Daily Chart Report ๐ฆ Wednesday, November 27, 2024
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Todayโs Summary
Wednesday, November 27, 2024
Indices: Russell 2000 +0.08% | Dow -0.31% | S&P 500 -0.38% | Nasdaq 100 -0.85%
Sectors: 5 of the 11 sectors closed higher. Real Estate led, gaining +0.69%. Technology lagged, falling -1.35%.
Commodities: Crude Oil futures were flat (-0.07%) at $68.72 per barrel. Gold bounced +1.66% to $2,665 per oz.
Currencies: The US Dollar Index dropped -0.80% to $106.02.
Crypto: Bitcoin rose +4.41% to $95,978. Ethereum jumped +10.05% to a five-month high of $3,657.
Volatility: The Volatility Index inched higher by +0.14% to 14.11.
Interest Rates: The US 10-year Treasury yield rose to 4.265%.
**Reminder: The US stock market will be closed on Thursday for Thanksgiving, and Friday will be a half-session.**
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Today's Chart of the Day was shared by Larry Thompson (@HostileCharts).
- While the Technology sector has lagged recently, its largest component, Apple Inc. ($AAPL), has set the stage for a potential breakout.
- With $NVDA pulling back, $AAPL is once again the largest stock in the S&P 500 and Nasdaq 100. It peaked at $235 in July before correcting as much as -11.8% on a closing basis and -17.4% on an intraday basis.
- It has built a four-month Ascending Triangle pattern, and clearing $235 would open the door for a new leg higher in the coming weeks. Despite trending lower relative to the S&P 500, the ratio ($AAPL/$SPY) is testing its 50-DMA after reclaiming its September lows.
The Takeaway: The largest stock in the world, Apple Inc. ($AAPL), hasn't participated since July. However, after a four-month consolidation phase, the stock has set the stage for a potential breakout in the final weeks of the year.
Top Links
Five Things to Know About December - Carson Research
Ryan Detrick examines how the S&P 500 has historically performed in December.
The Missing Piece is Here - Alfonso's Daily Note
Alfonso De Pablos highlights the ongoing breakout in Transportation stocks.
The Stock Charts We're Most Thankful For - CappThesis
Frank Cappelleri reviews several noteworthy charts and insights.
How We Find Our Biggest Winners - All Star Charts
JC Parets and Steve Strazza outline their process for identifying home run trades.
Understanding Market Momentum and Key Trend Patterns - Yahoo Finance
Julius de Kempenaer and Jared Blikre discuss the notable areas of relative strength and momentum in the market.
Quote of the Day
"Gratitude is not only the greatest of virtues but the parent of all others."
- Cicero