Daily Chart Report ? Friday, November 22nd, 2019
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Today’s Summary
Friday, November 22nd, 2019
Indices: US stocks ended the week on a positive note with the Dow Jones Industrial Average advancing 109 points or 0.33%. The S&P 500 and Nasdaq were higher by 0.22% and 0.16%, respectively. The Russell 2000 closed up 0.31%.
Sectors: Financials led, gaining 0.74%. Real Estate lagged for the second day in a row, falling 0.57%.
Commodities: Crude Oil futures fell by 1.11% to $57.93 per barrel. Gold futures slipped 0.14% $1,462 per ounce.
Currencies: The US Dollar Index rose 0.29%.
Interest Rates: The US 10-year Treasury yield was unchanged and is at 1.771%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Jim Denholm (@denholm_jim). It’s a weekly candlestick chart of the S&P 500 since the financial crisis. Some folks argue that this bull market has lasted over a decade and that it’s now getting long in the tooth. The problem with that notion is that markets can correct in two ways; through price, meaning a sharp decline, or through time. Jim points out that since 2009, the S&P 500 has experienced three corrections through time, where price went sideways for over 20 months. Also, two of those corrections we’re just a few basis points shy of being considered a bear market. The drawdown in 2011 was 19.39%, and the drawdown at the end of last year was 19.78%. One could argue that we’re actually emerging from a cyclical bear market within a secular bull market.
Quote of the Day
“Those who dare to fail miserably can achieve greatly.”
– John F. Kennedy (35th President of the United States)
Top Links
Here's Brian Shannon's weekly stock market analysis video, where he recaps price action from the past week and lays out some charts to keep an eye on next week.
Starbucks May Be Bottoming After Painful Pullback - CNBC
Todd Gordon of Trading Analysis.com walks viewers through a bullish options trade on Starbucks ($SBUX).
DP Daily Diamonds - I'm Going to Disneyland - StockCharts.com
Erin Swenlin of StockCharts.com breaks down several charts from her latest scan, including; $DIS, $CGC, $TLRY, $PSXP, $SJW, and $SSW.
Jeff Hirsch shows that above-average year-to-date gains through November have historically been followed by further gains in the next month and year.
Where Do We (Investors) Stand - David Cox
Here's a brief webinar from David Cox where he runs through several noteworthy technical developments.
Top 10 Tweets
You’re all caught up now. Thanks for reading!