Daily Chart Report ? Tuesday, November 2nd, 2021
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Today’s Summary
Tuesday, November 2nd, 2021
Indices: Dow +0.39% | S&P 500 +0.37% | Nasdaq +0.34% | Russell 2000 +0.16%
Sectors: 9 of the 11 sectors closed higher. Materials led, gaining 1.14%. Energy lagged, falling 0.94%.
Commodities: Crude Oil futures dropped 1.13% to $82.96 per barrel. Gold futures fell 0.38% to $1,789 per ounce.
Currencies: The US Dollar Index rose 0.24%.
Interest Rates: The US 10-year Treasury yield inched lower to 1.551%.
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 Pratty Tulsian (@PrattyCharts). It’s a daily candlestick chart of the Russell 2000 ETF, $IWM, over the past 2.5 years. It finally happened! The Russell 2000 just closed at an all-time high for the first time since March. As you can see, it spent the majority of the year consolidating in a tight range at the 1.618% Fibonacci extension of the March 2020 crash. Prior to this consolidation, the Russell had surged 145% in less than a year, so you could view this multi-month consolidation as healthy digestion of those gains. This breakout is a positive sign for the broader market, as Small-Caps tend to lead the broader market higher or lower. It’s also worth noting that Small-Caps have historically outperformed Large-Caps in the fourth quarter. The Russell 2000 has finally broken out of a 9-month base and looks poised for a new leg higher.
Quote of the Day
“You can’t predict.
You can prepare.”
– Howard Marks
Top Links
Follow the Leaders with Stocks at Record Highs – Potomac Fund Management
Dan Russo looks for the strongest and weakest areas of the market.
What to Expect From Today’s FOMC Meeting – TD Ameritrade Network
In this clip, Andrew Thrasher shares his thoughts on Small-Caps, Breadth, Volatility, and more.
100,000,000 Reasons to be a Bit Concerned – SentimenTrader
Jason Goepfert points out that options traders are aggressively buying calls.
Are The Small Caps Ready to Rip? – Honey Stocks
Sam McCallum takes a look at the breakout in the Russell 2000.
Ether Could Surge 33% Within the Next 6 Months if it Holds Above This Key Resistance Level for One More Week, Fairlead Strategies Says – Business Insider
Katie Stockton offers her technical outlook on Ethereum.
Top Tweets
You’re all caught up now. Thanks for reading!