Daily Chart Report ๐ Friday, November 10, 2023
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Todayโs Summary
Friday, November 10, 2023
Indices: Nasdaq 100 +2.25% | S&P 500 +1.56% | Dow +1.15% | Russell 2000 +1.07%
Sectors: All 11 sectors closed higher. Technology led, gaining +2.61%. Utilities lagged but still rose +0.53%.
Commodities: Crude Oil futures rose +1.89% to $77.17 per barrel. Gold futures dropped -1.63% to $1,938 per oz.
Currencies: The US Dollar Index fell -0.09% to $105.80.
Crypto: Bitcoin rose +1.71% to a new 52-week high of $37,319. Ethereum dropped -1.99% to $2,079.
Volatility: The Volatility Index dropped -7.20% to 14.18.
Interest Rates: The US 10-year Treasury yield rose to 4.652%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by @Dash_charts. The S&P 500 failed to confirm yesterday's bearish engulfing candle today, ripping to its highest in nearly two months instead. After having its best week of the year last week, the S&P 500 was trying to fill the gap from Sept. 21st, around 4,350-4,400. This gap proved to be resistance in mid-October, kicking off the third leg of the correction. However, Dash points out that this pesky gap has been filled with the S&P 500 closing above 4,400 today. It also cleared the downtrend line and AVWAP from the July peak today. Now that the gap has been filled, the next task is reclaiming the July peak at 4,600.
Quote of the Day
โTo me, if life boils down to one thing, it's movement. To live is to keep moving.โ
โ Jerry Seinfeld
Top Links
Where Do We Stand? - David Cox
Frank Cappelleri breaks down recent price action in the S&P 500.
Focus on the Trend of Price Not of Breadth, Says Renaissanceโs Jeff DeGraaf
Jeff DeGraaf explains why he's not overly concerned about weak breadth.
We're Buying Broadcom - All Star Charts
Alfonso Depablos outlines a trade idea on the chip-maker Broadcom, $AVGO.
Bitcoin: 52-Week High Two Years After a Record High - Bespoke
Bespoke looks at Bitcoin and Ethereum as they print new 52-week highs.