Daily Chart Report ? Friday, November 18th, 2022
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Today’s Summary
Friday, November 18th, 2022
Indices: Dow +0.59% | Russell 2000 +0.58% | S&P 500 +0.48% | Nasdaq 100 0.00%
Sectors: 9 of the 11 sectors closed higher. Utilities led, gaining +2.12%. Energy lagged, dropping -0.79%.
Commodities: Crude Oil futures moved lower by -1.58% to $80.11 per barrel. Gold futures fell -0.49% to $1,754 per ounce.
Currencies: The US Dollar Index rose +0.26%.
Crypto: Bitcoin was unchanged at $16,683. Ethereum rose +0.97% to $1,212.
Interest Rates: The US 10-year Treasury yield rose to 3.831%.
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 Yuriy Matso (@yuriymatso). The S&P 500 took a slight pause this week, falling just -0.69%. It’s been fairly calm recently, considering we haven’t had a 1% move in either direction for six days now. Yuriy points out that the S&P 500 is currently testing its October highs around 3900. We ended the week above there, so there’s still hope for the bulls. However, a close below the October highs would confirm yet another failed breakout. As you can see, all of the major rallies this year have ended in false breakouts and were followed by sharp moves lower. It’s crucial that the S&P 500 continues to hold above the October highs, so keep an eye on how this test plays out next week!
Quote of the Day
“Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.”
- Benjamin Graham
Trendlines over Headlines
https://youtu.be/JDvvFjYUvGE
The latest episode of Trendlines > Headlines is out!
In this week’s episode, we sit down with David Keller, the Chief Market Strategist at StockCharts.com. We had a great conversation about some of the behavioral biases that investors should avoid. We also weigh the evidence for Stocks, Gold, Bitcoin, and more!
You can also listen to the podcast version here.
Top Links
Closing the Gap - Trading Adventures
Andrew Moss recaps this week's price action across the markets.
Relative Strength in Growth Stocks - All Star Charts
JC Parets points out that Bitcoin and Growth stocks are diverging, after moving in lockstep with each other all year.
Chinese Stocks Up But Still Out - Bespoke
Bespoke takes a look at the sharp bounce in Chinese tech stocks.
Semiconductors Could Send Most Important Message Of The Year, Says Joe Friday! - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Semiconductor ETF, $SMH.
Top Tweets
You’re all caught up now. Thanks for reading!