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Today’s Summary
Wednesday, November 30th, 2022
Indices: Nasdaq 100 +4.58% | S&P 500 +3.10% | Russell 2000 +2.72% | Dow +2.18%
Sectors: All 11 sectors closed higher. Technology led, gaining +5.02%. Energy lagged, but still rose +0.51%.
Commodities: Crude Oil futures rose +2.93% to $80.49 per barrel. Gold futures gained +1.09% to $1,783 per ounce.
Currencies: The US Dollar Index dropped -0.90%.
Crypto: Bitcoin gained +4.48% to $17,170. Ethereum rose +6.53% to $1,295.
Interest Rates: The US 10-year Treasury yield dropped to 3.611%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
S&P 500 closed above the 200-day MA for first time in more than 7 months.
Looking at the previous 13 times (since '50) it was beneath this trendline for 6 mos or more and closed above showed only once did it move back to new lows.
Up avg 18.8% yr later and higher 12/13 times. pic.twitter.com/cqeOJahm1L
— Ryan Detrick, CMT (@RyanDetrick) November 30, 2022
Today’s Chart of the Day was shared by Ryan Detrick (@RyanDetrick). The S&P 500 gained 3.10% today, marking its second-best day in the past two years. More importantly, it closed above its 200-day moving average for the first time since April. Ryan points out that there have only been 13 other instances since 1950 where the S&P 500 spent six months or more beneath its 200-day moving average. Of those 13 prior instances, the index was higher 12 out of 13 times for an average gain of 18.8%. It failed once during the 2002 bear market, but overall, this is a much-needed victory for the bulls.
Quote of the Day
“If you diversify, control your risk, and go with the trend, it just has to work.”
– Larry Hite
Top Links
Typical December Seasonal Pattern Begins Dull Pops Mid-Month – Almanac Trader
Jeff Hirsch looks at how the major indices have historically performed throughout December.
SPY Remains Under Pressure But These Sectors Are Improving – StockCharts
Julius de Kempenaer points out that Materials, Financials, Industrials, and Consumer Staples are showing relative strength.
2 Treasury Indicators That Could Show the Risk of Recession – Schaeffer’s Investment Research
Rocky White examines the inverted yield curve.
Commodity Currencies Will Provide Confirmation | What the FICC? – All Star Charts
Ian Culley takes a look at what commodity-centric currencies could be suggested for the US Dollar Index.
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/NfOBMsVsNR
— StockMKTNewz – Evan (@StockMKTNewz) November 30, 2022
The S&P 500 closed above its 200-day moving average today for the first time since April. $SPX
Charting via @ycharts pic.twitter.com/BsnOP71Yzd
— Charlie Bilello (@charliebilello) November 30, 2022
Very strong short-term move today. The S&P 500 finally eclipses its 200d MA and will close November out at the highs, above this recent 3-week range. However, we are still stuck below the 2022 rate of trend and the 200d MA is still downward sloping. $SPX $SPY $ES_F pic.twitter.com/P0029jRF0g
— Ian McMillan, CMT (@the_chart_life) November 30, 2022
#ES_F, monthly
November is over. Key observations:
1. S&P500 printed 2 positive months in a row in 2022 for the first time
2. When this happened in 2019 and 2020, the bottoms were in and price continued moving higher during the next several months pic.twitter.com/lGHcbMO5wT— Yuriy Matso (@yuriymatso) November 30, 2022
Sector returns this month. $XLB +10.6%$XLY -0.3% pic.twitter.com/7UEbyUtCdE
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) November 30, 2022
$SPX breadth:
+85% positive for the 2nd straight month…
… with +10% gains again far outpacing -10% declines again. pic.twitter.com/Fu77T2L9sG
— Frank Cappelleri (@FrankCappelleri) November 30, 2022
Long road ahead before monthly momentum turns positive. #TrendFollowing pic.twitter.com/IOdApovqy8
— Mark Ungewitter (@mark_ungewitter) November 30, 2022
Europe today got above its August high and closed at its highest level since early June. $VGK pic.twitter.com/RnnAEhrhD3
— Willie Delwiche, CMT, CFA (@WillieDelwiche) November 30, 2022
Hong Kong's Hang Seng index just had its best month since October 1998. pic.twitter.com/llmPyZVWa9
— Bespoke (@bespokeinvest) November 30, 2022
Ratio of US to global stocks ($SPY vs. $ACWI) just dipped below its 200-day moving average for the first time since Q1 2021 on weaker $USD. Probably nothing….. pic.twitter.com/oM5NMSzuHF
— David Keller, CMT (@DKellerCMT) November 30, 2022
is it like this? pic.twitter.com/22XospoHDd
— J.C. Parets (@allstarcharts) November 30, 2022
Jerome Powell basically saved Christmas today
— Ben Carlson (@awealthofcs) November 30, 2022
You’re all caught up now. Thanks for reading!