Sponsored By:
Today’s Summary
Monday, November 28th, 2022
Indices: Nasdaq 100 -1.43% | Dow -1.45% | S&P 500 -1.54% | Russell 2000 -2.05%
Sectors: All 11 sectors closed lower. Consumer Staples led, but still fell -0.38%. Real Estate lagged, dropping -2.81%.
Commodities: Crude Oil futures rose +1.26% to $77.24 per barrel. Gold futures fell -0.78% to $1,740 per ounce.
Currencies: The US Dollar Index rose +0.57%.
Crypto: Bitcoin fell -1.18% to $16,230. Ethereum fell -1.87% to $1,171.
Interest Rates: The US 10-year Treasury yield inched lower to 3.683%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$DIA broke above its August high, while $DJT did not confirm the move pic.twitter.com/2HfIz4RGGo
— Stacey.A.Lee (@BBaxter2020) November 28, 2022
Today’s Chart of the Day was shared by Stacey A. Lee (@BBaxter2020). The Dow Jones Industrial Average (top) has been the only major index to break above its August highs. However, that breakout is failing, considering the Dow is back below its August highs as of today’s close. As we know, failed breakouts often lead to sharp moves lower. Stacey points out another red flag, which is the fact that Transports (bottom) never confirmed the breakout above the August highs. According to the tenants of Dow Theory, a new uptrend has not been established until Transports make a new swing high along with Industrials.
Quote of the Day
“There are usually more rallies in a bear market than there are relapses in a bull market.”
– Charles Dow
Top Links
December #2 Small Cap #3 Large Cap Tepid Start Solid Finish – Almanac Trader
With just two more trading days in November, Jeff Hirsch examines how stocks have historically performed in December.
Energy Stocks Continue to Outperform the Market – CNBC
In this clip, Ari Wald of Oppenheimer shares his thoughts on the Energy sector.
Big View Sector Analytics: Consumer Discretionary vs. Consumer Staples – See it Market
Mish Schneider points out that Consumer Discretionary stocks have continued to underperform Consumer Staples stocks.
Value Stocks Continue to Shine – Momentum Monday
In this video, Howard Lindzon and Ivanhoff highlight some of the most significant trends across the stock market.
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/Ew9YZHFFun
— StockMKTNewz – Evan (@StockMKTNewz) November 28, 2022
#ES_F, 1d
For the new bullish trend to be established, ES would have to move above its 200d MA. So far, it hasn't been able to — we got another rejection at the 200d MA. pic.twitter.com/SdL3jTUcsV
— Yuriy Matso (@yuriymatso) November 28, 2022
Rhyme time? pic.twitter.com/P3CSNTq1dH
— Michael Kahn, CMT (@mnkahn) November 28, 2022
S&P 500’s 100-day moving average (green) now moving up slightly while 50-day (pink) has stabilized, and 200-day (yellow) continues to move lower pic.twitter.com/gOEALhwprl
— Liz Ann Sonders (@LizAnnSonders) November 28, 2022
10 days of consolidation, chop, and vol compression while bulls and bears scream at each other over the next directional move.
Plenty of evidence to support both sides, but for now, it's sideways. $QQQ $NDX pic.twitter.com/bVhUHqBLHL
— Evan Medeiros (@evanmedeiros) November 28, 2022
Looking at all the times the S&P 500 finished red during a midterm year showed the next year was higher the past 8 times.
Not to mention a very impressive 24.6% average gain that next year. pic.twitter.com/VMY7y3PBAG
— Ryan Detrick, CMT (@RyanDetrick) November 28, 2022
When new lows > new highs, talk of a new bull market is premature and expecting price bounces to persist is defying history. pic.twitter.com/D2xiTlGKEe
— Willie Delwiche, CMT, CFA (@WillieDelwiche) November 27, 2022
Yo, Charts – AAPL with MACD and Rel to S&P and Rel MACD. What’re you doing with this? pic.twitter.com/qnDPoPGl3D
— da Chart Life (@daChartLife) November 28, 2022
$DXY straight off its 200 Day Simple Moving Average.
Many stocks (mostly value) have had an incredible run of late, if the US Dollar rebounds from here, it's likely a problem for everything.Going to be a VERY interesting week ahead. pic.twitter.com/PxDibIqbQr
— Sam McCallum (@Honeystocks1) November 28, 2022
All eyes on crude oil! Talk about a "critical juncture." Historically when crude has crossed $75 in one direction or another, it then spent several years on that side of the border. pic.twitter.com/4MV48HfiB6
— Jay Kaeppel (@jaykaeppel) November 28, 2022
Energy stocks are trading in the top decile of their range over the past three months.
Oil is at the bottom of its own range.
How do these divergences tend to resolve? According to @DeanChristians, it's typically in the direction of oil prices. pic.twitter.com/tP5Y1Mugdn
— SentimenTrader (@sentimentrader) November 28, 2022
Oil and gas investors are the new??$XOP $USO pic.twitter.com/YzZk1tOEvH
— Greg Rieben (@gregrieben) November 28, 2022
Bitcoin remains below the 8 day EMA and below the prior base as the volatility bands tighten ahead of another move pic.twitter.com/BO2cn3hZI0
— ATMcharts (@ATMcharts) November 28, 2022
Apparently the best way to get rich in crypto is to be a bankruptcy attorney.
— Aaron Levie (@levie) November 28, 2022
You’re all caught up now. Thanks for reading!