Daily Chart Report ? Thursday, November 17th, 2022
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Today’s Summary
Thursday, November 17th, 2022
Indices: Dow -0.02% | Nasdaq 100 -0.19% | S&P 500 -0.31% | Russell 2000 -0.76%
Sectors: 2 of the 11 sectors closed higher. Energy led, gaining +0.22%. Utilities lagged dropping -1.75%.
Commodities: Crude Oil futures dropped -4.90% to $81.40 per barrel. Gold futures fell -0.72% to $1,763 per ounce.
Currencies: The US Dollar Index rose +0.38%.
Crypto: Bitcoin inched higher by +0.35% to $16,712. Ethereum fell -0.77% to $1,207.
Interest Rates: The US 10-year Treasury yield rose to 3.771%.
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 Steve Sosnick (@SteveSosnick). Many people are highlighting the fact that the CBOE Put/Call ratio spiked to one of its highest readings ever yesterday, signaling extreme fear. That should be wildly bullish for stocks, however, Steve explains why it might be misleading. The chart shows two different Put/Call ratios. The yellow line is the ratio in question. It’s certainly at an extreme, however, it only measures options on one exchange – the largest exchange, but there are 15 other exchanges. The white line is the Put/Call Ratio for all options across all exchanges. While it’s slightly elevated, it’s nowhere near extreme. For more on this, check out the full thread here.
Quote of the Day
“The best indicator I know is Trend.
The other good ones are Trend and Trend.”
– Ed Seykota
Top Links
Sentiment as a Money Management Tool – All Star Charts
JC Parets shares his thoughts on the US Dollar and the magazine cover indicator.
Highest Bullish Sentiment of the Year – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Nasdaq Composite Reaches ‘Tripple’ Inflection Point – Kimble Charting Solutions
Chris Kimble points out that the Nasdaq is testing three different long-term support levels.
The Steel Revolution – The Weekly Grind
Sam McCallum takes a look at Steel and Semiconductor stocks.
Myth Busting – Ed Clissold
In this Twitter thread, Ed Clissold busts 4 myths about the current market environment.
Top Tweets
You’re all caught up now. Thanks for reading!