Daily Chart Report ? Friday, November 11th, 2022
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Today’s Summary
Friday, November 11th, 2022
Indices: Nasdaq 100 +1.82% | S&P 500 +0.92% | Russell 2000 +0.79% | Dow +0.10%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +2.91%. Health Care lagged, falling -1.22%.
Commodities: Crude Oil futures rose +2.88% to $88.96 per barrel. Gold futures gained +0.90% to $1,769 per ounce.
Currencies: The US Dollar Index continued lower by -1.44%.
Crypto: Bitcoin fell -3.10% to $17,007. Ethereum inched lower by -0.78% to $1,285.
Interest Rates: The US 10-year Treasury yield inched higher to 3.850%.
**Happy Veterans Day, & thank you to those who served ??**
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 Mike Zaccardi (@MikeZaccardi). One of the biggest developments this week was the breakdown in the US Dollar. The US Dollar Index dropped 4% this week, marking the worst week since 2009. Mike points out that it broke the uptrend line that has been in place for the majority of 2022. The strength in the US Dollar has been putting pressure on stocks and risk assets all year, so this is exactly what the bulls have been waiting for.
Quote of the Day
“We can disagree and still like each other. Let’s not conflate disagreement with disdain or hate. Debate with friends is essential for progress.”
– Lex Fridman
Trendlines over Headlines
https://youtu.be/bKIfvDRG7rc
The latest episode of Trendlines > Headlines is out!
In this week’s episode, we sit down with Jerry Parker. Jerry is the founder of Chesapeake Capital, and he’s one of the original Turtle Traders. We discuss Trend Following, and he shares the legendary story of the Turtle Traders.
You can also listen to the podcast version here.
Top Links
Breaking Down the 200-Day Moving Average – LPL Financial Research
Adam Turnquist shares a ton of stats about the S&P 500’s 200-day moving average.
The Death of a Wrecking Ball – All Star Charts
Ian Culley examines the recent weakness in the US Dollar.
Stock Rally Verified – Trading Adventures
Andrew Moss recaps this week’s price action across the markets.
Banks and Brokers on Fire – Bespoke
Bespoke takes a look at the recent strength in the Financial sector.
Some “Risk On” Vibes – Research by Potomac
Dan Russo looks at several key risk ratios.
Top Tweets
You’re all caught up now. Thanks for reading!