Daily Chart Report π Monday, November 25, 2024
Powered By:
Todayβs Summary
Monday, November 25, 2024
Indices: Russell 2000 +1.47% | Dow +0.99% | S&P 500 +0.30% | Nasdaq 100 +0.14%
Sectors: 9 of the 11 sectors closed higher. Real Estate led, gaining +1.34%. While Tech was unchanged, Energy was the only sector that closed lower, falling -1.97%.
Commodities: Crude Oil futures dropped -3.23% to $68.94 per barrel. Gold had its worst day in three years, sliding -3.45% to $2,619 per oz.
Currencies: The US Dollar Index dropped -0.61% to $106.83.
Crypto: Bitcoin dropped -5.07% to $93,035. Ethereum rose +1.47% to a four-month high of $3,415.
Volatility: The Volatility Index dropped -4.13% to 14.61.
Interest Rates: The US 10-year Treasury yield dropped to 4.277%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Ian McMillan (@the_chart_life).
- There has been a notable rotation since the election. Mega-Cap Tech has lagged, while Small-Caps have surged. The chart shows the Nasdaq 100 Next Gen ETF ($QQQJ) versus the traditional Nasdaq 100 ETF ($QQQ).
- While $QQQ represents the 100 largest stocks in the Nasdaq Composite, $QQQJ represents the 'next-100.' In other words, the 101st to the 200th largest stocks in the Nasdaq Composite.
- Ian points out that this ratio ($QQQJ/$QQQ) reclaimed horizontal support and its 200-day moving average today. Further upside from this ratio means alpha for Small and Mid-Caps in the coming weeks.
The Takeaway: The Nasdaq 100 Next Gen ETF ($QQQJ) is trying to establish a bottom relative to the Nasdaq 100 ETF ($QQQ). This ratio signifies the ongoing rotation into Small and Mid-Caps. Today's breakout opens the door for further rotation in the coming weeks.
Top Links
What Happens After Back-to-Back 20% Gains? - Carson Research
Ryan Detrick examines how the S&P 500 has historically performed after two consecutive annual gains of 20% or more.
Dow Theory Confirmation - All Star Charts
JC Parets points out that The Dow Transportation Average has confirmed the bullish trend in The Dow Industrial Average.
I Love This Setup - Alfono's Daily Note
Alfonso De Pablos outlines a bullish setup in Lovesac Co ($LOVE).
Thankful Investors -- Last 5 Years - Bespoke
Bespoke highlights the best-performing stocks in the S&P 1500 over the past five years.
Golf is a Mega Trend - The Strazza Letter
Steve Strazza points out that Acushnet Holdings ($GOLF) is breaking out to record highs.
Quote of the Day
"If we as investors fixate on downside protection, the upside, in many cases, takes care of itself. If you can put floors on the downside, then you've got a huge advantage."
- Mohnish Pabrai