Daily Chart Report π Thursday, November 16, 2023
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Todayβs Summary
Thursday, November 16, 2023
Indices: S&P 500 +0.12% | Nasdaq 100 +0.10% | Dow -0.13% | Russell 2000 -1.52%
Sectors: 7 of the 11 sectors closed higher. Utilities led, rising +0.53%. Energy lagged, falling -1.95%.
Commodities: Crude Oil futures dropped -4.66% to a four-month low of $73.09 per barrel. Gold futures rose +1.17% to $1,987 per oz.
Currencies: The US Dollar Index was unchanged at $104.39.
Crypto: Bitcoin fell -4.52% to $36,165. Ethereum dropped -4.74% to $1,962.
Volatility: The Volatility Index rose +1.13% to 14.33.
Interest Rates: The US 10-year Treasury yield dropped to 4.437%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Jamie Saettele (@JamieSaettele). This month, energy ($XLE) is the only sector in negative territory. It tried to break out of a 15-month Ascending Triangle pattern in September, but it remains within the pattern's boundaries. This Ascending Triangle features a rising trendline as support and horizontal resistance at $94. Jaimie points out that this bullish pattern is on the verge of failing as $XLE tests support. When chart patterns fail, many conclude that technical analysis doesn't work, but there's valuable information to be gleaned from pattern failure. It's especially bearish when bullish patterns fail and especially bullish when bearish patterns fail.
Quote of the Day
"Technical analysis reflects the voice of the entire marketplace and, therefore, does pick up unusual behavior. By definition, anything that creates a new chart pattern is something unusual."
β Bruce Kovner
Top Links
Stair Stepping Higher - Trading Adventures
Andy Moss breaks down this week's price action so far.
The Recent Rally in Real Estate Stocks: Mean Reversion or Major Reversal? - Grindstone Intelligence
Austin Harrison highlights the Real Estate sector ($XLRE) after an impressive rebound.
The Most Important Indicators I Follow - Jay Kaeppel
Jay Kaeppel examines several indicators and what they're currently saying about the market.
ETFs & Markets with Todd Sohn: What Might Go Right for Small-Caps? - Strategas Asset Management
Todd Sohn shares some key points about small caps.
Tracking a Bond Market Bounce - All Star Charts
Ian Culley looks at what could be next for Bonds.