Daily Chart Report ? Monday, November 7th, 2022
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Today’s Summary
Monday, November 7th, 2022
Indices: Dow +1.31% | Nasdaq 100 +1.11% | S&P 500 +0.96% | Russell 2000 +0.55%
Sectors: 8 of the 11 sectors closed higher. Communications led, gaining +1.79%. Utilities lagged, dropping -1.91%.
Commodities: Crude Oil futures fell -0.89% to $91.79 per barrel. Gold futures rose +0.23% to $1,681 per ounce.
Currencies: The US Dollar Index dropped -0.51%.
Crypto: Bitcoin fell -1.93% to $20,511. Ethereum was flat and continues to trade at $1,568.
Interest Rates: The US 10-year Treasury yield rose to 4.216%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Jay Kaeppel (@jaykaeppel). It’s a chart of the US Dollar Index ($UUP) and the 10-year US Treasury yield ($TNX) year to date. Many are anticipating a year-end rally for stocks, but in order for that to happen, these two likely need to stop going up. The good news is that neither has made a new high post-FOMC. The bad news is that both continue to be in robust uptrends. The Dollar is looking slightly vulnerable, as it’s currently testing its uptrend line. The 10-year yield is in better shape, just 3bps from a fresh high. As Jay points out, these two continue to be the most important charts out there right now, so pay attention!
Quote of the Day
“Happiness is just results minus expectations.”
– Morgan Housel
Top Links
5 Charts to Pay Close Attention to This Week – PFT Trading
Greg Rieben highlights 5 noteworthy charts to watch this week.
Keeping Up with Commodities – Means to a Trend
Austin Harrison looks at Copper, Gold, Silver, Crude Oil, and the US Dollar.
The Most Important Chart in Crypto – All Star Charts
JC Parets points out that Bitcoin & Ethereum have continued to respect their prior cycle highs.
The Case for Active Part 2 – GK Trading
Greg Krupinski outlines a simple long-term trend-following strategy for investors.
Trendlines Over Headlines With Special Guest, Nick Reece – The Chart Report
In the latest episode of Trendlines over Headlines, Nick Reece of Merk Investments joins us to make sense of the stock market and the economy.
Top Tweets
Dollar down 2.5% last 2 days. Huge move historically. pic.twitter.com/fTSr81ViuE
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) November 7, 2022
You’re all caught up now. Thanks for reading!