Daily Chart Report ? Wednesday, November 30th, 2022
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Today’s Summary
Wednesday, November 30th, 2022
Indices: Nasdaq 100 +4.58% | S&P 500 +3.10% | Russell 2000 +2.72% | Dow +2.18%
Sectors: All 11 sectors closed higher. Technology led, gaining +5.02%. Energy lagged, but still rose +0.51%.
Commodities: Crude Oil futures rose +2.93% to $80.49 per barrel. Gold futures gained +1.09% to $1,783 per ounce.
Currencies: The US Dollar Index dropped -0.90%.
Crypto: Bitcoin gained +4.48% to $17,170. Ethereum rose +6.53% to $1,295.
Interest Rates: The US 10-year Treasury yield dropped to 3.611%.
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 Ryan Detrick (@RyanDetrick). The S&P 500 gained 3.10% today, marking its second-best day in the past two years. More importantly, it closed above its 200-day moving average for the first time since April. Ryan points out that there have only been 13 other instances since 1950 where the S&P 500 spent six months or more beneath its 200-day moving average. Of those 13 prior instances, the index was higher 12 out of 13 times for an average gain of 18.8%. It failed once during the 2002 bear market, but overall, this is a much-needed victory for the bulls.
Quote of the Day
“If you diversify, control your risk, and go with the trend, it just has to work.”
– Larry Hite
Top Links
Typical December Seasonal Pattern Begins Dull Pops Mid-Month – Almanac Trader
Jeff Hirsch looks at how the major indices have historically performed throughout December.
SPY Remains Under Pressure But These Sectors Are Improving – StockCharts
Julius de Kempenaer points out that Materials, Financials, Industrials, and Consumer Staples are showing relative strength.
2 Treasury Indicators That Could Show the Risk of Recession – Schaeffer’s Investment Research
Rocky White examines the inverted yield curve.
Commodity Currencies Will Provide Confirmation | What the FICC? – All Star Charts
Ian Culley takes a look at what commodity-centric currencies could be suggested for the US Dollar Index.
Top Tweets
You’re all caught up now. Thanks for reading!