Daily Chart Report ? Tuesday, November 22nd, 2022
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Today’s Summary
Tuesday, November 22nd, 2022
Indices: Nasdaq 100 +1.48% | S&P 500 +1.36% | Dow +1.18% | Russell 2000 +1.16%
Sectors: All 11 sectors closed higher. Energy led, gaining +3.13%. Real Estate lagged, but still rose +0.50%.
Commodities: Crude Oil futures inched higher by +0.16% to $80.95 per barrel. Gold futures were unchanged at $1,740 per ounce.
Currencies: The US Dollar Index fell -0.58%.
Crypto: Bitcoin rose +2.78% to $16,205. Ethereum gained +2.82% to $1,137.
Interest Rates: The US 10-year Treasury yield fell to 3.758%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). The Dow closed just a hair shy of a 7-month high today and continues to be the strongest major index. The Nasdaq, on the other hand, remains burdened by its heavy exposure to Technology stocks. Steve points out that the Dow has retraced more than 62% of its decline, while the Nasdaq has retraced less than 20% of its respective decline. At this point, the Nasdaq needs to rally more than 40% to reach an all-time high, while the Dow only needs about 8%. Which horse do you want to bet on?
Quote of the Day
“Show me the charts and i’ll tell you the news.”
– Bernard Baruch
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Top Links
Time to Feast Thanksgiving-Santa Claus Rally Trade – Almanac Trader
Jeff Hirsch takes a look at how the S&P 500 has historically performed between Thanksgiving and the new year.
The “Most Obvious” Bear Market Rally Ever? – Carson Group
Ryan Detrick outlines the bull case for stocks.
Oil’s Big Reversal – PFT Trading
Greg Rieben looks at yesterday’s massive reversal in Crude Oil.
Stock Market Analysis November 22, 2022 – Brian Shannon
In this quick video, Brian Shannon analyzes recent price action and lays out a few levels to watch in the near term.
Comparing the Fundamental View of a Stock vs. a Technical View – Jay Woods
Here’s a great thread from Jay Woods where he highlights the rise and fall of Peloton ($PTON) as an example of why technicals often trump fundamentals.
Top Tweets
You’re all caught up now. Thanks for reading!