Daily Chart Report ? Wednesday, November 10th, 2021
Sponsored By:
Today’s Summary
Wednesday, November 10th, 2021
Indices: Dow -0.66% | S&P 500 -0.82% | Nasdaq -1.66% | Russell 2000 -1.55%
Sectors: 3 of the 11 sectors closed higher. Utilities led, gaining 0.81%. Energy lagged, falling 2.64%.
Commodities: Crude Oil futures dropped 3.39% to $81.30 per barrel. Gold futures continued higher by 1.14% to a five-month high of $1,852 per ounce.
Currencies: The US Dollar Index had its best day since June, gaining 0.94%.
Interest Rates: The US 10-year Treasury yield rose to 1.570%.
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 Macro Charts (@MacroCharts). It's a chart of Gold over the past decade along with a daily sentiment indicator below. Gold has been dead money for more than a year now. It hasn't participated in the recent commodities bull market at all. However, the tide may be turning as the yellow metal reached a five-month high in today's session. As Macro Charts points out, sentiment is beginning to improve after major capitulation. The decade-long base remains intact, and seasonality is a tailwind over the next few months. Keep an eye on Gold in the near term as it attempts to reclaim the 2011 highs.
Quote of the Day
"Fear is a reaction.
Courage is a decision."
- Winston Churchill
Top Links
A Pause That Refreshes? - Potomac Fund Management
Dan Russo highlights several key technical developments.
Relative Strength Breakdown for Industrial Metals - Bespoke
Bespoke points out that precious metals are beginning to outperform industrial metals.
Cryptocurrencies Have Positive Momentum, Fairlead Says - Bloomberg
Katie Stockton shares her thoughts on Bitcoin and Ethereum.
Stock Market Analysis November 10, 2021 - AlphaTrends
In this quick video, Brian Shannon analyzes recent price action and lays out some key levels to watch in the near term.
Time for Commodities to Out-Perform Equities for Years to Come - Kimble Charting Solutions
Chris Kimble breaks down a long-term ratio chart of stocks vs. commodities.
Top Tweets
The gap between 2-year and 30-year Treasury yields narrows to the least since November. pic.twitter.com/xycbPdI9bf
— Lisa Abramowicz (@lisaabramowicz1) November 10, 2021
You’re all caught up now. Thanks for reading!