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Today’s Summary
Wednesday, November 3rd, 2021
Indices: Dow +0.29% | S&P 500 +0.65% | Nasdaq +1.04% | Russell 2000 +1.80%
Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, gaining 1.80%. Energy lagged, falling 0.83%.
Commodities: Crude Oil futures tumbled 4.53% to $80.11 per barrel. Gold futures dropped 1.08% to $1,770 per ounce.
Currencies: The US Dollar Index fell 0.23%.
Interest Rates: The US 10-year Treasury yield rose to 1.607%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Retail with a big breakout to new ATH's after being capped by +50% YTD for the majority of the year. $XRT pic.twitter.com/WoXpmtgVFP
— Matthew Timpane, CMT (@mtimpane) November 3, 2021
Today’s Chart of the Day was shared by Matthew Timpane (@mtimpane). It’s a daily candlestick chart of the Retail ETF, $XRT, over the past two years. The top holdings in this ETF include $OSTK, $M, $DDS, $BOOT, and $SIG. Matthew points out that $XRT is breaking out to all-time highs after moving sideways for the majority of the year. It’s also breaking a nice round number of $100 for the first time if you believe psychological resistance is a thing. After 10-months of no progress, retail looks primed for its next leg higher.
Quote of the Day
“The most bullish thing a market can do
is get overbought and stay that way.”
– Alan Shaw
Top Links
November is For The Little Guys – All Star Charts
Steve Strazza takes a look at the breakout in Small-Caps.
36,000 Reasons to be Thankful – LPL Financial Research
The team at LPL Financial Research shares some noteworthy stats as the Dow crosses $36k for the first time.
Don’t Complicate It, New Highs Are Bullish – Potomac Fund Management
Dan Russo highlights some key technical developments to be aware of.
New Highs in Semis, But Not Relatively Speaking – Bespoke
Bespoke points out that Semiconductor stocks are breaking out on an absolute basis, but not on a relative basis.
We Need to Differentiate Between Market Breadth and Market Leadership – CNBC
In this clip, Katie Stockton offers her thoughts on the current market environment.
Top Tweets
As mentioned last week, buying the close on October 27 and holding for 5 trading days is the most bullish 5 days of the year.
The S&P 500 was just up all 5 days. pic.twitter.com/fXxpkGYlSx
— Ryan Detrick, CMT (@RyanDetrick) November 3, 2021
For 1st time since Jan ‘18, S&P 500, Dow, NASDAQ 100 & R2000 hit new all-time highs for 2nd straight session; Cons Discr led gains while Energy, Industrials, & Utilities fell … strong day for small caps with both Russell 2000 Value & Growth climbing ahead of large-cap cohorts pic.twitter.com/0aUutRSAp3
— Liz Ann Sonders (@LizAnnSonders) November 3, 2021
S&P 600 schwing! $SML pic.twitter.com/o12lyf2vfo
— Michael Kahn, CMT (@mnkahn) November 3, 2021
Small Caps are on their way! pic.twitter.com/UWGRgwlbs4
— Martin Pring (@martin_pring) November 3, 2021
Value Line Geometric Index moving into record territory. pic.twitter.com/Gg5gzo4ZWw
— Willie Delwiche (@WillieDelwiche) November 3, 2021
Short term risk here with 10day $VIX correlation flashing positive. $SPY $IWM $QQQ pic.twitter.com/rZYPoJhpWY
— Rolando Santos (@TKPTrader) November 3, 2021
$QQQ is up 8 days in a row, only happened 9 other times in the past 10 years. Returns two months out had a decent shot at more strength ahead, with an average high point of 4.5%. https://t.co/KqCXaGYD08 via @MarketCharts pic.twitter.com/1OUXvgUTFC
— Jonathan Harrier, CMT (@jonathanharrier) November 3, 2021
Important influence on small-caps. pic.twitter.com/74pkj6w25S
— Strategas (@StrategasRP) November 3, 2021
Oil is weak this morning. It would be great to see a test of that 75 area at the 50 dma. Shake out some weak hands…#OOTT #oil $USO pic.twitter.com/nIumZdxQA3
— Greg Rieben (@gregrieben) November 3, 2021
Green metals like $LIT are leading the way higher as base metals run into overhead supply and precious metals search for support. pic.twitter.com/fAbf1czv8C
— Ian Culley (@IanCulley) November 3, 2021
If #uranium bullishly plays out this ascending triangle, how high does it go after the breakout?
DEF seems like it would be a good time to join the party if not already in it. pic.twitter.com/DCNISitkOr
— Jay R. Ligon (@TheeDisruptor) November 3, 2021
Big coil around the ~$80 level here for $OSTK pic.twitter.com/mit11NOPpW
— Ian McMillan, CMT (@the_chart_life) November 3, 2021
$Z former resistance, likely area of support, checkout the 5 year. pic.twitter.com/FyWoWOVJdj
— Bailey.Baxter2020 (@BBaxter2020) November 3, 2021
Parlez-vous 46.40 pour $EWQ pic.twitter.com/JCUGSqUFut
— Peter Brandt (@PeterLBrandt) November 3, 2021
You’re all caught up now. Thanks for reading!