Daily Chart Report ? Wednesday, November 3rd, 2021
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Today’s Summary
Wednesday, November 3rd, 2021
Indices: Dow +0.29% | S&P 500 +0.65% | Nasdaq +1.04% | Russell 2000 +1.80%
Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, gaining 1.80%. Energy lagged, falling 0.83%.
Commodities: Crude Oil futures tumbled 4.53% to $80.11 per barrel. Gold futures dropped 1.08% to $1,770 per ounce.
Currencies: The US Dollar Index fell 0.23%.
Interest Rates: The US 10-year Treasury yield rose to 1.607%.
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 Matthew Timpane (@mtimpane). It’s a daily candlestick chart of the Retail ETF, $XRT, over the past two years. The top holdings in this ETF include $OSTK, $M, $DDS, $BOOT, and $SIG. Matthew points out that $XRT is breaking out to all-time highs after moving sideways for the majority of the year. It’s also breaking a nice round number of $100 for the first time if you believe psychological resistance is a thing. After 10-months of no progress, retail looks primed for its next leg higher.
Quote of the Day
“The most bullish thing a market can do
is get overbought and stay that way.”
– Alan Shaw
Top Links
November is For The Little Guys – All Star Charts
Steve Strazza takes a look at the breakout in Small-Caps.
36,000 Reasons to be Thankful – LPL Financial Research
The team at LPL Financial Research shares some noteworthy stats as the Dow crosses $36k for the first time.
Don’t Complicate It, New Highs Are Bullish – Potomac Fund Management
Dan Russo highlights some key technical developments to be aware of.
New Highs in Semis, But Not Relatively Speaking – Bespoke
Bespoke points out that Semiconductor stocks are breaking out on an absolute basis, but not on a relative basis.
We Need to Differentiate Between Market Breadth and Market Leadership – CNBC
In this clip, Katie Stockton offers her thoughts on the current market environment.
Top Tweets
You’re all caught up now. Thanks for reading!