Daily Chart Report π Thursday, November 14, 2024
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Todayβs Summary
Thursday, November 14, 2024
Indices: Dow -0.47% | S&P 500 -0.61% | Nasdaq 100 -0.66% | Russell 2000 -1.37%
Sectors: Energy was the only positive sector, rising +0.38%. Industrials lagged, falling -1.69%.
Commodities: Crude Oil futures rose +0.39% to $68.70 per barrel. Gold continued lower for the fifth day, falling -0.53% to $2,573 per oz.
Currencies: The US Dollar Index closed higher for the fifth straight day, rising +0.35% to a 52-week high of 106.86.
Crypto: Bitcoin fell -3.52% to $87,333. Ethereum dropped -4.15% to $3,059.
Volatility: The Volatility Index rose +2.07% to 14.30.
Interest Rates: The US 10-year Treasury yield fell to 4.439%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by @CEOTechnican.
- On Monday, the Russell 2000 ($IWM) logged its second-highest daily close in history, settling just -0.35% below a record high. However, it's been downhill ever since, giving back half of its post-election gains.
- $IWM is down -4% on a closing basis as it enters the post-election gap from last Wednesday. The fact that $IWM is testing this gap so quickly indicates a lack of conviction among buyers.
- To fill the gap, $IWM would need to drop -3.3%. This would coincide with a retest of the pre-election highs, which, if broken, would ruin the odds of a year-end rally.
The Takeaway: The Russell 2000 ($IWM) has retraced half of its post-election rally as it starts to fill last Wednesday's gap. Filling this gap would lead to a more critical testβa retest of the pre-election highs, around $224.
Top Links
Metals Take a Back Seat for Now - Alfono's Daily Note
Alfonso Depablos highlights a potential failed breakout in the Metals & Mining ETF ($XME).
The Dollar Reaches a Potential Inflection Point - LPL Financial Research
Adam Turnquist examines what's next for the US Dollar after breaking out to a 52-week high this week.
Animal Spirits Are Stirring - Strategas Asset Management
Todd Sohn shares some key takeaways from recent ETF flows.
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
βAmateurs think about how much money they can make. Professionals think about how much money they could lose.β
- Jack Schwager
Top Tweets