Daily Chart Report ? Wednesday, November 23rd, 2022
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Today’s Summary
Wednesday, November 23rd, 2022
Indices: Nasdaq 100 +0.97% | S&P 500 +0.59% | Dow +0.28% | Russell 2000 +0.17%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.44%. Energy was the only sector that closed lower dropping -1.08%.
Commodities: Crude Oil futures dropped -3.72% to $77.94 per barrel. Gold futures rose +0.33% to $1,746 per ounce.
Currencies: The US Dollar Index dropped -0.98%.
Crypto: Bitcoin rose +2.51% to $16,603. Ethereum gained +3.95% to $1,183.
Interest Rates: The US 10-year Treasury yield fell to 3.698%.
**The US Stock Market & Bond Market will be closed on Thursday for Thanksgiving and Friday will be a half day. Happy Thanksgiving!**
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 Andrew Thrasher (@AndrewThrasher). Breadth has made some noteworthy improvements lately. While the S&P 500 remains below its 200-day moving average, over 61% of its members are above their respective 200-day moving averages. Short-term breadth has also bounced back from extremely low levels. The percentage of stocks above their 50-day moving average has gone from 3% to 89% in less than two months. Andrew points out that, that when this indicator has risen from <5 % to >85%, it has historically signaled further gains. Its reputation has been slightly tarnished by its recent failure in August. However, this indicator has generally done a good job of signaling the start or continuation of a bull phase over the past thirty years.
Quote of the Day
“As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them.”
- John F. Kennedy
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Top Links
November Mid Month Conference Call: 5 Key Takeaways - All Star Charts
The team at All Star Charts highlights five charts and themes to watch in the coming weeks.
How Stocks Tend to Perform After Black Friday - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed after Black Friday.
Tempered Yearend Gains When Down YTD Thanksgiving - Almanac Trader
Jeff Hirsch takes a look at how the S&P 500 has historically finished the year after being down year-to-date at Thanksgiving.
Crude Oil Looks To Be Sending Bearish Message This Month! - Kimble Charting Solution
Chris Kimble points out that Crude Oil is forming a large bearish reversal on the monthly chart.
The Seasonality of Weight Gain - Prime Cuts
With the holiday season upon us, Phil Pearlman points out that our body weight is entering a bullish time of year.
Top Tweets
5️⃣ Ugh, I know, cousin Ed. It’s been a crappy year.
BUT did you know that we’re in what’s typically the most wonderful time of the year (for stock prices)?
Since 1950, the fourth quarter has been the S&P 500’s strongest on average.
Especially in midterm election years. pic.twitter.com/e7exi5TAT1
— Callie Cox (@callieabost) November 23, 2022
You’re all caught up now. Thanks for reading!