Daily Chart Report 📈 Friday, November 3, 2023

November 3, 2023

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Today’s 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

And we're all back above the early October lows...$SPX $SPY $NDX $QQQ $DIA $DJI $RUT $IWM pic.twitter.com/mchOBNaPPU
— Ian McMillan, CMT (@the_chart_life) 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'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

“Fine gold is recognized when it is tested.”

– Leonardo da Vinci

Top Tweets

Golden week of gains for the S&P 500 this week.

All five days were higher this week.

What happens next? Higher a yr later 88% of the time isn't a bad thing. pic.twitter.com/C8iEITf0vN
— Ryan Detrick, CMT (@RyanDetrick) November 3, 2023

It took the bears 12 sessions to send the S&P 500 $SPX down from 4370 to 4100.

It's taken the bulls 5 sessions to send it right back up.

🐂 > 🐻?

(p.s. them there's some seriously bullish candles!) pic.twitter.com/vTpjsyHN0F
— Grayson Roze (@GraysonRoze) November 3, 2023

$SPY If we see a pullback next week, keep an eye on the $420 area to hold for a potential right shoulder. 👀 pic.twitter.com/rZBviuBfIU
— TrendSpider (@TrendSpider) November 3, 2023

Look at this chart of the Nasdaq 100 ETF $QQQ and the near-perfect downtrend channel in place. Bulls will be looking for a higher high to be made here very soon. pic.twitter.com/aiv4yyDcve
— Bespoke (@bespokeinvest) November 3, 2023

This is the only time in past 20 years, $VIX has declined by 7% or more for 4 days in a row pic.twitter.com/RTpW9nZPUt
— David Settle, CMT (@davidsettle42) November 3, 2023

This is the exact type of candle, at the exact sport you want to see it, if you're theory is the $IWM bottomed this week. pic.twitter.com/boI0RyfPMR
— Brian Lund (@bclund) November 3, 2023

This failed breakdown in Real Estate is a big one pic.twitter.com/irKtE1epHW
— Austin Harrison, CFA, CMT (@meanstoatrend) November 3, 2023

Wow... Adding on to this - largest weekly gain in the history of $ARKK 👇👇 pic.twitter.com/GjjecC8zuC

— Matt Cerminaro (@mattcerminaro) November 3, 2023

$TLT, the long-term US bond ETF, is currently working on its biggest weekly rally (+4.5%) of the year.

Have we finally seen long-term US bonds bottom? 🤔 pic.twitter.com/bW2aG9wzxq
— Matt Weller CFA, CMT (@MWellerFX) November 3, 2023

$UUP worst day since July.. also breaking support..#dollar pic.twitter.com/l6kBYQIu5V
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) November 3, 2023

Possible "King's Castle" top in U.S. Dollar Index $DX_F pic.twitter.com/SEbf2AEZiG
— Peter Brandt (@PeterLBrandt) November 3, 2023

Stocks aren't the only thing thrusting lately... cryptocurrencies are waking up here as well. pic.twitter.com/VyMqrdIFkh
— Steven Strazza (@sstrazza) November 3, 2023

We have no fundamental or philosophical axe to grind here (ok maybe a little on point #2), but this is a great fn chart. #Bitcoin pic.twitter.com/MHkh7yJ7gf
— RenMac: Renaissance Macro Research (@RenMacLLC) November 3, 2023

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Daily Chart Report 📈 Friday, November 3, 2023

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