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Today’s Summary
Monday, November 15th, 2021
Indices: Dow -0.04% | S&P 500 0.00% | Nasdaq -0.04% | Russell 2000 -0.45%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining 1.32%. Health Care lagged, falling 0.62%.
Commodities: Crude Oil futures inched higher by 0.11% to $80.88 per barrel. Gold futures inched lower by 0.10% to $1,867 per ounce.
Currencies: The US Dollar Index gained 0.42%.
Interest Rates: The US 10-year Treasury yield rose to 1.616%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Aaron Jackson (@ATMcharts). It’s a ratio chart of Gold Mining Stocks vs. the S&P 500 over the past decade ($GDX/$SPY). As a reminder, when the ratio is rising, Gold Mining Stocks are outperforming the S&P 500 and vice versa. Aaron points out that $GDX looks poised to outperform the S&P 500 in the coming months. As you can see, this ratio has seen two major reversals at this level in the past six years. Keep an eye on $GDX as it tests long-term support on a relative basis.
Quote of the Day
“When I got into the business, there was so little information on fundamentals, and what little information one could get was largely imperfect. We learned just to go with the chart. Why work when Mr. Market can do it for you?”
– Paul Tudor Jones
Top Links
5 Things to Watch This Week – PFT Trading
Greg Rieben highlights five charts to keep an eye on this week.
Materials: Mining, Metals, and Mixed Signals – Means to a Trend
Austin Harrison takes a look at the recent breakout in Materials and Precious Metals.
Small and Mid Caps Gain Ground – Bespoke
Bespoke points out that Small-Caps and Mid-Caps are outperforming Large-Caps so far this month.
The 10-yr Treasury Yield and Relative Performance for Small Caps
Arthur Hill examines the relationship between the 10-year Treasury yield and Small-Caps.
Tis The Season(ality) – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss several noteworthy technical developments.
Top Tweets
The S&P 500 Index is on pace to gain more than 20% in 2021.
This is actually good news for 2022. In fact, the past 9 times a year gained at least 20%, it was higher the following year all 9 times. pic.twitter.com/2Ug7s32Unv
— Ryan Detrick, CMT (@RyanDetrick) November 15, 2021
Here's the S&P 500's $SPY smoothed out 200-day moving average since late 2008. Quite a vertical move post-COVID. pic.twitter.com/cyRBMJByfl
— Bespoke (@bespokeinvest) November 15, 2021
My canaries in a coal mine… uptrends intact… $MDY $IWM $IYT $IBB $XHB $KBE $XRT $SLX pic.twitter.com/tJoAzntzJY
— Grant Hawkridge (@granthawkridge) November 15, 2021
New highs for Truckers on both absolute & relative terms $DJUSTK pic.twitter.com/0QjO1kgIkI
— Steven Strazza (@sstrazza) November 15, 2021
energy?
??? https://t.co/4xJDl9mL62 pic.twitter.com/RiYNYxtjv9
— Callum Thomas (@Callum_Thomas) November 15, 2021
Precious metals, traditionally considered inflation hedges, have taken off (silver & gold among top performers in S&P GSCI MTD); conversely, natural gas continued its October decline, -12% so far in November (production is forecast to soon climb to 6y high)
@SPDJIndices pic.twitter.com/L1yare2vAv— Liz Ann Sonders (@LizAnnSonders) November 15, 2021
False breakdown in precious vs base metals pic.twitter.com/jOTA0D7opK
— Austin Harrison, CFA, CMT (@meanstoatrend) November 15, 2021
Bearish momentum divergences can indicate downside potential as upside pressure alleviates. Seeing that pattern emerge on the #Bitcoin chart. However, as we learned from $SPX in 2021, all bearish divergences do not lead to climactic losses! pic.twitter.com/2y1z3ibsX2
— David Keller, CMT (@DKellerCMT) November 15, 2021
Price stability at a local maximum pointing to a big move on the horizon pic.twitter.com/KQ2Qv9k5UO
— Louis Sykes (@haumicharts) November 15, 2021
when I was younger I wanted new Nike's and a Boombox. Today the kids want Robux gift cards $RBLX pic.twitter.com/57qCZfjO4Y
— J.C. Parets (@allstarcharts) November 15, 2021
You’re all caught up now. Thanks for reading!