Daily Chart Report 📈 Wednesday, November 29, 2023

November 29, 2023

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Today’s Summary
Wednesday, November 29, 2023

Indices: Russell 2000 +0.61% | Dow +0.04% | S&P 500 -0.10% | Nasdaq 100 -0.14%

Sectors: 6 of the 11 sectors closed higher. Real Estate led, gaining +0.76%. Consumer Staples lagged, falling -0.81%.

Commodities: Crude Oil futures gained +1.90% to $77.86 per barrel. Gold futures rose +1.33% to $2,067 per oz -- the second-highest daily close of all-time.

Currencies: The US Dollar Index inched higher by +0.10% to $102.84.

Crypto: Bitcoin was flat at $37,863. Ethereum fell -0.98% to $2,029.

Volatility: The Volatility Index rose +2.28% to 12.99.

Interest Rates: The US 10-year Treasury yield fell to a two-month low of 4.259%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

$SPX We intermediate traders get distracted by the daily fanfare. It is easy to lose sight of the Big Picture. A favorite trend indicator is the 20d MA of $NYNL. It just crossed above 0. The wind is at our backs. Don't lose site of that. pic.twitter.com/3zERCedpih
— Alan Cohen (@al_xdpg) November 29, 2023

Today’s Chart of the Day was shared by Alan Cohen (@al_xdpg). The chart shows new highs minus new lows on the NYSE, smoothed by a 20-day moving average (blue). New highs have exceeded new lows in recent weeks, pushing the 20-day moving average into positive territory for the first time in three months. Alan points out that the S&P 500 tends to trend higher when the 20-day moving average of net new highs is above zero and vice versa. The market has been awfully quiet this past week, but we're continuing to see internal improvement beneath the surface.

Quote of the Day

“One of the things you learn in this business is humility because you see your mistakes the next day.”

– Walter Schloss

Top Tweets

6th day in a row that $SPX has failed to change +/-0.5% (9 days for $NYA). Longest for SPX since May before breaking out. Nov 2021 saw an 8 day stretch: pic.twitter.com/UcBtlbl1Ik
— Optuma (@Optuma) November 30, 2023

Nothing substantial yet, but todays move does not help the short-term outlook. A "peek above" and back down. $SPX $SPY $ES_F https://t.co/NUYvWlDsOD pic.twitter.com/AhD4Yveo58
— Ian McMillan, CMT (@the_chart_life) November 29, 2023

Technology just reclaimed the dot-com bubble highs relative to the broader market. $XLK $IWM pic.twitter.com/J0Tjsj00du
— Alfonso De Pablos, CMT (@AlfCharts) November 29, 2023

One of my favorite ETF's, the iShares Expanded Tech ETF $IGV, is up +2% and making new 52-week highs (once again).

The fund is up +52.5% YTD, despite only 1 of the Magnificent 7 being in the fund (MSFT).

It's almost like... wait for it... all of tech is doing extremely well. pic.twitter.com/8iABwbvt1l
— Caleb Franzen (@CalebFranzen) November 29, 2023

Stop Saying Stupid Sh _ _ 💩Part 19!

"The VIX is low. Smart to buy cheap protection"

No, historically when VIX is low, S&P500 forward returns compound. Daily sub-13 VIX closes: annualized $SPX returns are +47%; highest of any closing $VIX value. (Tom Bowley)$SPY $UVXY $QQQ pic.twitter.com/WgM9F2lMGF
— Seth Golden (@SethCL) November 29, 2023

People like to hate on the @CBOE volatility indices, but this picture tells the story of November very clearly IMO pic.twitter.com/n6uPi8p0ty
— Jim Carroll (@vixologist) November 29, 2023

Lots of overhead to deal with. The average stock is bumping up against resistance while Anti-Beta is testing support. An important test. #technicalanalysis #trendfollowing #cmtassociation $SPY $RSP pic.twitter.com/RtEtgnoouU
— John Kolovos, CMT, CFA (@John_Kolovos) November 30, 2023

I'm not generally a fan of H&S patterns with sloped necklines, but even I have to admit that #WTI crude oil fits the bill for an inverse H&S pattern.#OPEC on tap tomorrow. pic.twitter.com/GAcQXTsMIo
— Matt Weller CFA, CMT (@MWellerFX) November 29, 2023

Yo, Charts - Anatomy of a Yield Top for German 2s. And, just in case, G7 yield trends are homogeneous. pic.twitter.com/gEUcCLENF8
— da Chart Life (@daChartLife) November 29, 2023

Another decent reminder, most of the time you're just trading against other people, not some complex massive macro outlook etc.$TLT $TNX https://t.co/c23VzXWhVD pic.twitter.com/k1V06EY05V
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) November 29, 2023

November is over tomorrow. Gold on pace for the highest monthly close in history. pic.twitter.com/pTb5FMNqUi
— J.C. Parets (@allstarcharts) November 29, 2023

We've been bullish equities and the economy, but we've also been optimistic about gold as well, as we've had a small tad in our tactical models for many months.

If this chart of gold stocks (thanks @FrankCappelleri) pans out, there could be record highs coming for the metal. pic.twitter.com/0KroYBcJr6
— Ryan Detrick, CMT (@RyanDetrick) November 29, 2023

gold sits north of $2,000 as November sits almost ready to end, the relative trend vs. stocks seems to be turning upwards and the most #bullish month of the year is December... who thinks it goes? #seasonality pic.twitter.com/xA0Kvtv2E6
— David Cox, CMT, CFA (@DavidCoxRJ) November 29, 2023

You’re all caught up now. Thanks for reading!

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Daily Chart Report 📈 Wednesday, November 29, 2023

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