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Todayβs Summary
Wednesday, November 15, 2023
Indices: Dow +0.47% | S&P 500 +0.16% | Russell 2000 +0.16% | Nasdaq 100 +0.03%
Sectors: 9 of the 11 sectors closed higher. Consumer Staples led, rising +0.80%. Utilities lagged, falling -0.31%.
Commodities: Crude Oil futures dropped -2.04% to $76.66 per barrel. Gold futures inched lower by -0.11% to $1,964 per oz.
Currencies: The US Dollar Index rose +0.30% to $104.39.
Crypto: Bitcoin jumped +6.50% to a 17-month high of $37,877. Ethereum gained +4.07% to $2,060.
Volatility: The Volatility Index inched higher by +0.14% to 14.17.
Interest Rates: The US 10-year Treasury yield rose to 4.533%.
Here areΒ the best charts, articles, and ideas shared on the web today!
Chart of the Day
Big spot for Russell here. 200d MA and intermediate S/R level. $IWM $RUT $RTY_F pic.twitter.com/bVbFImdTKv
— Ian McMillan, CMT (@the_chart_life) November 15, 2023
Todayβs Chart of the Day was shared by Ian McMillan (@the_chart_life). The Russell 2000 ($IWM) continued higher today after surging +5.49% yesterday, but it closed significantly off the highs of the day. It was up as much as +1.85% intraday but reversed lower after hitting resistance around $181 and barely closed positive (+0.17%). Ian points out that $181 coincides with the 200-day moving average, and it served as support all Summer until breaking down in September. After successfully testing the lower bounds of a 2-year range recently, $IWM must clear this hurdle before testing the upper bounds of the range at $200.
Quote of the Day
βEvery great money manager I’ve ever met, all they want to talk about is their mistakes. There’s a great humility there.β
β Stanley Druckenmiller
Top Links
The Dow Just Reversed its Short-Lived, Bearish ‘Death Cross’ and Flashed a Bullish ‘Golden Cross’ – Business Insider
Several technicians weigh in on the recent moving average crosses in the Dow Jones Industrial Average.
November Monthly Options Expiration Day: DJIA & Russell 2000 Best – Almanac Trader
Jeff Hirsch examines how stocks have historically performed around November options expiration.
What to Make of the VIX’s Recent Losing Streak – Schaeffer’s Investment Research
Rocky White examines how the VIX and the S&P 500 have historically performed after the VIX logs an eight day losing streak.
The Dollar Bends Down Low – All Star Charts
Ian Culley looks at this week’s breakdown in the US Dollar Index ($DXY).
Top Tweets
$IWM Small Caps getting the Will Smith treatment at the 200 SMA today. π pic.twitter.com/IQj4iqIfIX
— TrendSpider (@TrendSpider) November 15, 2023
#NQ_F, 4hr
Algos know their levels. pic.twitter.com/FZPycVqaaY
— Yuriy Matso (@yuriymatso) November 15, 2023
From its low 15 days ago, the $QQQ has rallied to a premarket high of 389.49, that is an incredible 13.76%
This morning, the market broke to a new annual high on good news.
Buy the rumor, sell the news?
Be defensive at a minimum. Still above a rising 5 DMA (15-minute TF) pic.twitter.com/hz7cnGeauk
— Brian Shannon, CMT (@alphatrends) November 15, 2023
The technology leadership continues! With the $XLK trading at all-time highs, it's just a matter of time before the $QQQ gets there too. pic.twitter.com/lhy1Rk19TW
— Sam Gatlin (@sam_gatlin) November 15, 2023
Magnificent 7 Indexβas tracked by @Bloombergβhas made a new all-time high
[Past performance is no guarantee of future results] pic.twitter.com/hKlhudNVBs— Liz Ann Sonders (@LizAnnSonders) November 15, 2023
$XLK closing all time highs, hard to be bearish with this happening pic.twitter.com/uf5GVOgPhb
— Jack (@alphacharts365) November 15, 2023
The most important ETF in the world shows that the S&P 500 has enjoyed 4 large unfilled gaps in only 3 weeks.
It suffered a deep loss last year but since the inception of the fund has indicated breakaway momentum.
It's not something we tend to see during ongoing bear markets.β¦ pic.twitter.com/zl2lPwupHI
— Jason Goepfert (@jasongoepfert) November 15, 2023
97% of the stocks in the S&P 600 (small caps) closed green yesterday.
That was the best day in 12 years.
You rarely see days like this in a bear market. This was more than 'just a bear market rally' like they are telling us. pic.twitter.com/P1b7VtdjYs
— Ryan Detrick, CMT (@RyanDetrick) November 15, 2023
A lot more than 7 stocks are up on the year pic.twitter.com/XCuugfuxzB
— Urban Carmel (@ukarlewitz) November 15, 2023
Heading into the #LasVegasGP this weekend, #Ferrari is only 20 points behind Mercedes in the Constructors standings. One thing is for sure though: going public in 2015 was a winning idea! $RACE pic.twitter.com/pXg1FJaFJ0
— Brett Villaume, CMT, CAIA (@brettvillaume) November 15, 2023
Recession pic.twitter.com/woDZckVxXT
— J.C. Parets (@allstarcharts) November 15, 2023
#Bitcoin Absolute blastoff after price tested & then "launched" off the volume shelf over the last 24 hours. $BTCUSD pic.twitter.com/CCklB2Ll70
— Jake Wujastyk (@Jake__Wujastyk) November 16, 2023
Huh pic.twitter.com/FmyccR47Fs
— Sean Tuffy (@SMTuffy) November 15, 2023