Daily Chart Report π Friday, November 8, 2024
Powered By:
Todayβs Summary
Friday, November 8, 2024
Indices: Russell 2000 +0.71% | Dow +0.59% | S&P 500 +0.38% | Nasdaq +0.07%
Sectors: 8 of the 11 sectors closed higher. Utilities led, gaining +1.92%. Materials lagged, dropping -0.91%.
Commodities: Crude Oil futures fell -2.74% to $70.38 per barrel. Gold fell -0.41% to $2,695 per oz.
Currencies: The US Dollar Index rose +0.57% to $104.95.
Crypto: Bitcoin gained +0.84% to an all-time high of $76,561. Ethereum rose +2.29% to a three-month high of $2,964.
Volatility: The Volatility Index fell -1.71% to 14.93.
Interest Rates: The US 10-year Treasury yield fell to 4.308%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Ian McMillan (@the_chart_life).
- Election week was bullish, with all four major averages advancing and closing near their respective highs. The Russell 2000 ($IWM) gained nearly twice as much as the others, rising +8.7%.
- Ian points out that this was the best week for $IWM since April 2020. It also achieved its third-highest weekly close. $IWM is testing resistance from the 2021 peak, closing less than 2% below all-time highs.
- Post-election rallies have become a habit for the Russell. After the past three presidential elections (2012, 2016, 2020), $IWM broke out and rallied for several months.
The Takeaway: Small Caps have potentially kicked off another post-election rally, surging +8.7% this week. $IWM is testing all-time highs and trying to emerge from a three-year base as we enter the most bullish months for Small Caps.
Top Links
A Brand New Bull Market - The Strazza Letter
Steve Strazza highlights the breakout in Micro Caps ($IWC).
Election Week 2024 Recap - Bespoke
Bespoke reviews the key takeaways from election week.
Stock Market Analysis November 8, 2024
Brian Shannon breaks down this week's price action and some key levels to watch in the near term.
Is This Frothy - Strategas Asset Management
Todd Sohn looks at what ETF flows suggest about investor sentiment.
The Most Bullish Chart in the World - The Compound and Friends
Katie Stockton joined Josh Brown and Michael Batnick to talk technicals and more.
Quote of the Day
"I believe life is an intelligent thing:
that things aren't random."
- Steve Jobs
Top Tweets