Daily Chart Report ๐ Monday, November 13, 2023
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Todayโs Summary
Monday, November 13, 2023
Indices: Dow +0.16% | Russell 2000 +0.01% | S&P 500 -0.08% | Nasdaq 100 -0.30%
Sectors: 5 of the 11 sectors closed higher. Energy led, gaining +0.72%. Utilities lagged, falling -1.19%.
Commodities: Crude Oil futures rose +1.41% to $78.26 per barrel. Gold futures rose +0.65% to $1,950 per oz.
Currencies: The US Dollar Index fell -0.13% to $105.66.
Crypto: Bitcoin fell -1.62% to $36,485. Ethereum rose +0.36% to $2,054.
Volatility: The Volatility Index rose +4.16% to 14.77.
Interest Rates: The US 10-year Treasury yield fell to 4.642%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Arun Chopra (@FusionptCapital). Nividia ($NVDA) has risen for nine consecutive days now. It's flirting with record highs after correcting -18% from its August peak. It's currently up more than +232% YTD, making it the best-performing stock in the S&P 500. At the end of October, Many pointed out that $NVDA had formed a Head & Shoulders top. From a structural perspective, this was a textbook H&S pattern. However, the outcome was anything but textbook. According to conventional wisdom, breaking the neckline at $400 should've led to a ~20% decline (using a measured move from the pattern's height). The stock indeed violated the neckline two weeks ago, but it hasn't closed lower since. This was one of the most well-broadcast patterns we've seen in a while. Everyone and their priest saw it! Patterns often fail when too many anticipate them. Remember, it's often bullish when bearish patterns fail.
Quote of the Day
โSelling your winners and holding your losers is like cutting the flowers and watering the weeds.โ
โPeter Lynch
Top Links
Short (-lived) Selling - Trading Adventures
Andy Moss highlights several technical developments to keep an eye on this week.
What Does The Santa Claus Rally Mean in 2023 - All Star Charts
JC looks at the prospects of a year-end rally.
Which Way Is the Stock Market Going to Break? - Ciovacco Capital Management
Chris Ciovacco examines the short-term and long-term trends in the market.
Three Decades and Nothing to Show For It - Bespoke
Bespoke looks at the Japanese Yen and the Nikkei.
Bitcoinโs Intermediate-Term Momentum 'Very Much to the Upside,' Technical Analyst Says - CoinDesk
Katie Stockton shares her near-term outlook on Bitcoin and Ethereum.