Daily Chart Report π Tuesday, November 21, 2023
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Todayβs Summary
Tuesday, November 21, 2023
Indices: Dow -0.18% | S&P 500 -0.20% | Nasdaq 100 -0.58% | Russell 2000 -1.32%
Sectors: 4 of the 11 sectors closed higher. Health Care led, gaining +0.60%. Technology lagged, falling -0.81%.
Commodities: Crude Oil futures were flat (-0.08%) to $77.77 per barrel. Gold futures rose +1.08% to $2,002 per oz.
Currencies: The US Dollar Index rose +0.16% to $103.61.
Crypto: Bitcoin dropped -4.59% to $35,758. Ethereum dropped -4.38% to $1,934.
Volatility: The Volatility Index fell -0.60% to a two-month low of 13.34.
Interest Rates: The US 10-year Treasury yield fell to 4.395%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Short-term uptrend still intact after $NVDA earnings report pic.twitter.com/nzZDPppRha
β Cam Hui, CFA (@HumbleStudent) November 21, 2023
Todayβs Chart of the Day was shared by Cam Hui (@HumbleStudent). The S&P 500 ($SPY) snapped a five-day winning streak today, slipping just -0.22%. With $SPY up more than +10% in less than a month, itβs hard to imagine the rally continuing at its current pace. However, Cam points out that the rising trendline off the Oct. 27th low remains intact, even after a slightly negative reaction to $NVDAβs earnings after hours. If $SPY breaks this short-term trendline, it would indicate that the current leg higher is slowing. However, itβs reasonable to expect higher highs if it remains intact in the coming days.
Quote of the Day
βMarkets may initially trend for fundamental reasons, but prices overshoot by ludicrous amounts. At some point, prices go up today simply because they went up yesterday.β
β Michael Platt
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
A Long-Term Look at the Wednesday Before Thanksgiving - Quantifiable Edges
Rob Hanna points out that the Wednesday before Thanksgiving (tomorrow) has historically been strong.
Reversals and Resolutions: Checking in on Growth vs. Value - Grindstone Intelligence
Austin Harrison looks at the Growth vs. Value ratio as it approaches a critical inflection point.
Equities / Commodities 12-Year Cycle Performance Outlook and Update - Kimble Charting Solutions
Chris Kimble breaks down a ratio chart of Stocks vs. Commodities.
How to Play the Stock Market's Historic Swing - CappThesis
Frank Cappelleri examines the recent rally in the S&P 500 and what's needed for it to continue.
Technical Tuesdays π with The Chart Report - Twitter Spaces
In case you missed it, here's the recording from our Twitter spaces earlier today.