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Today’s Summary
Friday, November 17, 2023
Indices: Russell 2000 +1.35% | S&P 500 +0.13% | Nasdaq 100 +0.03% | Dow +0.01%
Sectors: 6 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.10%. Technology lagged, falling -0.21%.
Commodities: Crude Oil futures rebounded +4.04% to $76.04 per barrel. Gold futures inched lower by -0.13% to $1,985 per oz.
Currencies: The US Dollar Index dropped -0.55% to a two-month low of $103.82.
Crypto: Bitcoin rose +1.27% to $36,625. Ethereum was flat at $2,062.
Volatility: The Volatility Index fell -3.63% to a two-month low of 13.81.
Interest Rates: The US 10-year Treasury yield was flat at 4.439%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Semiconductors, new all-time high…$SOX $SMH $NDX pic.twitter.com/eIKBgD5ZsF
— Shane C. Murphy (@murphycharts) November 17, 2023
Today’s Chart of the Day was shared by Shane Murphy (@MurphyCharts). While the major indices inch closer to all-time highs, some of the most important areas of the market are already there. Shane points out that Semiconductors ($SMH) closed at record highs today on a daily and weekly basis. $SMH initially broke out of an 18-month base in July, but the breakout quickly failed, and it went on to correct -14% to its 200-day moving average over the next three months. The recent correction and recovery formed the handle of a potential Cup and Handle pattern. Semiconductors tend to lead the broader market higher or lower. Remember, you can’t have a party without the chips!
Quote of the Day
“Life is really simple, but we insist on making it complicated.”
– Confucius
Trendlines > Headlines
A brand new episode of Trendlines over Headlines is out!
This week, Scott Redler joins us to make sense of the markets. Scott is the Co-Founder and Chief Strategist at T3 Trading Group. He gives us a glimpse into his trading process and shares his thoughts on the current market environment.
Top Links
Trading the Thanksgiving Market – Historical Bullishness Fading – Almanac Trader
Jeff Hirsch looks at how stocks have historically performed around Thanksgiving week.
Why Apple Could Make a Run For a 52-Week High – Yahoo Finance
Jay Woods and Jared Blikre discuss the outlook for Apple ($AAPL) and the S&P 500.
Where Oceans Meet but Don’t Mix – IronBridge Private Wealth
Jim Denholm examines interest rate and inflation cycles.
The Biggest Breakouts are the Most Challenging – CappThesis
Frank Cappelleri highlights the short-term patterns in the S&P 500.
Financial Sector Outlook – Grindstone Intelligence
Austin Harrison breaks down the outlook for the Financial sector.
Top Tweets
S&P 500 $SPY Weekly Performance Heat Map:
🟢 Top Winners For The Week$INTC +12.7%$TSLA +9.1%$BAC +8.3%$C +7.8%$ABNB +7.6%$UPS +7.2%$DIS +6.6%$BA +5.8%$HD +5.4%
🔴 Top Losers For The Week$CSCO -9.2%$WMT -6.5%$PANW -2.3%
✅ S&P 500 $SPY +2.1% pic.twitter.com/B5rhgHKnHu
— Jesse Cohen (@JesseCohenInv) November 17, 2023
Over the last three days the S&P 500 gained 0.16%, 0.12%, and 0.13%.
What's that thing about don't short a dull market?
Oh, and Monday is the new bull market. pic.twitter.com/0GqR4aY72e
— Ryan Detrick, CMT (@RyanDetrick) November 17, 2023
$IWM best week vs $SPY since early last year. +3.1%
That follows its worst relative week since March 2020. pic.twitter.com/Gr9siK3Mgc
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) November 17, 2023
Russell 2K FINRA Short Volume spiked to its highest level since March this week. $IWM
Will they get squeezed? 🍋 pic.twitter.com/x3Hxw3Yh0s
— TrendSpider (@TrendSpider) November 17, 2023
S&P 500 Equal Weighted Index still can't close above its 200D moving average as it finishes 0.24 points below. pic.twitter.com/QiDxRZfK1D
— Barchart (@Barchart) November 17, 2023
Looks like classic accumulation in Industrials, the sector most correlated with the S&P500 historically. A very diversified group of stocks. No single company represents more than 4% of the index. Industrials remain a leader, which is perfectly normal early in Bull Markets pic.twitter.com/tKtMF4EBFN
— J.C. Parets (@allstarcharts) November 17, 2023
The most important, most risk-on stocks in the world just closed the week at fresh all-time highs both on absolute terms and relative to the broader market $SMH pic.twitter.com/iJ3wpmzJvV
— Steven Strazza (@sstrazza) November 17, 2023
$XBI Equal Weighted Biotech, 10yr chart
— Christian Fromhertz 🇺🇸 (@cfromhertz) November 17, 2023
There's no such thing as an “All Clear” signal in the stock market. Still, a peak in Small Trader Put Buying typically signals an uptrend in the year ahead (though the Covid panic temporarily derailed the 2019 signal). Nothing is perfect. But information is power. @sentimentrader pic.twitter.com/Me8FRqihV2
— Jay Kaeppel (@jaykaeppel) November 17, 2023
I was told Credit Spreads were widening… pic.twitter.com/UnDLvH8Uiy
— Dan Russo, CMT (@DanRusso_CMT) November 17, 2023
with another down week for $DXY, $VIX and yields $TNX $TYX, game on it's been for investors… pic.twitter.com/OPpUD7cOlN
— David Cox, CMT, CFA (@DavidCoxRJ) November 17, 2023
Record short position in $XOM eh?
Now what? pic.twitter.com/Tsc2EjuGzC— Tony Greer (@TgMacro) November 17, 2023
nearly $8 billion has exited from ESG ETFs this year pic.twitter.com/n98JAOEsFm
— Katie Greifeld (@kgreifeld) November 17, 2023