Daily Chart Report ? Tuesday, November 8th, 2022
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Today’s Summary
Tuesday, November 8th, 2022
Indices: Dow +1.02% | Nasdaq 100 +0.75% | S&P 500 +0.56% | Russell 2000 -0.05%
Sectors: 10 of the 11 sectors closed higher. Materials led, gaining +1.72%. Consumer Discretionary was the only sector that closed lower, falling -0.25%.
Commodities: Crude Oil futures dropped -3.14% to $88.91 per barrel. Gold futures gained +2.11% to $1,716 per ounce.
Currencies: The US Dollar Index fell -0.54%.
Crypto: Bitcoin slid -10.14% to $18,503. Ethereum tumbled -15.07% to $1,332.
Interest Rates: The US 10-year Treasury yield fell to 4.130%.
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 Barchart (@Barchart). It's a daily candlestick chart of Bitcoin over the past six months. Bitcoin fell more than 10% today, marking its worst day since June. It's been flirting with that crucial $19k level for months now, but it decisively broke below it today. The trend remains lower for Bitcoin, momentum is nonexistent, and we're below the prior cycle highs (2017/2018). There are no major support levels until around $12k, so the air could come out of the balloon fast. Given how correlated Bitcoin has been to the broader market this year, today's action begs the question...Will stocks follow Bitcoin lower?
Quote of the Day
"Fortune favors the brave."
- Matt Damon
Top Links
Let's Talk About Midterm Elections and Your Investments - Carson Group
Ryan Detrick looks at how the S&P 500 has historically behaved around midterm elections.
Is the S&P 500 Ready to Out-Perform Nasdaq in Years Ahead? - Kimble Charting Solution
Chris Kimble explains why the Nasdaq could continue lagging for a while.
The Underdogs Return - Research by Potomac
Drew Wells analyzes all 11 sectors of the S&P 500.
Another Risk OFF Signal - StockCharts
Julius de Kempenaer examines the underperformance of the Consumer Discretionary sector relative to the Consumer Staples sector.
Down Goes SBF? - The Milk Road
Here's a good summary of the FTX/Binance fiasco.
Top Tweets
You’re all caught up now. Thanks for reading!