Daily Chart Report 📈 Thursday, November 9, 2023
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Today’s Summary
Thursday, November 9, 2023
Indices: Dow -0.65% | S&P 500 -0.81% | Nasdaq -0.82% | Russell 2000 -1.57%
Sectors: All 11 sectors closed lower. Communications led but still closed slightly lower by -0.03%. Health Care lagged, dropping -2.07%.
Commodities: Crude Oil futures rose +0.54% to $75.74 per barrel. Gold futures rose +0.61% to $1,970 per oz.
Currencies: The US Dollar Index rose +0.35% to $105.90.
Crypto: Bitcoin rose +2.95% to a new 52-week high of $36,693. Ethereum had its best day in exactly one year, surging +12.28% to $2,101.
Volatility: The Volatility Index snapped an eight-day losing streak, rising +5.82% to 15.28.
Interest Rates: The US 10-year Treasury yield rose to 4.628%.
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 Adam Koós (@AdamKoos). The S&P 500 snapped an eight-day winning streak today, printing a bearish engulfing candle. This reversal candle suggests an exhaustion of the near-term uptrend. While this pattern tells us to anticipate weakness in the coming days, daily candlestick patterns have little relevance to long-term trends. The simplest definition of an uptrend is a series of higher highs and higher lows. Adam points out that the S&P 500 achieved a higher high this week before today’s reversal. The next thing bulls need to see is a higher low…ideally above the 200-day moving average. A higher low would also create the right shoulder of a potential head & shoulders bottom.
Quote of the Day
“Research is seeing what everybody else has seen and thinking what nobody else has thought.”
–Albert Szent Györgyi
Top Links
The Streak is Snapped - Trading Adventures
Andy Moss examines today's reversal.
Historic Sentiment Shift - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Buying Tech in a Tech-Led Bull Market - All Star Charts
JC Parets points out that the Technology sector is reasserting its leadership.
ETFs & Markets with Todd Sohn: Flows Suggest Low Bar For Equities - Strategas Asset Management
Todd Sohn highlights some key insights from recent fund flows.
Crypto is ‘The Most Hated Rally' Going into Year End, Says CoinShares Head of Strategy - CNBC
Meltem Demirors shares her outlook on Bitcoin in the final months of the year.
Top Tweets
4/ bitcoin is becoming institutional - it's not a wave, more of a slow trickle, but a big moment this week
CME > binance in bitcoin futures OI
we're going to see more of this, esp when we have efficient spot BTC ETFs that can tap into the $34T US retirement market pic.twitter.com/hBgEH8d4o6
— Meltem Demirors (@Melt_Dem) November 10, 2023