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Todayās Summary
Tuesday, November 14, 2023
Indices:Ā S&P 500Ā +5.44%Ā | Nasdaq 100Ā +2.13%Ā | Russell 2000Ā +1.91%Ā | DowĀ +1.43%
Sectors: All 11 sectors closed higher. Real Estate led, jumpingĀ +5.40%. Health Care lagged, but still roseĀ +0.68%.
Commodities: Crude Oil futures was unchangedĀ $78.26 per barrel. Gold futures roseĀ +0.84%Ā to $1,967 per oz.
Currencies: The US Dollar Index had its worst day in a year, tumblingĀ -1.50%Ā to $104.07.
Crypto: Bitcoin fellĀ -2.52%Ā to $35,564. Ethereum droppedĀ -3.62%Ā toĀ $1,980.
Volatility: The Volatility Index fellĀ -4.20%Ā to 14.15.
Interest Rates: The US 10-year Treasury yield dropped to 4.451%.
Here areĀ the best charts, articles, and ideas shared on the web today!
Chart of the Day
7th best day for $IWM vs $SPY this century pic.twitter.com/tTESY6vInJ
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) November 14, 2023
Todayās Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). It was a great day for stocks across the board, but Small-Caps really stole the show.Ā The S&P 500 ($SPY) had its best day since April, risingĀ +1.94%, but Small-Caps did nearly 3x better.Ā The Russell 2000 ($IWM) surgedĀ +5.49%, outperforming $SPY by a margin ofĀ +3.55%. Mike points out that this was the best day for Small-Caps vs. Large-Caps since March 2020 and the 7th best day since the inception of $IWM in 2000. One day doesn’t make a trend, and the trend still favors Large-Caps, but…Ā ’tis the season for Small-Cap outperformance.
Quote of the Day
āIn a speculative market, what counts is imagination and not analysts.ā
ā Benjamin Graham
Top Links
Open Season for Small Caps – Almanac Trader
Jeff Hirsch points out that were entering a bullish season for Small-Caps.
The Stock Market Rally Continues – CappThesis
Frank Cappelleri examines recent price action in the S&P 500 and what’s needed for the rally to continue.
The Message From Tweleve Post-CPI Charts – Ciovacco Capital Management
Chris Ciovacco shares 12 noteworthy charts that speak to the current market environment.
Betting on U.S. Mega Caps, Small Caps, Value Will Face Pressure Going Into Year-End: Strategist – BNN Bloomberg
Ed Clissold of Ned Davis Research offers his outlook on the market.
Technical Tuesdays with The Chart Report – Twitter Spaces
Here’s the recording of our Twitter Spaces from earlier today.
Top Tweets
$SPY $SPX #SPY Just a little "hop" right over the diagonal trend zone today. pic.twitter.com/PaEBIJuBxI
— Jake Wujastyk (@Jake__Wujastyk) November 15, 2023
We aren't there yet but with the S&P 500's RSI at 67 right now (intraday), I took a look at the prior times momentum has gone from 'oversold' to 'overbought' within one month.
Not something we've seen happen very often in the last fifty years. $SPX $SPY pic.twitter.com/7CgDrF66MQ
— Andrew Thrasher, CMT (@AndrewThrasher) November 14, 2023
Yesterday was the 218th trading day of '23.
Previous years that were up >10% YTD on this day saw the rest of the yr higher more than 90% of the time and up another 3.4% on avg.
Add this to the long list we've been sharing that suggests a nice year-end rally. pic.twitter.com/hMvSaQfffO
— Ryan Detrick, CMT (@RyanDetrick) November 14, 2023
$QQQ After 12 d of rallying I start to fret about being overextended. I don't think we are there yet on a daily time frame based on extension above the 50d MA. Not until we get close to 10% above the 50d are we really extended. No guarantees offered though. pic.twitter.com/soMYNlpUVm
— Alan Cohen (@al_xdpg) November 14, 2023
Relatively speaking, small-caps performance over the last 12-months sits in the 1stĀ decile historically.Ā Overweighting small-caps is typically a bet reserved when exiting recessions, but the extremity here is interesting. pic.twitter.com/pJqpBRvOPg
— Todd Sohn (@Todd_Sohn) November 14, 2023
#RTY_F, weekly
Russell is a big winner today: +5.6%! pic.twitter.com/YhsCYYberp
— Yuriy Matso (@yuriymatso) November 14, 2023
Russell 2000 $IWM responded exactly where it needed to. IWM closed up 5.5% today. Best day for small caps this year. pic.twitter.com/Xkn0BPCkcA
— Ross J Brown (@RJB_Financial) November 14, 2023
Is it any coincidence that the US Dollar just had its WORST day in over a year…
In the same session where many stock market indexes are having their BEST day in over a year…? $DXY $USD pic.twitter.com/wMCDmc4LgP
— Steven Strazza (@sstrazza) November 14, 2023
The US Dollar Index $DXY is on track for its worst single-day performance of the year.
A close at current levels would mark the 3rd-worst day in the past 7 years (behind November 4 and 10, 2022)! pic.twitter.com/PzMpiZlCgJ
— Matt Weller CFA, CMT (@MWellerFX) November 14, 2023
It's still going to happen though… right? pic.twitter.com/CrOfCm20jV
— Callum Thomas (@Callum_Thomas) November 14, 2023
Nvidia $NVDA finished the day with its highest closing price in history. And the stock has now traded green for 10 consecutive trading days, its longest winning streak since December 2016 pic.twitter.com/AbWSq4e67z
— Barchart (@Barchart) November 14, 2023