Daily Chart Report ? Thursday, November 11th, 2021
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Today’s Summary
Thursday, November 11th, 2021
Indices: Dow -0.44% | S&P 500 +0.06% | Nasdaq +0.52% | Russell 2000 +0.82%
Sectors: 5 of the 11 sectors closed higher. Materials led, gaining 0.80%. Utilities lagged, falling 0.61%.
Commodities: Crude Oil futures inched lower by 0.20% to $81.18 per barrel. Gold futures closed higher for the sixth day in a row, rising 0.87% to $1,864 per ounce.
Currencies: The US Dollar Index rose 0.30% to its highest level in over a year.
Interest Rates: The US 10-year Treasury yield rose to 1.596%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared in a note by John Roque of 22V Research. It’s a chart of the US Dollar Index ($DXY) over the past two years. John points out that the Dollar is breaking out of a 16-month base and an inverted head & shoulders pattern. It’s currently trading at its highest level in more than a year and looks poised to continue higher. Conventional wisdom would say that a rising Dollar is bearish for risk assets including Stocks, Commodities, and even Crypto. However, the Dollar has been trending higher all year, and yet all three of those asset classes are rising along with it. Will it eventually matter? Maybe. But, it can be hazardous to overcomplicate things by reading too far into the intermarket implications of a rising dollar.
Quote of the Day
“Think in the morning. Act in the noon.
Eat in the evening. Sleep in the night.”
– William Blake
Top Links
Tops Wobble Before Falling Over – Quantifiable Edges
Rob Hanna examines what has historically happened after the S&P 500 closes below its 10-day moving average for the first time in 15-days or more.
Wilshire 5000 Trading Into Important Inflection Point! – Kimble Charting Solutions
Chris Kimble points out that the Wilshire 5000 index is testing the top of a rising channel that has been in place since the 1980s.
Technology – Is It Only Just Getting Started? – Honey Stocks Charting
Sam McCallum gives an update on the Technology sector.
Stocks Waver But Breadth Remains Supportive of a Melt Up – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
Sentiment Steadily Moving Higher – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Top Tweets
You’re all caught up now. Thanks for reading!