Daily Chart Report ? Thursday, November 5th, 2020
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Today’s Summary
Thursday, November 5th, 2020
Indices: US Stocks continued higher in today's session, with the Dow Jones Industrial Average advancing 543 points or 1.95%. The S&P 500 also rose by 1.95%, while the Nasdaq moved higher by 2.59%. Small-Caps outperformed, with the Russell 2000 gaining 2.78%.
Sectors: Materials led, jumping 4.08%. Energy lagged and was unchanged.
Commodities: Crude Oil futures fell 1.63% to $38.51 per barrel. Gold futures had their best day in more than six months, rising 2.67% to $1,947 per ounce.
Currencies: The US Dollar Index had its worst day in more than six months, dropping 0.96%.
Interest Rates: The 10-year US Treasury yield slipped to 0.763%.
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 in a note by Pivot Analytics (@pivotanalytics). Stocks have gone vertical this week. The S&P 500 logged its 4th consecutive gain of 1% or more. Before today, this has happened 11 times since 1930 and only 3 times since 1938. Taking a look at the forward returns, the next day has been positive only 9% of the time! Looking further out, things start to get more bullish. One week later, the index has historically been positive 73% of the time for an average gain of 3%. One month later, the index has also been up 73% of the time for an average gain of 10%. In other words, the rally may be running out of juice in the very near-term, but longer-term, this sort of momentum is bullish.
Quote of the Day
“You don't need a weatherman to know which way the wind blows.”
– Bob Dylan
Top Links
What the "Day After" Means - SentimenTrader
Jason Goepfert examines what has historically happened when the S&P 500 rallied the day after an election.
10 Post-Election Reactions We Are Watching - LPL Financial Research
The team at LPL Financial Research highlights a few notable post-election trends across the markets.
Biotechnology Breaks Out of Historic Base - All Star Charts
JC Parets points out that Biotech stocks are breaking out of a 5-year consolidation within a strong uptrend.
Gold in All Forms Glitters - Bespoke
Bespoke spotlights today's breakout in Gold.
Silver Miners About to Experience "Rally Time?" - Kimble Charting Solutions
Chris Kimble breaks down a weekly chart of the Silver Miners ETF, $SIL.
Top Tweets
Nice move today in Gold$GC_F $GLD pic.twitter.com/bsTAzs0UAI
— Shane C. Murphy (@murphycharts) November 5, 2020