Daily Chart Report 📈 Tuesday, November 7, 2023
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Today’s Summary
Tuesday, November 7, 2023
Indices: Nasdaq 100 +0.93% | S&P 500 +0.28% | Dow +0.17% | Russell 2000 -0.28%
Sectors: 5 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.12%. Energy lagged, falling -2.22%.
Commodities: Crude Oil futures dropped -4.27% to $77.37 per barrel. Gold futures fell -0.76% to $1,974 per oz.
Currencies: The US Dollar Index rose +0.23% to $105.50.
Crypto: Bitcoin rose +1.06% to $35,414. Ethereum fell -0.83% to $1,886.
Volatility: The Volatility Index closed lower for the 7th day, falling -0.67% to 14.80.
Interest Rates: The US 10-year Treasury yield fell to 4.571%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Todd Sohn (@Todd_Sohn). Mega-Caps have gotten even more Mega lately. One way to visualize this is by looking at the Equal-Weight S&P 500 vs. the S&P 500 (red line). It closed at a three-year low today despite the recent rebound in the broader market. Todd points out that the five largest stocks ($AAPL, $MSFT, $AMZN, $NVDA, and $GOOGL) have never carried so much weight in the S&P 500, representing 25% of the index. In other words, the top 1% of the S&P 500 is responsible for a quarter of its performance. This is a tailwind for the S&P 500 as long as the top five outperform, but the index has never been more dependent on its star players.
Quote of the Day
"Heads, I Win;
Tails, I Don't Lose Much."
–Mohnish Pabrai
Top Links
Lucky Number Seven and Semiconductor Momentum - Nautilus Research
Nautilus Research points out that the recent winning streak in the Nasdaq could be bullish for Semiconductor stocks.
New Lows Peaked a While Ago - All Star Charts
JC Parets highlights a bullish breadth divergence in the S&P 500.
The Three Most Important S&P 500 Charts Right Now - CappThesis
Frank Cappelleri examines the outlook for the S&P 500 with three key charts.
QQQ Daytrade Entries with Anchored VWAP - Alphatrends
Brian Shannon explains how he's trading the current market environment.