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Today’s Summary
Thursday, November 18th, 2021
Indices: Dow -0.17% | S&P 500 +0.34% | Nasdaq +0.45% | Russell 2000 -0.56%
Sectors: 3 of the 11 sectors closed higher. Consumer Discretionary led, gaining 1.13%. Communications lagged, falling 0.72%.
Commodities: Crude Oil futures rose 1.11% to $78.41 per barrel. Gold futures fell 0.47% to $1,861 per ounce.
Currencies: The US Dollar Index dropped 0.30%.
Interest Rates: The US 10-year Treasury yield inched lower to 1.589%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Is former resistance going to turn into support here ~234? $IWM pic.twitter.com/0F5i3QVklL
— Pratyush Tulsian (@PrattyCharts) November 18, 2021
Today’s Chart of the Day was shared by Pratty Tulsian (@PrattyCharts). This is one of the most-watched charts right now. It’s a daily candlestick chart of the Russell 2000 ETF, $IWM, over the past year. The Russell 2000 broke out a few weeks ago after being stuck in a tight range for the majority of the year. From there, it quickly popped about 3.5% in 4 days, but it has given those gains back and is now retesting the breakout level around $234. This former resistance level should act as support here. If it doesn’t, that would qualify as a failed breakout, which could get ugly. Keep an eye on how this test plays out in the coming days.
Quote of the Day
“Hindsight is always twenty-twenty.”
– Billy Wilder
Top Links
November Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five things to watch in the month ahead.
Tech is Leading Again – LPL Financial Research
The team at LPL Financial Research points out that the Tech sector is breaking out relative to the S&P 500 after 14-months.
Breadth Metrics Move Lower as Equity Pause Continues – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
Sentiment Back to Average – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
November Monthly Options Expiration Week: DJIA Best – Almanac Trader
Jeff Hirsch examines how stocks have historically performed around November options expiration.
Top Tweets
I regret to inform you that stocks don't care about your worries.
The S&P 500 has gone 25 trading days without a 1% move, the longest streak since November 2019.
— Callie Cox (@callieabost) November 18, 2021
S&P 500 closes at an all-time high for the 66th time this year. Needs 12 more to break the record set in 1995 (77). $SPX pic.twitter.com/501H6FFAUF
— Charlie Bilello (@charliebilello) November 18, 2021
$IWM Stocks & Indices break out, retest the breakout & bounce, BRB. Happens all the time. When it doesn't we have a false breakout. Never good. What happens here. Will have to wait for it. pic.twitter.com/T9iNLbHOlR
— Alan Cohen (@al_xdpg) November 18, 2021
NASDAQ Composite ekes out a new high on the same day that NASDAQ new low list reaches highest level since March 2020. pic.twitter.com/GmyTczGzmD
— Willie Delwiche (@WillieDelwiche) November 18, 2021
Successful retest? $DIA pic.twitter.com/wsn1FLnPdr
— Sam McCallum ??????? (@honeystocks1) November 18, 2021
What about interest rates? What about inflation? What about [fill in macro thing here]? The charts will tell you what's working and what's not, regardless of whatever narrative to which you describe. And for tech, that is currently bullish. $XLK pic.twitter.com/iRlYw3woq9
— David Keller, CMT (@DKellerCMT) November 18, 2021
$XLY $XLK eating the world. +11% and +9% in the last month. $SPY
All other sectors range from -1% to +5% pic.twitter.com/nofBjgKJGL— Mike Zaccardi, CFA, CMT (@MikeZaccardi) November 18, 2021
Will former resistance turn into support in crude oil futures? pic.twitter.com/DU3RxaAilA
— Alfonso Depablos (@AlfCharts) November 18, 2021
Is the copper/gold ratio providing a valuable heads-up?$TNX, $KRE, $HG_F, $GC_F pic.twitter.com/1KD0b2WvdF
— Ian Culley (@IanCulley) November 18, 2021
$AAPL printing new all-time highs. Call me crazy, but that feels important… pic.twitter.com/hdnOUpmuFr
— Sean McLaughlin, NLD ? (@chicagosean) November 18, 2021
$AMZN ? pic.twitter.com/TElLG3U3bB
— Greg Rieben (@gregrieben) November 18, 2021
The line that just won't go away… pic.twitter.com/ttDzrkzOKU
— Walter Deemer (@WalterDeemer) November 18, 2021
You’re all caught up now. Thanks for reading!