Daily Chart Report ? Wednesday, November 9th, 2022
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Today’s Summary
Wednesday, November 9th, 2022
Indices: Dow -1.95% | S&P 500 -2.08% | Nasdaq 100 -2.37% | Russell 2000 -2.68%
Sectors: All 11 sectors closed lower. Utilities led but still fell -0.78%. Energy lagged, dropping -4.89%.
Commodities: Crude Oil futures dropped -3.46% to $85.83 per barrel. Gold futures inched lower by -0.13% to $1,714 per ounce.
Currencies: The US Dollar Index rose +0.75%.
Crypto: Bitcoin slid -14.12% to $15,931. Ethereum tumbled -16.67% to $1,110.
Interest Rates: The US 10-year Treasury yield fell to 4.097%.
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 Nautilus Research (@NautilusCap). The chart shows the S&P 500’s average performance throughout the 4-year Presidential Cycle (blue), with this year’s performance overlayed in red. The S&P 500 has been pretty in sync with the Presidential Cycle since Biden took office. Midterm years, like 2022, have historically been weak up until Q4, and that’s certainly been the case so far. Nautilus reminds us that we’re approaching one of the strongest parts of the 4-year Presidential Cycle. To be fair, history never repeats exactly, and the S&P 500 is pretty structurally damaged right now. However, it’s an important cycle to keep in mind, given how closely the S&P 500 has been tracking it.
Quote of the Day
“Relative trends tell you where to look.
Absolute trends tell you what to do.”
Top Links
November 9, 2022 – Mid Week Market Update – Trading Adventures
Andrew Moss highlights some of the biggest technical developments from this week.
This Time Is Like That Other Time – All Star Charts
JC Parets points out that the Financial sector looks poised to outperform.
10 Sectors to Target for Short Plays – Schaeffer’s Investment Research
Rocky White examines which industry groups look good/bad right now.
Gold Breaks Out Ahead of Election CPI – Bespoke
Bespoke looks at Gold’s recent strength.
Top Tweets
You’re all caught up now. Thanks for reading!