Chart of the Day - Friday, November 3, 2023

Today's Chart of the Day was shared by Ian McMillan (@the_chart_life). Stocks had a perfect week in many ways. It was the best week of the year for all four major indices, with all four closing higher every single day this week. The bulls completely repaired the technical damage that was done last week. Ian points out that all four indices have reclaimed their October lows, indicating a failed breakdown for the stocks across the board. Failed breakdowns, or bear traps, as they are also called, often lead to sharp moves higher. The stage has been set for a year-end rally as we enter what has historically been the most bullish time of year for stocks.