Daily Chart Report ? Tuesday, November 17th, 2020
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Today’s Summary
Tuesday, November 17th, 2020
Indices: US Stocks closed slightly lower in today's session with the Dow Jones Industrial Average falling 167 points or 0.56%. The S&P 500 and Nasdaq slipped 0.48% and 0.21%, respectively. Small-Caps outperformed, with the Russell 2000 rising 0.37%.
Sectors: 9 of the 11 sectors closed lower. Energy led, rising 1.02%. Utilities lagged, falling 1.96%.
Commodities: Crude Oil futures inched higher by 0.22% to $41.43 per barrel. Gold futures inched lower by 0.14% to $1,885 per ounce.
Currencies: The US Dollar Index slipped 0.22%.
Interest Rates: The 10-year US Treasury yield fell to 0.857%.
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 Ian Cully (@IanCulley). It's a weekly candlestick chart of Copper futures over the past decade. Ian points out that Copper is attempting to break out from a multi-year base with resistance around $3.30. Price has failed at this level three times in the past six years. Will the fourth time be the charm? As we know, Copper is often viewed as a proxy for global growth and risk appetite. If price breaks out here, it would be a bullish development for both U.S. and Emerging Market stocks.
Quote of the Day
“Behind every pessimist is a disappointed idealist.”
– George Carlin
Top Links
Can You Have Too Much of A Good Thing? - Andrew Thrasher
Andrew Thrasher explains that the recent breadth expansion could have bearish implications in the short-term.
November Conference Call: 5 Key Takeaways
Steve Strazza of All Star Charts highlights five key takeaways from their monthly conference call.
Fear Index Testing 18-Month Support, As The NYSE Tests Key Breakout Level! - Kimble Charting Solutions
Chris Kimble points out that the VIX and the NYSE index are simultaneously testing key levels.
The Next Bitcoin Target - The Rotation Report
With Bitcoin jumping to its highest level in three years today, Aaron Jackson says the next logical price target is around $20k.
Don't Share This Chart - The Reformed Broker
Josh Brown shares a chart that illustrates why it's often a good idea to ignore the narrative.