Daily Chart Report ? Wednesday, November 2nd, 2022
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Today’s Summary
Wednesday, November 2nd, 2022
Indices: Dow -1.55% | S&P 500 -2.50% | Russell 2000 -3.36% | Nasdaq 100 -3.39%
Sectors: All 11 sectors closed lower. Utilities led but still fell -0.97%. Consumer Discretionary lagged dropping -3.78%.
Commodities: Crude Oil futures rose +1.84% to $90.00 per barrel. Gold futures were unchanged at $1,650 per ounce.
Currencies: The US Dollar Index rose +0.51%.
Crypto: Bitcoin fell -1.87% to $20,109. Ethereum dropped -4.36% to $1,509.
Interest Rates: The US 10-year Treasury yield rose to 4.105%.
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 Greg Rieben (@gregrieben). The Dow is off to a rough start in November after having its best October ever. It reclaimed its 200-day moving average on Friday, however, we closed solidly below it today after a nasty intraday reversal. Greg points out that this is the fifth time this year that the Dow has been rejected by its 200-day moving average. Was the Dow's historic October just a brutal example of mean reversion within a downtrend?
Quote of the Day
"The market is smarter than I am so I bend."
- Marty Zweig
Top Links
The Best and Worst Stocks Since Rate Hikes Began - Bespoke
Bespoke highlights the winning/losing stocks since the Fed began hiking rates.
Stock Market Analysis November 2 2022 - Brian Shannon
In this quick video, Brian Shanon examines today's reversal and shares some levels to watch in the near term.
Is an 'All-Clear' Signal for Stocks Finally Ahead? - Schaeffer's Investment Research
Rocky White looks at how the S&P 500 has historically performed after spending a long time beneath its 200-day moving average.
Is a 500% Rally in Yields, in 30-Months Enough? - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the US 10-year Treasury yield.
Client First Tax & Wealth Advisors Announce New Adaptiv™ Select ETF (Ticker: ADPV); A Proprietary Actively Managed, Large Cap Stock Selection ETF - Yahoo Finance
Our friends at Adaptiv are launching a new momentum-based large-cap stock selection ETF. It's expected to launch in the next few days under the ticker ADPV.
Top Tweets
You’re all caught up now. Thanks for reading!