Daily Chart Report π Monday, November 6, 2023
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Todayβs Summary
Monday, November 6, 2023
Indices: Nasdaq 100 +0.37% | S&P 500 +0.18% | Dow +0.10% | Russell 2000 -1.29%
Sectors: 4 of the 11 sectors closed higher. Health Care led, gaining +0.67%. Real Estate lagged, falling -1.37%.
Commodities: Crude Oil futures rose +0.39% to $80.82 per barrel. Gold futures fell -0.53% to $1,989 per oz.
Currencies: The US Dollar Index rose +0.18% to $105.26.
Crypto: Bitcoin was unchanged at $35,042. Ethereum rose +0.39% to $1,902.
Volatility: The Volatility Index was flat at 14.90.
Interest Rates: The US 10-year Treasury yield rose to 4.645%.
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 Austin Harrison (@meanstoatrend). It's a ratio chart of the Technology sector vs. the S&P 500. Technology was the strongest sector in the first half of the year. However, it's been digesting those gains since the Summer. In that time, this ratio has formed a five-month base within an uptrend, and resistance has been tested several times. Technology is the largest sector of the S&P 500 by a wide margin, representing more than 28% of the index. A breakout from this ratio would be very beneficial for the S&P 500 as it would mark renewed leadership from the largest and most important sector.
Quote of the Day
"Warren Buffettβs net worth is $84.5 billion. Of that, $84.2 billion was accumulated after his 50th birthday."
β The Psychology of Money
Top Links
Four Reasons for a Year-End Rally - The Next Big Move
Joe Fahmy lays out four reasons why stocks are poised to rally in the final months of the year.
A Look At Zweig Thrust Signals - Quantifiable Edges
Rob Hanna highlights the rare Zweig Breadth Thrust that fired last week.
FAANG+ Flatline - Bespoke
Bespoke examines Mega-Cap's relative strength.
Fill The Gap Episode Thirty-Three, with Jonathan Krinsky, CMT - CMT Association
In this podcast, Tyler Wood and David Lundgren sit down with Jonathan Krinsky, Chief Market Technician at BTIG.
Stock Trade Ideas for November 7 2023 - Alphatrends
Brian Shannon highlights some potential setups heading into the new week.