Daily Chart Report ? Wednesday, November 17th, 2021
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Today’s Summary
Wednesday, November 17th, 2021
Indices: Dow -0.58% | S&P 500 -0.26% | Nasdaq -0.33% | Russell 2000 -1.16%
Sectors: 4 of the 11 sectors closed higher. Real Estate led, gaining 0.66%. Energy lagged, falling 1.53%.
Commodities: Crude Oil futures dropped 3.97% to $77.55 per barrel. Gold futures rose 0.87% to $1,870 per ounce.
Currencies: The US Dollar Index slipped 0.11%.
Interest Rates: The US 10-year Treasury yield fell to 1.591%.
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 Rolando Santos (@TKPTrader). It's a daily candlestick chart of Bitcoin over the past year. The candlesticks are color-coded to represent momentum as measured by RSI. Bitcoin broke out to all-time highs a few weeks ago, however, that breakout is beginning to look like a failed move. Bitcoin thrives and dives based on momentum. Momentum has been diverging negatively on each new high, and RSI is now solidly below 50. Most rallies occur when RSI is above 60 (white candles), rather than below 50 like it is now (red candles). The good news is that Bitcoin is still in a primary uptrend. However, price is currently trapped below the April highs (around $64k) and momentum is deteriorating. Some caution is warranted until those two conditions improve.
Quote of the Day
“The air goes out of the balloon much faster than it went in.”
- Howard Marks
Top Links
2021 Now Has the Second Most New Highs Ever - LPL Financial Research
The team at LPL Financial Research takes a look at November seasonality.
The Biggest Fear is the Lack of Fear - Potomac Fund Management
Dan Russo highlights some key points about the current market environment.
US Equities Bullish Pullback is Setup For New Highs - See it Market
Guy Cerundolo points out that the Russell 2000 is testing its breakout level.
Stocks Most Impacted by 7-10 Year Treasuries - Bespoke
Bespoke breaks down which stocks in the S&P 500 are the most sensitive to Treasury yields.
Gold and the Dollar Have Danced Like This Only 9 Times in History - SentimenTrader
Jason Goepfert examines the relationship between Gold and the Dollar.
Top Tweets
Look at the chart of the 10-year yield next to bitcoin $btcusd
Could you tell which is which without the labels?
They look almost exactly the same. Because they are both responsive to the same economic stimuli.
The best bitcoin investors watch the business cycle. pic.twitter.com/WmQhnxkxLC
— Mike Singleton, CFA (@InvictusMacro) November 17, 2021
You’re all caught up now. Thanks for reading!