Daily Chart Report ? Thursday, November 10th, 2022
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Today’s Summary
Thursday, November 10th, 2022
Indices: Nasdaq 100 +7.49% | Russell 2000 +6.11% | S&P 500 +5.54% | Dow +3.70%
Sectors: All 11 sectors closed higher by more than 2%. Technology led, surging +8.22%. Energy lagged but still rose +2.23%.
Commodities: Crude Oil futures rose +0.75% to $86.47 per barrel. Gold futures gained +2.33% to $1,754 per ounce.
Currencies: The US Dollar Index had its worst day since 2009, dropping -2.28%.
Crypto: Bitcoin gained +10.54% to $17,551. Ethereum jumped +17.75% to $1,295.
Interest Rates: The US 10-year Treasury yield dropped to 3.818%.
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 Shane Murphy (@murphycharts). It's a chart of the Russell 2000 over the past five years. The Russell 2000 jumped +6.11% today, marking its best day since April 2020. It was down more than 32% at its June low, however, it double bottomed at the 2018/2020 highs, around 1700. Shane points out that those former highs offer a clear risk level to lean on. If we're above the former highs, the risk is to the upside. If we're below the former highs, the risk is to the downside. The next upside objective will be the August highs around 2000.
Quote of the Day
"Letting your profits run is 10x harder than taking a small loss."
- Jerry Parker
Top Links
November Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Charts highlights three things to watch in the coming weeks.
Sentiment Slumps Ahead of CPI - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Semiconductors ETF Reaches Do-or-Die Moment at Critical Price Support - Kimble Charting Solutions
Chris Kimble points out that the Semiconductor ETF, $SMH, is testing its uptrend that has been in place for six years.
Talking with Trader S05E10: Austin Harrison, Founder of MeansToATrend.com
In this podcast, Garth Mackenzie and Austin Harrison discuss the technical outlook for the market and more!
Top Tweets
You’re all caught up now. Thanks for reading!