Daily Chart Report ? Tuesday, November 9th, 2021
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Today’s Summary
Tuesday, November 9th, 2021
Indices: Dow -0.31% | S&P 500 -0.35% | Nasdaq -0.60% | Russell 2000 -0.63%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining 0.51%. Consumer Discretionary lagged, falling 1.85%.
Commodities: Crude Oil futures gained 2.71% to $84.15 per barrel. Gold futures inched higher by 0.15% to a two-month high of $1,831 per ounce.
Currencies: The US Dollar Index inched lower by 0.08%.
Interest Rates: The US 10-year Treasury yield fell to 1.439%.
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 Shane Murphy (@murphycharts). It’s a chart of the Materials sector ETF, $XLB, over the past year, along with its relative strength line below. The largest stocks in this ETF include $LIN, $SHW, $APD, $FCX, and $ECL. Shane points out that the Materials sector is breaking out to all-time highs for the first time since May. Materials have historically done well in November with a 90% win rate over the past 19 years. To be fair, this is the second smallest sector as it represents just 2.6% of the S&P 500. To give you an idea of how small that is, single stocks like Amazon have a larger weighting in the S&P 500 than this entire sector. Nonetheless, the Materials sector is breaking out of a six-month base and looks poised for its next leg higher.
Quote of the Day
“Trading doesn’t just reveal your character, it also builds it if you stay in the game long enough.”
– Yvan Byeajee
Top Links
Melt-Up Intact with Most Sectors Near Record Levels – Potomac Fund Management
Dan Russo takes a look at the strongest/weakest sectors of the S&P 500.
Is Clean Energy Next Up? – Honey Stocks Charting
Sam McCallum points out that clean energy stocks are attempting to make a comeback.
Options Traders Return to Speculative Euphoria – SentimenTrader
Jason Goepfert points out that speculative call option activity is picking up again.
The Most Important Chart in Crypto – All Star Charts
Louis Sykes highlights some of the most bullish developments in the Crypto space.
Cracks in the Inflation Trade – AlphaCharts Blog
Brian G. points out that several commodities are starting to reverse lower.
Top Tweets
You’re all caught up now. Thanks for reading!