Daily Chart Report 📈 Wednesday, November 15, 2023

November 15, 2023

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Today’s Summary
Wednesday, November 15, 2023

Indices: Dow +0.47% | S&P 500 +0.16% | Russell 2000 +0.16% | Nasdaq 100 +0.03%

Sectors: 9 of the 11 sectors closed higher. Consumer Staples led, rising +0.80%. Utilities lagged, falling -0.31%.

Commodities: Crude Oil futures dropped -2.04% to $76.66 per barrel. Gold futures inched lower by -0.11% to $1,964 per oz.

Currencies: The US Dollar Index rose +0.30% to $104.39.

Crypto: Bitcoin jumped +6.50% to a 17-month high of $37,877. Ethereum gained +4.07% to $2,060.

Volatility: The Volatility Index inched higher by +0.14% to 14.17.

Interest Rates: The US 10-year Treasury yield rose to 4.533%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

Big spot for Russell here. 200d MA and intermediate S/R level. $IWM $RUT $RTY_F pic.twitter.com/bVbFImdTKv
— Ian McMillan, CMT (@the_chart_life) November 15, 2023

Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). The Russell 2000 ($IWM) continued higher today after surging +5.49% yesterday, but it closed significantly off the highs of the day. It was up as much as +1.85% intraday but reversed lower after hitting resistance around $181 and barely closed positive (+0.17%). Ian points out that $181 coincides with the 200-day moving average, and it served as support all Summer until breaking down in September. After successfully testing the lower bounds of a 2-year range recently, $IWM must clear this hurdle before testing the upper bounds of the range at $200.

Quote of the Day

“Every great money manager I've ever met, all they want to talk about is their mistakes. There's a great humility there.”

– Stanley Druckenmiller

Top Tweets

$IWM Small Caps getting the Will Smith treatment at the 200 SMA today. 👋 pic.twitter.com/IQj4iqIfIX
— TrendSpider (@TrendSpider) November 15, 2023

From its low 15 days ago, the $QQQ has rallied to a premarket high of 389.49, that is an incredible 13.76%

This morning, the market broke to a new annual high on good news.

Buy the rumor, sell the news?

Be defensive at a minimum. Still above a rising 5 DMA (15-minute TF) pic.twitter.com/hz7cnGeauk
— Brian Shannon, CMT (@alphatrends) November 15, 2023

The technology leadership continues! With the $XLK trading at all-time highs, it's just a matter of time before the $QQQ gets there too. pic.twitter.com/lhy1Rk19TW
— Sam Gatlin (@sam_gatlin) November 15, 2023

Magnificent 7 Index—as tracked by @Bloomberg—has made a new all-time high
[Past performance is no guarantee of future results] pic.twitter.com/hKlhudNVBs
— Liz Ann Sonders (@LizAnnSonders) November 15, 2023

$XLK closing all time highs, hard to be bearish with this happening pic.twitter.com/uf5GVOgPhb
— Jack (@alphacharts365) November 15, 2023

The most important ETF in the world shows that the S&P 500 has enjoyed 4 large unfilled gaps in only 3 weeks.

It suffered a deep loss last year but since the inception of the fund has indicated breakaway momentum.

It's not something we tend to see during ongoing bear markets.… pic.twitter.com/zl2lPwupHI
— Jason Goepfert (@jasongoepfert) November 15, 2023

97% of the stocks in the S&P 600 (small caps) closed green yesterday.

That was the best day in 12 years.

You rarely see days like this in a bear market. This was more than 'just a bear market rally' like they are telling us. pic.twitter.com/P1b7VtdjYs
— Ryan Detrick, CMT (@RyanDetrick) November 15, 2023

A lot more than 7 stocks are up on the year pic.twitter.com/XCuugfuxzB
— Urban Carmel (@ukarlewitz) November 15, 2023

Recession pic.twitter.com/woDZckVxXT
— J.C. Parets (@allstarcharts) November 15, 2023

#Bitcoin Absolute blastoff after price tested & then "launched" off the volume shelf over the last 24 hours. $BTCUSD pic.twitter.com/CCklB2Ll70
— Jake Wujastyk (@Jake__Wujastyk) November 16, 2023

You’re all caught up now. Thanks for reading!

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Daily Chart Report 📈 Wednesday, November 15, 2023

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