Daily Chart Report π Friday, November 17, 2023
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Todayβs Summary
Friday, November 17, 2023
Indices: Russell 2000 +1.35% | S&P 500 +0.13% | Nasdaq 100 +0.03% | Dow +0.01%
Sectors: 6 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.10%. Technology lagged, falling -0.21%.
Commodities: Crude Oil futures rebounded +4.04% to $76.04 per barrel. Gold futures inched lower by -0.13% to $1,985 per oz.
Currencies: The US Dollar Index dropped -0.55% to a two-month low of $103.82.
Crypto: Bitcoin rose +1.27% to $36,625. Ethereum was flat at $2,062.
Volatility: The Volatility Index fell -3.63% to a two-month low of 13.81.
Interest Rates: The US 10-year Treasury yield was flat at 4.439%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Shane Murphy (@MurphyCharts). While the major indices inch closer to all-time highs, some of the most important areas of the market are already there. Shane points out that Semiconductors ($SMH) closed at record highs today on a daily and weekly basis. $SMH initially broke out of an 18-month base in July, but the breakout quickly failed, and it went on to correct -14% to its 200-day moving average over the next three months. The recent correction and recovery formed the handle of a potential Cup and Handle pattern. Semiconductors tend to lead the broader market higher or lower. Remember, you canβt have a party without the chips!
Quote of the Day
"Life is really simple, but we insist on making it complicated."
β Confucius
Trendlines > Headlines
A brand new episode of Trendlines over Headlines is out!
This week, Scott Redler joins us to make sense of the markets. Scott is the Co-Founder and Chief Strategist at T3 Trading Group. He gives us a glimpse into his trading process and shares his thoughts on the current market environment.
Top Links
Trading the Thanksgiving Market - Historical Bullishness Fading - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed around Thanksgiving week.
Why Apple Could Make a Run For a 52-Week High - Yahoo Finance
Jay Woods and Jared Blikre discuss the outlook for Apple ($AAPL) and the S&P 500.
Where Oceans Meet but Donβt Mix - IronBridge Private Wealth
Jim Denholm examines interest rate and inflation cycles.
The Biggest Breakouts are the Most Challenging - CappThesis
Frank Cappelleri highlights the short-term patterns in the S&P 500.
Financial Sector Outlook - Grindstone Intelligence
Austin Harrison breaks down the outlook for the Financial sector.