Daily Chart Report 📈 Tuesday, November 28, 2023
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Today’s Summary
Tuesday, November 28, 2023
Indices: Nasdaq +0.30% | Dow +0.24% | S&P 500 +0.10% | Russell 2000 -0.46%
Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, gaining +0.58%. Health Care lagged, falling -0.51%.
Commodities: Crude Oil futures gained +2.07% to $76.41 per barrel. Gold futures rose +1.37% to a six-month high of $2,040 per oz.
Currencies: The US Dollar Index dropped -0.44% to a three-month low of $102.74.
Crypto: Bitcoin rose +1.63% to $37,847. Ethereum gained +1.10% to $2,050.
Volatility: The Volatility Index inched higher by +0.16% to 12.70.
Interest Rates: The US 10-year Treasury yield fell to a two-month low of 4.323%.
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 in a note by John Roque of 22V Research (@daChartLife). Gold is on track to book its highest weekly close in history. It hasn’t reached all-time highs on a daily basis yet, but it’s less than 2% from doing so. Many have given up on the yellow metal, as it’s fumbled numerous breakout attempts in the post-Covid era. It’s completing a three-year base, next to a nine-year base, which together form a 12-year Cup & Handle pattern. The annotations on the chart highlight several base breakouts that were followed by triple-digit returns. In the note, John commented, “Breakouts over nearly 50 years have produced equity-like gains. Maybe gold doesn’t possess any of the sexiness A.I. offers, but sometimes wisdom wins out.”
Quote of the Day
“To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.”
–Charlie Munger
Top Links
Investors are Still Sad - All Star Charts
JC Parets points out that investor sentiment is still sour despite the recent rebound.
Volatility Falls to a 1-year Low - Thrasher Analytics
Andrew Thrasher examines what could be next for the $VIX after hitting new lows recently.
The Stock Market's Calm after the Storm - CappThesis
Frank Cappelleri breaks down recent price action in the S&P 500.
Precious Metals on the Move - Grindstone Intelligence
Austin Harrison shares his technical outlook on Gold and Silver.
December Opens Bearish in Midst of Most Bullish Season - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed on the first trading day in December.