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Today’s Summary
Tuesday, November 29th, 2022
Indices: Russell 2000 +0.31% | Dow +0.01% | S&P 500 -0.16% | Nasdaq 100 -0.73%
Sectors: 6 of the 11 sectors closed higher. Real Estate led, gaining +1.67%. Technology lagged, falling -0.98%.
Commodities: Crude Oil futures rose +1.24% to $78.20 per barrel. Gold futures gained +1.34% to $1,764 per ounce.
Currencies: The US Dollar Index rose +0.16%.
Crypto: Bitcoin gained +1.55% to $16,462. Ethereum rose +4.53% to $1,221.
Interest Rates: The US 10-year Treasury yield rose to 3.748%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Energy stocks vs. Oil. Which one is right? pic.twitter.com/08DFVQUbxo
— Michael Kahn, CMT (@mnkahn) November 29, 2022
Today’s Chart of the Day was shared by Michael Kahn (@mnkahn). It’s a chart of the Energy sector (black) and Crude Oil (red) over the past two years. Energy stocks and Crude Oil tend to move together for obvious reasons, but they’ve been diverging since the Summer. Over the past three months, Energy Stocks are up more than 10%, while Crude Oil is down more than 15%. As Michael asks, Which one is right?
Quote of the Day
“Don’t think about what the market’s going to do; you have absolutely no control over that. Think about what you’re going to do if it gets there.”
– William Eckhardt
Top Links
MAGA Out of Favor – Bespoke
Bespoke points out that the four largest stocks in the S&P 500 all remain down 20% or more.
Buy High, Sell Higher – All Star Charts
Steve Strazza takes a look at which areas of the market have held up best amid the recent leg higher.
The Energy “Supercycle” – The Weekly Grind
Sam McCallum examines the divergence between Energy stocks and Crude Oil.
How We See It Now – Who Charted? – Research by Potomac
In this quick video, Dan Russo and Drew Wells highlight six noteworthy charts in six minutes.
Semiconductors ETF (SMH) Facing Stiff Test of Resistance This Week! – Kimble Charting Solutions
Chris Kimble points out that Semiconductor stocks are testing three different resistance levels at the same time.
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/jPiIlGsOsX
— StockMKTNewz – Evan (@StockMKTNewz) November 29, 2022
Everybody is in love with the Dow lately, but this failed breakout above the August highs with a daily MACD sell signal isn't a great look pic.twitter.com/3F3ua4N1CE
— Scott Brown, CMT (@scottcharts) November 29, 2022
Yes, the SPY was rejected near the 200-day MA yesterday.
But did you know it was the lightest volume day for a loss of more than 1.5% since September 2003?
Hard to say there was much conviction in the selling imo. pic.twitter.com/DF4tbvBN06
— Ryan Detrick, CMT (@RyanDetrick) November 29, 2022
Intraday S&P 500 trading volume is below the 10d avg, which is below the 100d avg. My colleague @MarioIsmailanji says it's because the World Cup started last week and people are in rapture with it. US vs Iran starts in an hour…let's see what happens ? pic.twitter.com/soBGU2edbq
— Liz Young (@LizYoungStrat) November 29, 2022
Current rally (top pane) has seen Dow (blue) and S&P 500 (orange) outperforming NASDAQ (purple) and Russell 2000 (white), which is opposite of what we saw in June-August rally (bottom pane)
[Past performance is no guarantee of future results] pic.twitter.com/lU5PDIF3lq— Liz Ann Sonders (@LizAnnSonders) November 29, 2022
2022 is not 2008 – but you might not realize that just by looking at the price action. pic.twitter.com/9cOHKMBLlz
— Willie Delwiche, CMT, CFA (@WillieDelwiche) November 29, 2022
Bears have outnumbered Bulls in the AAII sentiment poll for 35 consecutive weeks (since April 7). With data going back to 1987, that's now the longest streak of negativity that we've seen. $SPX
Charting via @ycharts pic.twitter.com/2dC6R91qRC
— Charlie Bilello (@charliebilello) November 29, 2022
Let the battle commence…$DXY $UUP $RUT $IWM pic.twitter.com/2Ybujtt8mP
— Ian McMillan, CMT (@the_chart_life) November 29, 2022
Will U.S. Dollar bears finally be proven right? Or is the Nov decline simply a retest of an underlying 5+ year base. $USDX $DX_F pic.twitter.com/vtlgtn9CGQ
— Peter Brandt (@PeterLBrandt) November 29, 2022
Impressive action out of India. Nifty 50 breaking out to new highs pic.twitter.com/FukaaZ1jKv
— Austin Harrison, CFA, CMT (@meanstoatrend) November 29, 2022
$NIFTY Monthly. Breaking out.
Outperformed $SPY past 1-, 3-, 5-, and 20-years. pic.twitter.com/SSRbCcnmm8
— Brian G (@alphacharts) November 29, 2022
US vs. Int'l getting interesting. This relationship has not spent much time below the 200 day moving average in the past decade plus. Something to keep an eye on. $VTI $VEU pic.twitter.com/Nj9doPPPoH
— David Rath (@DJwrath) November 29, 2022
While climate change, the environment, and ESG investing continue to be hot topics among politicians and idealists the world continues to burn more coal.$BTU continues to press higher. pic.twitter.com/S60Vv2Lr49
— Greg Rieben (@gregrieben) November 29, 2022
You’re all caught up now. Thanks for reading!