Daily Chart Report ? Friday, November 13th, 2020
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Today’s Summary
Friday, November 13th, 2020
Indices: US Stocks ended the week on a positive note with the Dow Jones Industrial Average advancing 400 points or 1.37%. The S&P 500 rose 1.36% and closed at a record high for the first time in more than two months. The Nasdaq slightly underperformed, but still closed up 1.02%. The Russell 2000 outperformed (2.08%) and closed at an all-time high for the first time in more than two years.
Sectors: All 11 sectors closed higher. Energy led, gaining 3.64%. Tech lagged but still rose 0.85%.
Commodities: Crude Oil futures dropped 2.43% to $40.12 per barrel. Gold futures rose 0.80% to $1,888 per ounce.
Currencies: The US Dollar Index slipped 0.26%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.903%.
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 Dana Lyons (@JLyonsFundMgmt). The S&P 500 closed at an all-time high for the first time in more than two months today, while the Russell 2000 closed at an all-time high for the first time in more than two years! Dana points out that the Value Line Arithmetic Index also hit an all-time high this week. This index is arguably a better barometer for Stocks than a cap-weighted index like the S&P 500. It more accurately reflects the performance of the “average” stock. Similar to the Russell 2000, the Value Line Arithmetic Index has made zero forward progress in the past two years. Why do we care about all-time highs? Because at all-time highs, there is virtually no overhead supply to prevent prices from moving significantly higher. Why do we care about all-time highs in this obscure index? Because it represents broadening participation and is further evidence that we’re in the early innings of a new bull market.
Quote of the Day
“The average pencil is seven inches long, with just a half-inch eraser -- in case you thought optimism was dead.”
– Robert Brault
Top Links
A Very Good Ten - Bespoke
Bespoke points out that the S&P 500 hasn't begun a month this strong in more than 30 years.
Stock Market Strength Turning Skeptics Into Believers - See It, Market
Willie Delwiche offers his perspective on sentiment and breadth.
Where Do We (Investors) Stand? - David Cox
Portfolio manager, David Cox reviews the most significant technical developments on his radar.
High Low Friday - 11/13/20 - Dana Lyons
Dana Lyons highlights some noteworthy new highs/lows across the markets.
Stock Market Video Analysis For Week Ending November 13, 2020 - Brian Shannon
In this quick video, Brian Shannon recaps this week's price action and lays out some levels to keep an eye on next week.