Daily Chart Report ? Monday, November 14th, 2022
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Today’s Summary
Monday, November 14th, 2022
Indices: Dow -0.63% | S&P 500 -0.89% | Nasdaq 100 -0.98% | Russell 2000 -1.14%
Sectors: Health Care was the only sector that closed higher, inching up +0.09%. Real Estate lagged, dropping -2.66%.
Commodities: Crude Oil futures dropped -3.47% to $85.87 per barrel. Gold futures rose +0.42% to $1,777 per ounce.
Currencies: The US Dollar Index gained +0.50%.
Crypto: Bitcoin rose +1.71% to $16,589. Ethereum gained +1.81% to $1,242.
Interest Rates: The US 10-year Treasury yield inched higher to 3.857%.
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 John Roque of 22V Research. It’s a weekly chart of the Biotech ETF, $XBI, over the past 16 years. John points out that Biotech is attempting to emerge from its worst bear market. $XBI dropped 65% over 65 weeks, between February 2021 and June 2022. The stats in the top left corner show that this was the most severe decline for $XBI since its inception in 2006. It found support at the 2018/2020 lows, around $65, and it recently reclaimed its 40-week moving average (green). John explained; “Weekly momentum via the MACD (middle panel) continues to slowly wend its way toward positive territory. The modest absolute price target of $100 appears to fit with the “top of the range” for the MACD. A target above $100 and MACD action above 5 seem a bit too aggressive for this period.”
Quote of the Day
“The one thing I’ve learned about markets over time is that they tend to train you to ignore something and then humiliate you once you figure it doesn’t matter.”
– Stanley Druckenmiller
Top Links
That Was One Wild Week – Means to a Trend
Austin Harrison breaks down several noteworthy charts.
How to Find the True Market Leaders – StockCharts.com
Arthur Hill examines the Biotech ETF, $IBB.
Line Go Up – All Star Charts
JC Parets takes a look at which sectors are leading.
The Bullish Case For Gold into Year End – See it Market
David Keller points out that Gold looks poised to move higher.
Trendlines over Headlines with Special Guest, Jerry Parker – The Chart Report
In the latest episode of Trendlines over Headlines, Jerry Parker of Chesapeake Capital joins us to discuss the art of Trend Following, and the legendary story of the Turtle Traders.
Top Tweets
$BTC been below the 40-week all year. The subjective TA levels crowd knew to hit the bid on the breakdown at $30k. The the 200-week (blue) break near $22k was also a clue. When you add dogma where risk management should be. you are more likely to get rekt. pic.twitter.com/dpasb6CCg6
— Dan Russo, CMT (@DanRusso_CMT) November 14, 2022
You’re all caught up now. Thanks for reading!