Daily Chart Report ? Monday, November 23rd, 2020
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Today’s Summary
Monday, November 23rd, 2020
Indices: US Stocks kicked off Turkey Week on a positive note, with the Dow Jones Industrial Average advancing 328 points or 1.12%. The S&P 500 and Nasdaq rose 0.56% and 0.22%, respectively. Small-Caps outperformed with the Russell 2000 gaining 1.85%.
Sectors: 8 of the 11 sectors closed higher. Energy led by a wide margin, jumping 7.07%. Real Estate lagged, slipping 0.32%.
Commodities: Crude Oil futures moved higher by 0.99% to $42.84 per barrel. Gold futures dropped 1.99% to $1,835 per ounce.
Currencies: The US Dollar Index rose 0.18%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.859%.
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 by Jason Leavitt (@JasonLeavitt). It’s a monthly candlestick chart of the Russell 2000 ETF, $IWM, over the past four years. Small-Caps have gotten a lot of buzz lately, and rightfully so. The Russell 2000 has surged more than 18% in November, putting it on track for its best month ever. It’s easy to look at a move like this and say price has gone “too far too fast.” However, it’s important to consider that Small-Caps have made zero forward progress in more than two years. From this longer-term perspective, it certainly appears as though we’re in the early innings of a new cyclical bull market.
Quote of the Day
“Learn how to see. Realize that everything connects to everything else.”
– Leonardo da Vinci
Top Links
Five Charts to Start the Week – Marea Market Musings
Dan Russo shares five charts that he’s watching this week.
Don’t Make Bitcoin Your Religion – All Star Charts
As Bitcoin approaches record highs, JC Parets reminds us not to get caught up in the narrative.
Metals: What Happened? – Fibonacci.com
Tarek Saab offers an update on Precious Metals.
Wall of Worry – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some noteworthy technical developments they’re watching.
Pay Attention to the New Breadth Thrust – The Reformed Broker
Josh Brown weighs-in on the recent expansion in breadth.
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