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Todayβs Summary
Monday, November 20, 2023
Indices: Nasdaq 100 +1.19% | S&P 500 +0.74% | Dow +0.58% | Russell 2000 +0.52%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +1.45%. Utilities lagged, falling -0.31%.
Commodities: Crude Oil futures rose +2.35% to $77.83 per barrel. Gold futures fell -0.22% to $1,980 per oz.
Currencies: The US Dollar Index fell -0.36% to a two-month low of $103.45.
Crypto: Bitcoin was flat (+0.14%) at $37,480. Ethereum rose +0.54% to $2,023.
Volatility: The Volatility Index fell -2.82%to a two-month low of 13.42.
Interest Rates: The US 10-year Treasury yield fell to 4.424%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Yes, this November could go down as one of the best ever, but note this best month of the year tends to see more buying late in the month. pic.twitter.com/L7hVmR6TqU
— Ryan Detrick, CMT (@RyanDetrick) November 20, 2023
Todayβs Chart of the Day was shared by Ryan Detrick (@RyanDetrick). November has historically been one of the best months for the S&P 500, but itβs been even better than usual this year. The S&P 500 is currently up +8.6% month-to-date, marking the third-best start to a November, and itβs closed higher in 14 of the past 16 sessions. As good as itβs been, Ryan points out that the strongest part of November has historically occurred later in the month. Itβs hard to imagine this rally continuing at its current pace, but seasonality has been playing out remarkably well.
Quote of the Day
βIf you think the food is poison, you can starve at a banquet.β
β Art Cashin
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
Happy Anniversary β Bespoke
Bespoke breaks down the performance of the Nasdaq 100 on the two year anniversary of its peak.
When Will We See New Highs Again in the Stock Market? β A Wealth of Common Sense
Ben Carlson examines the drought in all-time highs.
Thanksgiving to Santa Claus Rally Trader β Time to Feast β Almanac Trader
Jeff Hirsch looks at the bullish seasonal period between Thanksgiving and January.
The New Highs List Keeps Growing β All Star Charts
JC Parets looks at the renewed leadership from the Technology sector.
Table is Set β The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major technical developments across the markets.
Top Tweets
Nasdaq making new 2023 highs today! π $QQQ
Now trading at levels we have not seen in nearly two years. pic.twitter.com/gji7puKwfs
— TrendSpider (@TrendSpider) November 20, 2023
This is the 3rd best start to November in $SPX: +8.4% after 14 trading days. Only 1980 (9.1%) & 2020 (9.5%) were better: pic.twitter.com/Gjd5414qpd
— Optuma (@Optuma) November 20, 2023
Up 14 of the last 16 days. So RSI(5) now hot (>90). Could start tomorrow or it could start next month but consolidation/chop or lower is typically ahead pic.twitter.com/jdRcCsdcO6
— Urban Carmel (@ukarlewitz) November 20, 2023
$VIX is only 0.7 handles from the nearly four year low it touched in mid-September.
Given the market conditions expected through the rest of this week, we may slip that low… pic.twitter.com/HF9WLABxpx
— John Kicklighter (@JohnKicklighter) November 20, 2023
The three-week rallies in the S&P 500 and the Nasdaq are the largest since the first half of 2020. pic.twitter.com/wqxi7Y03rm
— Bespoke (@bespokeinvest) November 20, 2023
After gapping up on the weak CPI print, some are looking for the S&P 500 to pull backΒ here. An area to keep in mind is 4350-4400, which lines up with the 23.6% retracement level, the 50d MA, and where we've seen recent turning points in market direction. pic.twitter.com/XfDhVkagSZ
— Liz Young (@LizYoungStrat) November 20, 2023
S&P 500 Equal Weighted Index closed above its 200D moving average for the first time since September. Another win for the Bulls! ππ pic.twitter.com/gMK9WQa3K6
— Barchart (@Barchart) November 21, 2023
Could small-caps be about to turn and rally? Absolutely (and Iβll be ready). BUT I am NOT a bottom-picker. When this picture turns up so will my willingness to climb on board. Until then, the trend is what it is. Patience is a virtue (and a pain in the rear). @sentimentrader pic.twitter.com/a2voRXJoyd
— Jay Kaeppel (@jaykaeppel) November 20, 2023
$XBI pic.twitter.com/AWLdf0wpPw
— Frank Cappelleri (@FrankCappelleri) November 20, 2023
$NVDA closes > $500, at a fresh record high.
Not too much concern on the part of investors ahead of tomorrow's earnings report it would seem… pic.twitter.com/5e7Bpzgpxc
— Matt Weller CFA, CMT (@MWellerFX) November 20, 2023
$ARGT Argentina ETF +12% best day ever (since 2010). Near all-time highs. pic.twitter.com/TFO9857WMm
— Mike Zaccardi, CFA, CMT π (@MikeZaccardi) November 20, 2023