Daily Chart Report ? Tuesday, November 10th, 2020
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Today’s Summary
Tuesday, November 10th, 2020
Indices: US Stocks were mixed in today's session. The Dow Jones Industrial Average rose 263 points or 0.90%. The S&P 500 and Nasdaq fell 0.14% and 1.37%, respectively. The Russell 2000 outperformed and closed at an all-time high, gaining 1.88%.
Sectors: 8 of the 11 sectors closed higher. Energy led, rising 3.24%. Tech lagged, falling 1.86%.
Commodities: Crude Oil futures moved higher by 2.66% to $41.36 per barrel. Gold futures rose 1.19% to $1,876 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The 10-year US Treasury yield moved higher to 0.968% - its highest level in over 6-months.
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 Steve Strazza (@sstrazza). It's a chart of the S&P 500 over the past 20-years with a breadth indicator below. As the S&P 500 flirts with all-time highs, breadth has improved dramatically over the past week. Steve points out that nearly 50% of stocks within the index hit new 6-month highs yesterday. It's quite rare to see that many stocks printing new 6-month highs. As you can see, we've only seen two prior reading above 45% in the past two decades. Both instances occurred as the index was recovering from major bear market lows. In a comment to The Chart Report, Steve said, "These types of breadth thrusts are typically seen in the early innings of secular bull markets." For more on this, check out the full note here.
Quote of the Day
“Forget the adage buy low sell high.”
– William O'Neil
Top Links
What Happens When >40% of S&P 500 Stocks Are At 6-month Highs - Pivot Analytics
Going along with today's Chart of the Day, Pivot Analytics examines the forward returns when more than 40% of S&P 500 stocks hit 6-month highs.
A Big Milestone for Small Caps -Bespoke
Bespoke takes a look at the recent surge in Small-Cap stocks.
A Surge of Small Proportions - SentimenTrader
Jason Goepfert explains that the spread between the 50-day and 200-day moving averages in the Russell 2000 hasn't been this wide since 2017.
COVID Vaccine News and Japan Breaking Out - Marea Market Musings
Dan Russo offers his thoughts on recent price action.
What Doesn't Kill You Makes You Stronger - The Rotation Report
Aaron Jackson points out that the Dow Jones Travel & Tourism index is near record highs after an impressive recovery.