Daily Chart Report π Tuesday, November 14, 2023
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Todayβs Summary
Tuesday, November 14, 2023
Indices: S&P 500 +5.44% | Nasdaq 100 +2.13% | Russell 2000 +1.91% | Dow +1.43%
Sectors: All 11 sectors closed higher. Real Estate led, jumping +5.40%. Health Care lagged, but still rose +0.68%.
Commodities: Crude Oil futures was unchanged $78.26 per barrel. Gold futures rose +0.84% to $1,967 per oz.
Currencies: The US Dollar Index had its worst day in a year, tumbling -1.50% to $104.07.
Crypto: Bitcoin fell -2.52% to $35,564. Ethereum dropped -3.62% to $1,980.
Volatility: The Volatility Index fell -4.20% to 14.15.
Interest Rates: The US 10-year Treasury yield dropped to 4.451%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). It was a great day for stocks across the board, but Small-Caps really stole the show. The S&P 500 ($SPY) had its best day since April, rising +1.94%, but Small-Caps did nearly 3x better. The Russell 2000 ($IWM) surged +5.49%, outperforming $SPY by a margin of +3.55%. Mike points out that this was the best day for Small-Caps vs. Large-Caps since March 2020 and the 7th best day since the inception of $IWM in 2000. One day doesn't make a trend, and the trend still favors Large-Caps, but... 'tis the season for Small-Cap outperformance.
Quote of the Day
βIn a speculative market, what counts is imagination and not analysts.β
β Benjamin Graham
Top Links
Open Season for Small Caps - Almanac Trader
Jeff Hirsch points out that were entering a bullish season for Small-Caps.
The Stock Market Rally Continues - CappThesis
Frank Cappelleri examines recent price action in the S&P 500 and what's needed for the rally to continue.
The Message From Tweleve Post-CPI Charts - Ciovacco Capital Management
Chris Ciovacco shares 12 noteworthy charts that speak to the current market environment.
Betting on U.S. Mega Caps, Small Caps, Value Will Face Pressure Going Into Year-End: Strategist - BNN Bloomberg
Ed Clissold of Ned Davis Research offers his outlook on the market.
Technical Tuesdays with The Chart Report - Twitter Spaces
Here's the recording of our Twitter Spaces from earlier today.