growth stocks and the ARK Innovation ETF ($ARKK).
Tax-Loss Harvesting Produces 25 'Sell' Signals - Schaeffer's Investment Research
Rocky White examines which stocks are most vulnerable to year-end tax-loss harvest.
Breakout Out of the Block - Alfonso's Daily Note
Alfonso Depablos points out that the payment company, Block Inc ($SQ), is setting up for a meaningful rebound.
What Comes After the Election Stock Market Spike?What Comes After the Election Stock Market Spike? - CappThesis
Frank Cappelleri breaks down the recent price action and patterns in the S&P 500.
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 plays.
Quote of the Day
βA lot of people would rather understand the market than make money.β
- Ed Seykota
Top Tweets