Daily Chart Report ? Tuesday, November 24th, 2020
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Today’s Summary
Tuesday, November 24th, 2020
Indices: US Stocks continued higher in today’s session. The Dow Jones Industrial Average closed above 30k for the first time, gaining 455 points or 1.54%. The S&P 500 and Nasdaq rose 1.62% and 1.31%, respectively. Small-Caps outperformed with the Russell 2000 advancing 1.94%.
Sectors: 10 of the 11 sectors closed higher. Energy led, gaining 5.14%. Real Estate lagged, closing flat on the day (0.05%).
Commodities: Crude Oil futures moved higher by 4.30% to $44.91 per barrel – its highest level since March. Gold futures continued lower by 1.81% to $1,805 per ounce.
Currencies: The US Dollar Index fell 0.37%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.883%.
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 Andrew Thrasher (@AndrewThrasher). It’s a chart of Bitcoin over the past 4.5 years. In mid-October, we highlighted the fact that Bitcoin was breaking out of a multi-year consolidation within a strong uptrend. Here we are just over a month later, and Bitcoin has nearly doubled. It’s currently testing all-time highs around $19k and is roughly 65% above its 200-day moving average. While this seems over-extended, Andrew reminds us that it’s nowhere near an extreme for Bitcoin. In a comment to The Chart Report, Andrew Said, “Prior rallies have become much more stretched than this one, and it’s not even a close comparison. At the height of Bitcoin Mania in 2017, price was about 280% extended. Also, rallies in 2011 and 2013 got as much as 1,200% and 700% extended. This doesn’t mean Bitcoin will shoot to the moon until it’s 600% extended but it does give some context to this rally.”
Quote of the Day
“Part of being a contrarian is knowing when to go with the consensus.”
– Arun Chopra
Top Links
Bitcoin is Near All-Time Highs and the Mainstream Doesn’t Care…Yet – Visual Capitalist
Here’s a must-see infographic on Bitcoin sentiment from Visual Capitalist.
DJIA 1,000 Point Thresholds – Bespoke
The Dow crossed 30k today! In this note, Bespoke takes a look at previous 1,000 point milestones for the Dow.
Once in a Blue Moon Sentiment and Breadth – SentimenTrader
Troy Bombardia offers his perspective on market internals.
Bull Markets Die on Euphoria – StockCharts.com
David Keller explains that sentiment is becoming a concern despite other bullish developments like the recent expansion in breadth.
What Happens to Small-Caps After a Huge Monthly Gain? – A Wealth of Common Sense
With the Russell 2000 on track for its best month ever, Ben Carlson examines what has historically happened to Small-Caps after large monthly gains.
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Top Tweets
You’re all caught up now. Thanks for reading!