Daily Chart Report 📈 Monday, November 27, 2023
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Today’s Summary
Monday, November 27, 2023
Indices: Nasdaq 100 -0.13% | Dow -0.16%| S&P 500 -0.19% | Russell 2000 -0.35%
Sectors: 3 of the 11 sectors closed higher. Real Estate led, gaining +0.36%. Health Care lagged, falling -0.63%.
Commodities: Crude Oil futures fell -0.90% to $74.86 per barrel. Gold futures rose +0.47% to a six-month high of $2,012 per oz.
Currencies: The US Dollar Index fell -0.21% to a two-month low of $103.20.
Crypto: Bitcoin fell -0.59%to $37,240. Ethereum dropped -1.68% to $2,028.
Volatility: The Volatility Index rose +1.85% to 12.68.
Interest Rates: The US 10-year Treasury yield fell to 4.388%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Renaissance Macro Research (@RenMacLLC). As we approach the new year, it’s a good time to remember how silly year-end price targets are. The analysts who make these predictions are smart folks, but they don’t have a crystal ball. Most of them update their views as the data unfolds throughout the year, as any objective analyst should. Heading into 2023, analysts’ average year-end price target was 4,009, with some calling for as low as 3,250. The S&P 500 currently trades more than 10% above that average, at 4,550. Renaissance points out that the S&P 500 tends to do well when analysts are caught off guard like this. As they say, price creates the narrative, not vice versa.
Quote of the Day
“When people are looking for performance, they sharpen their pencils and find reasons to buy.”
– Michael Price
Top Links
Renaissance Macro’s Jeff deGraaf gives the technical take for 2024 – CNBC
Jeff deGraaf shares his perspective on the S&P 500 and yields.
Not Necessarily the Mega Caps and Everyone Else – Bespoke
Bespoke breaks down the market’s performance by size.
Bull Market Turns 17 Months Old – All Star Charts
JC Parets highlights a few noteworthy areas of the market.
How The Market Shapes Your Portfolio – A Wealth of Common Sense
Ben Carlson looks at the positive unintended consequences of stock market bubbles.
Six Reasons to be Thankful – Carson Group
Ryan Detrick offers some bullish food for thought.
Top Tweets
You’re all caught up now. Thanks for reading!