Daily Chart Report ๐ Wednesday, November 15, 2023
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Todayโs 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 $2,060.
Volatility: The Volatility Index inched higher by +0.14% to 14.17.
Interest Rates: The US 10-year Treasury yield rose to 4.533%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Ian McMillan (@the_chart_life). The Russell 2000 ($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 $200.
Quote of the Day
โEvery great money manager I've ever met, all they want to talk about is their mistakes. There's a great humility there.โ
โ Stanley Druckenmiller
Top Links
The Dow Just Reversed its Short-Lived, Bearish 'Death Cross' and Flashed a Bullish 'Golden Cross' - Business Insider
Several technicians weigh in on the recent moving average crosses in the Dow Jones Industrial Average.
November Monthly Options Expiration Day: DJIA & Russell 2000 Best - Almanac Trader
Jeff Hirsch examines how stocks have historically performed around November options expiration.
What to Make of the VIX's Recent Losing Streak - Schaeffer's Investment Research
Rocky White examines how the VIX and the S&P 500 have historically performed after the VIX logs an eight day losing streak.
The Dollar Bends Down Low - All Star Charts
Ian Culley looks at this week's breakdown in the US Dollar Index ($DXY).