Daily Chart Report π Friday, November 3, 2023
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Todayβs Summary
Friday, November 3, 2023
Indices: Russell 2000 +2.71% | Nasdaq +1.21% | S&P 500 +0.94% | Dow +0.66%
Sectors: 10 of the 11 sectors closed higher. Real Estate led, gaining +2.36%. Energy was the only sector that closed lower, falling -1.01%.
Commodities: Crude Oil futures dropped -2.36% to $80.51 per barrel. Gold futures rose +0.29% to $1,999 per oz.
Currencies: The US Dollar Index dropped -1.03% to $105.07.
Crypto: Bitcoin fell -0.60% to $34,727. Ethereum rose +1.75% to $1,833.
Volatility: The Volatility Index fell -4.73% to 14.91.
Interest Rates: The US 10-year Treasury yield dropped to 4.574%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
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're 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.
Quote of the Day
βFine gold is recognized when it is tested.β
β Leonardo da Vinci
Top Links
A Boomerang Bounce for US Stocks - Bespoke
Bespoke breaks down the sharp rebound in the major averages this week.
Call it a Comeback - LPL Financial Research
Adam Turnquist highlights the recent reversal.
Stock Market Analysis November 3 2023 - Alphatrends
Brian Shannon analyzes this week's rally and highlights some key levels to watch next week.
November Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Chart highlights three things to watch this month.
A New Day for Stock Market Bulls - Ciovacco Capital Management
Chris Ciovacco examines the long-term trends in the stock market and the economy.
Top Tweets
Wow... Adding on to this - largest weekly gain in the history of $ARKK ππ pic.twitter.com/GjjecC8zuC
β Matt Cerminaro (@mattcerminaro) November 3, 2023