Daily Chart Report ? Wednesday, November 11th, 2020
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Today’s Summary
Wednesday, November 11th, 2020
Indices: US Stocks moved higher in today’s session. The Dow Jones Industrial Average was more or less flat, slipping just 23 points or 0.08%. The S&P 500 and Nasdaq rose, 0.77% and 2.01%, respectively. The Russell 2000 was completely unchanged.
Sectors: 6 of the 11 sectors closed higher. Tech led, gaining 2.37%. Materials lagged, falling 1.49%.
Commodities: Crude Oil futures inched higher by 0.22% to $41.45 per barrel. Gold futures fell 0.79% to $1,862 per ounce.
Currencies: The US Dollar Index rose 0.31%.
Interest Rates: The 10-year US Treasury yield moved higher for the 4th straight day to 0.982% – its highest level in more than 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 on Twitter by Ed Clissold of Ned Davis Research (@edclissold). Rotation has been a key theme this week. Leading areas of the market (Tech, Large-Cap, Growth) have sold-off while lagging areas (Energy, Financials, Small-Caps, Value) have suddenly caught a bid. This rotation probably didn’t feel too good if you’ve been overweight Large-Cap Tech like many folks out there. However, rotation is a healthy part of bull markets. Ed points out that the recent rotation has helped breadth improve dramatically, with over 85% of S&P 500 stocks currently above their 200-day moving averages. According to his data, that’s the highest reading for this breadth metric since 2013. We may be a bit short-term overbought here, but the S&P 500 has historically seen above-average 12-month returns when this breadth metric is above 61%.
Quote of the Day
“Our debt to the heroic men and valiant women in the service of our country can never be repaid. They have earned our undying gratitude.”
– Harry S. Truman
Top Links
Takeaways From Latest Rotation Out of Tech Stocks – TD Ameritrade Network
Going along with today’s Chart of the Day, Ed Clissold shares his thoughts on the recent rotation.
Bitcoin Going for the Gold – Bespoke
Bespoke takes a look at how Bitcoin has fared relative to Gold.
Travel Leisure & Entertainment Stocks. Is Now The Time To Invest? – All Star Charts
JC Parets looks for the strongest stocks within the Dow Jones Travel & Leisure Index.
Stock Market Analysis November 11, 2020 – Brian Shannon
Brian Shannon offers a quick analysis of this week’s price action and what to anticipate in the near-term.
Investors Should Buy Any Pullbacks in Stocks as S&P 500 Marches Toward 13% Gain By Early Next Year, Technical Analyst Says – Business Insider
This article sums up Fundstrat’s technical outlook on the S&P 500.
Top Tweets
You’re all caught up now. Thanks for reading!