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Today’s Summary
Tuesday, November 15th, 2022
Indices: Russell 2000 +1.50% | Nasdaq 100 +1.45% | S&P 500 +0.87% | Dow +0.17%
Sectors: 9 of the 11 sectors closed higher. Communications led, gaining +1.49%. Materials lagged, inching lower by just -0.15%.
Commodities: Crude Oil futures rose +1.22% to $86.92 per barrel. Gold futures were unchanged at $1,777 per ounce.
Currencies: The US Dollar Index fell -0.35%.
Crypto: Bitcoin rose +1.65% to $16,863. Ethereum gained +0.60% to $1,249.
Interest Rates: The US 10-year Treasury yield fell to 3.773%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Semiconductors kissin' the 200-day, trading at the long-term moving average for the first time since March 31st.
Most importantly, $SMH has been heavily outperforming the total market on a relative basis since the October low.
Return of the risk appetite? pic.twitter.com/FkZQXWyfNC
— Grayson Roze (@GraysonRoze) November 15, 2022
Today’s Chart of the Day was shared by Grayson Roze (@GraysonRoze). Its a daily candlestick chart of the Semiconductor ETF ($SMH) over the past year. Semiconductors have been ripping lately. $SMH is up 23.4%over the past eight days marking its best 8-day run since 2002. Grayson points out that it’s currently testing its declining 200-day moving average for the first time in more than seven months. It kissed it earlier today, but we ended up closing slightly below it. As we know, Semiconductors often lead the broader market higher or lower. The S&P 500 is also within striking distance of its 200-day moving average. How Semis behave here could give us some clues as to how the S&P 500 will handle its 200-day moving average.
Quote of the Day
“Complexity is not to be admired.
It’s to be avoided”
– Jack Trout
Top Links
How Bottoms Form. (It Might Suprise You.) – Carson Group
Ryan Detrick examines the bottoming process in the S&P 500.
Leaders Keep Leading – Research by Potomac
Dan Russo reviews all 11 sectors of the S&P 500.
Breadth Alerts Continue to Favor the Bullish Case – SentimenTrader
Jay Kaeppel highlights some potentially bullish breadth signals.
It’s the Dollar Stupid – All Star Charts
JC Parets points out that the US Dollar continues to be the catalyst for stocks.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/tHX0TBHaH9
— StockMKTNewz – Evan (@StockMKTNewz) November 15, 2022
The #NYSE composite is now above the 200 day mvg avg after more than 100 days below for only the 5th time since 2001. In those other periods when it broke back above, it was the start of a new bull mkt. Avg gain for #SPX over the next year was 18%. pic.twitter.com/wWSxGh5Vvk
— Jordi Visser (@jvisser_weiss) November 15, 2022
$SPX % of stocks > 20-day average pic.twitter.com/MblKRlntCF
— Shane C. Murphy (@murphycharts) November 15, 2022
Current rally has not yet lifted % of S&P 500 members trading >50d moving average above 90% … threshold as achieved in August but did not stop market from breaking below its June low
[Past performance is no guarantee of future results] pic.twitter.com/bWtWMz6HQ2— Liz Ann Sonders (@LizAnnSonders) November 15, 2022
Following last week’s two-day 6.5% gain in the S&P 500 (and 25% gain in non-profitable growth stocks), the market is now re-approaching the 200-day moving average again, with 90% of stocks trading above their 20-day average. pic.twitter.com/dMhtZwGDZt
— Jurrien Timmer (@TimmerFidelity) November 15, 2022
Last week was the heaviest volume up week in the ARK Innovation ETF ever. It also happened to briefly make new cycle drawdown lows (-79.50%) and then reverse to positive 15% on the week and close above its May/June lows. $ARKK pic.twitter.com/dqywIJDKvI
— Evan Medeiros (@evanmedeiros) November 15, 2022
Nice ramp in semis.
Time to fade'em here at the 200 day moving average?$SMH $SOXS pic.twitter.com/pNyy20IBVK— Greg Rieben (@gregrieben) November 15, 2022
A few notable breakouts/breakdowns from yesterday.
Biotech ( $IBB ) may be breaking out of its 2022 trading range. 1/3 pic.twitter.com/qahUN4wvBf
— Rob Anderson (@rob_anderson314) November 15, 2022
Cue Bill Doane's Big Bases… pic.twitter.com/fz1QUQnAjC
— Walter Deemer (@WalterDeemer) November 15, 2022
In one month, $AAPL (the largest market cap stock in the world) was up 17%, down 15%, and up 14%. Just discounting future cash flows I'm sure.$SPX $SPY pic.twitter.com/oldnYy9tgc
— Jim Denholm, CMT (@denholm_jim) November 15, 2022
This is Bitcoin's second-longest streak below the 200-day moving average.#Bitcoin pic.twitter.com/1m7PMLPPEN
— Alfonso Depablos (@AlfCharts) November 15, 2022
Current Market Status pic.twitter.com/iqqb2GAPQ3
— Alex Spiroglou | S.M.A.R.T. Trader Systems Ltd, UK (@AlexSpiroglou) November 15, 2022
You’re all caught up now. Thanks for reading!