Daily Chart Report ? Tuesday, November 23rd, 2021
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Today’s Summary
Tuesday, November 23rd, 2021
Indices: Dow +0.55% | S&P 500 +0.17% | Nasdaq -0.50% | Russell 2000 -0.15%
Sectors: 8 of the 11 sectors closed higher. Energy led by a wide margin, gaining 3.07%. Consumer Discretionary lagged, falling 0.73%.
Commodities: Crude Oil futures gained 2.28% to $78.50 per barrel. Gold futures continued lower by 1.25% to $1,784 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield rose to 1.669%.
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 Steve Strazza (@sstrazza). It’s a chart of the Industrial sector ETF, $XLI, year-to-date. The largest weighted stocks in $XLI include $HON, $UPS, $UNP, $BA, and $RTX. Several key sectors and indexes are retesting their recent breakouts this week. The Industrials sector is one of the more important ones to watch here as it has historically been one of the most correlated sectors to the S&P 500. In a comment to the Chart Report, Steve said “Industrials are my cheat sheet to the overall market direction right now. So far, this is just a classic retest, which is completely normal. If we’re above that ~$105 level, things are probably fine. But, if $XLI fails to hold that level, it would be time to start looking around for other warning signs.”
Quote of the Day
"The pessimist complains about the wind;
the optimist expects it to change;
the realist adjusts the sails."
- William Arthur Ward
Top Links
Checking in on Biotech - 5 Charts - LPL Financial Research
In this quick video, Ryan Detrick and Scott Brown break down five important charts.
Cyclicals Wage War with Their Support Levels - Potomac Fund Management
Dan Russo looks for the strongest and weakest sectors of the S&P 500.
Near Record ARKK Underperformance - Bespoke
Bespoke points out that the popular $ARKK ETF is testing new lows relative lows.
The Final High Has Not Been Achieved - MoneyShow
Bonnie Gortler weighs the bullish and bearish technical developments across the markets.
The Nasdaq Finishing Lower for the Second Straight Day - CNBC
In this clip, Ari Wald shares his thoughts on the recent weakness in Tech.
Top Tweets
This must be close to the moment of truth for small caps. My stream is dead quiet on $iwm $rut pic.twitter.com/3jIloZFyO8
— Urban Carmel (@ukarlewitz) November 23, 2021
You’re all caught up now. Thanks for reading!