Daily Chart Report ? Wednesday, November 16th, 2022
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Today’s Summary
Wednesday, November 16th, 2022
Indices: Dow -0.12% | S&P 500 -0.83% | Nasdaq 100 -1.45% | Russell 2000 -1.91%
Sectors: 2 of the 11 sectors closed higher. Utilities led, gaining +0.90%. Energy lagged dropping -2.04%.
Commodities: Crude Oil futures fell -1.53% to $85.59 per barrel. Gold futures inched lower by just -0.06% at $1,775 per ounce.
Currencies: The US Dollar Index fell -0.27%.
Crypto: Bitcoin fell -1.12% to $16,683. Ethereum dropped -2.88% to $1,216.
Interest Rates: The US 10-year Treasury yield dropped to 3.692%.
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 Walter Deemer (@WalterDeermer). It’s a 15-minute candlestick chart of the S&P 500 over the past eight days. It was a fairly quiet day for stocks, however, Walter points out that the S&P 500 has formed a bearish head & shoulders pattern over the past few days. The pattern will be confirmed if we break the neckline, around 3950. Keep in mind that this is a very short-term chart, and a measured move from this pattern would only be about -2%. It’s also important to remember that patterns often fail, and when they do, they tend to be followed by some pretty spectacular moves. Either way, keep an eye on how this pattern plays out in the coming days.
Quote of the Day
“Chart patterns are subject to failure. When a chart pattern fails, that is a more reliable signal than the chart pattern itself.”
– Peter Brandt
Top Links
What to Expect From Stocks Thanksgiving Week – Schaeffer’s Investment Research
Rocky White examines how the S&P 500 has historically performed around Thanksgiving.
Bulls Take Note but Don’t Throw Caution to the Wind – Research by Potomac
Drew Wells highlights some key takeaways about the current market environment.
The Dollar Decline Hits Pause – All Star Charts
Ian Culley analyzes the US Dollar Index and all of the individual currency pairs within it.
The Bond Dead Bodies – The Weekly Grind
Sam McCallum takes a look at Bonds and the Technology sector.
Who We Spend Our Time With – Sahil Bloom
This one isn’t market-related at all, but here are some must-see charts about who we spend our time with in life.
Top Tweets
You’re all caught up now. Thanks for reading!