Daily Chart Report 📈 Wednesday, November 8, 2023
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Today’s Summary
Wednesday, November 8, 2023
Indices: Nasdaq 100 +0.11% | S&P 500 +0.10% | Dow -0.12% | Russell 2000 -1.10%
Sectors: 5 of the 11 sectors closed higher. Real Estate led, gaining +0.58%. Energy lagged, falling -1.25%.
Commodities: Crude Oil futures dropped -2.64% to $75.33 per barrel. Gold futures fell -0.80% to $1,958 per oz.
Currencies: The US Dollar Index was flat at $105.53.
Crypto: Bitcoin rose +0.64% to a new 52-week high of $35,640. Ethereum inched higher by +0.16% to $1,889.
Volatility: The Volatility Index closed lower for the 8th day, falling -2.43% to 14.44.
Interest Rates: The US 10-year Treasury yield fell to 4.495%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Stacey Lee (@BBaxter2020). The S&P 500 rose for the eighth straight day today, closing at its highest since September. It’s attempting to fill the gap from Sept. 21st after failing to do so three weeks ago. While the S&P 500 has surpassed its October highs, Stacey points out that the percentage of stocks above their 200-day moving average has been rejected its October highs. There’s been a lot of chatter about breadth thrusts this week, with a rare Zweig Breadth Thrust firing on Friday. However, breadth needs further improvement, and it’s failing to confirm this week’s breakout so far.
Quote of the Day
“Believe those who are seeking the truth.
Doubt those who find it.”
– André Gide
Top Links
Still Bullish - Even After S&P 500 Daily Winning Streak Ends - Almanac Trader
Jeff Hirsch examines the ongoing winning streak in the S&P 500.
S&P 500 Gains Despite Bad Breadth - Bespoke
Bespoke points out that participation remains narrow despite last week's breadth thrust.
The Dollar Retains Command - All Star Charts
Ian Culley looks at what could be next for the US Dollar Index ($DXY).
Why Monday May Be the New Friday on Wall Street - Schaeffer's Investment Research
Rocky White points out that stocks have loved Mondays this year.
Wall Street Legend Peter Brandt Reveals the Key to Building Long-Term Wealth - Fox Business News
Charting legend Peter Brandt discusses how trading and markets have evolved throughout his long career on Wall Street.