Daily Chart Report ? Monday, November 30th, 2020
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Today’s Summary
Monday, November 30th, 2020
Indices: US Stocks closed lower to start the week. The Dow Jones Industrial Average fell 272 points or 0.91%. The S&P 500 slipped 0.46%, while the Nasdaq ended flat (-0.06%). The Russell 2000 underperformed, dropping 1.91%, but still managed to book its largest monthly gain ever.
Sectors: 3 of the 11 sectors closed higher. Tech led, rising 0.67%. Energy lagged, dropping 5.53%.
Commodities: Crude Oil futures moved lower by 0.42% to $45.34 per barrel. Gold futures fell 0.40% to $1,781 per ounce – its lowest level since July.
Currencies: The US Dollar Index rose 0.23%.
Interest Rates: The 10-year US Treasury yield was unchanged at 0.841%.
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 David Keller (@DKellerCMT). It’s a chart of Bitcoin over the past four years. Bitcoin officially printed an all-time high today for the first time since the crypto bubble popped three years ago. As we know, nothing wakes up animal spirits quite like all-time highs. Especially considering the cult-like following Bitcoin has. With that in mind, it’s no surprise that we’re starting to hear people make some pretty aggressive predictions for Bitcoin. One analyst at Citibank recently said it could surpass $300,000 by this time next year. While Bitcoin may get there eventually, David offers us a more realistic price target for Bitcoin in the coming months, around $37,000. David arrived at this target by taking the height of the base (~$17,000) and adding it to the breakout price (~$20,000). A $37,000 price target represents about 85% potential upside from current prices.
Quote of the Day
“The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.”
– Seth Klarman
Top Links
Global Dow Index Hits All-Time High – All Star Charts
JC Parets points out that the Global Dow Index ($GDOW) just broke out to an all-time high for the first time in nearly three years.
Price is Just Everyone’s Opinion – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the technical developments on their radar this week.
S&P 500 Chart Storm – Topdown Charts
The team at Topdown charts shares 10 noteworthy charts that speak to the current market environment.
A Bit Frothy But Still Plenty of Long Setups – Momentum Monday
In their weekly Momentum, Monday video, Howard Lindzon and Ivanhoff highlight the hottest stocks, trends, and themes across the markets.
First Trading Day of December: Bullishness Fading
Seasonality expert, Jeff Hirsch examines how stocks have historically performed on the first trading day in December over the past two decades.
Top Tweets
You’re all caught up now. Thanks for reading!