Daily Chart Report π Thursday, November 21, 2024
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Todayβs Summary
Thursday, November 21, 2024
Indices: Russell 2000 +1.65% | Dow +1.06% | S&P 500 +0.53% | Nasdaq 100 +0.36%
Sectors: 10 of the 11 sectors closed higher. Utilities led, gaining +1.74%. Communications was the only sector that closed lower, falling -0.26%.
Commodities: Crude Oil futures rose +1.96% to $70.10 per barrel. Gold closed higher for the fourth day, rising +0.87% to $2,675 per oz.
Currencies: The US Dollar Index rose +0.37% to a two-year high of $107.03.
Crypto: Bitcoin rose +4.32% to an all-time high of $98,451. Ethereum jumped +9.36% to $3,360.
Volatility: The Volatility Index fell -1.69% to 16.86.
Interest Rates: The US 10-year Treasury yield rose to 4.426%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by @CyclesFan.
- MicroStrategy Inc. ($MSTR) dropped -16.2% today, marking its worst day in six months. It gapped up +13% this morning before dumping throughout the day. However, it's still +16.6% this week.
- CyclesFan points out that today's reversal created a Bearish Engulfing candle on the daily chart. This bearish reversal candle could mark a short-term top for $MSTR if confirmed with further downside tomorrow.
- Today's reversal occurred after reaching a confluence of Fibonacci resistance around $500. It reached the 4.236% extension of the 2022 decline and the 1.618% extension of the dot com bubble bust.
The Takeaway: After hitting two major Fibonacci targets today, $MSTR dumped -25% from where it opened, creating a Bearish Engulfing candle. This candle could mark a short-term top if confirmed with further downside tomorrow.
Top Links
Bitcoin Approaches $100k - Bespoke
Bespoke highlights Bitcoin's post-election rally.
Energy Stocks Hit 6-Month Highs - All Star Charts
JC Parets points out that Energy stocks are waking up again.
Stock Trends - Brown Technical Insights
Scott Brown shares a few actionable chart setups.
Nikkei Trading Near 1989 Stock Peak; Double Top? - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Japan's NIkkei 225 index.
Textbook Retest in Healthcare - Alfono's Daily Note
Alfonso De Pablos looks at the retest in the Health Care sector.
Quote of the Day
"Donβt debate people in the media when you can debate them in the marketplace."
- Naval Ravikant