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Today’s Summary
Monday, November 8th, 2021
Indices: Dow +0.29% | S&P 500 +0.09% | Nasdaq +0.07% | Russell 2000 +0.23%
Sectors: 6 of the 11 sectors closed higher. Materials led, gaining 1.29%. Utilities lagged, falling 1.49%.
Commodities: Crude Oil futures rose 0.81% to $81.93 per barrel. Gold futures moved higher by 0.62% to a two-month high of $1,828 per ounce.
Currencies: The US Dollar Index fell 0.18%.
Interest Rates: The US 10-year Treasury yield rose to 1.493%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Momentum in Semis. pic.twitter.com/HF9XbJ6RMV
— Nautilus Research (@NautilusCap) November 8, 2021
Today’s Chart of the Day was shared by Nautilus Research (@NautilusCap). It’s a chart of the S&P Semiconductor Index over the past three decades. The red circles indicate all the instances where the index was up 10% or more in a week for the first time in six months. This happened last week for the 13th time since 1989. As you can see from the table, returns following prior occurrences tended to be consistently above average. If history is any guide, any short-term weakness could end up a longer-term buying opportunity.
Quote of the Day
“Without data, you’re just another person with an opinion.”
– W. Edwards Deming
Top Links
5 Things to Watch This Week – PFT Trading
Greg Rieben highlights five noteworthy charts to keep an eye on this week.
Market Breadth is Improving and the Rally is Broadening – Money Show
Bonnie Gortler sums up several important technical developments.
Big Breakout for Small Caps – A Means to a Trend
Austin Harrison takes a look at the breakout in Small-Caps, Mid-Caps, Transports, the A/D Line, the Value Line, and more.
Crowd Gone WIld – The Rotation Report
Aaron Jackson shares his thoughts on some of the strong moves we’ve seen across the market lately.
WAGMI – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss Small-Caps, Bonds, Crypto, and more.
Top Tweets
The S&P 500 has closed at a new all-time high for 8 consecutive days.
That is the longest streak since June 1997.
It hasn't done this 9 days in a row since July 1964.
— Ryan Detrick, CMT (@RyanDetrick) November 8, 2021
The S&P 500 is now up 17 of the past 19 days.
Last time that happened was 1971.
— Callie Cox (@callieabost) November 8, 2021
S&P 500 closes at an all-time high for the 8th day in a row and 65th time this year. Needs 13 more to break the record set in 1995 (77). $SPX pic.twitter.com/GmoSL8Gkaf
— Charlie Bilello (@charliebilello) November 8, 2021
$NDX Nasdaq now up 11 in a row for only the 12th time since 1985. 35 trading days later (end of this year) the index was up every time but one, with average final return of 4.9%. Eventually this will end, but even then, strength will likely remain. $QQQhttps://t.co/QNH5wRYZkZ https://t.co/YUt2bDJO3V pic.twitter.com/CvPRTztF6T
— Jonathan Harrier, CMT (@jonathanharrier) November 8, 2021
From our work earlier this morning… #smallcaps breaking out WITH an expanding new high list. Historically get a chop from this in the short-run, but very strong forward results 6/12 months on. @StrategasRP pic.twitter.com/CKXzVAxH6t
— Chris Verrone (@verrone_chris) November 8, 2021
Growth vs Value broke out above late 2020 highs$SPYG $SPYV pic.twitter.com/ah1OrUIJpd
— Matthew Timpane, CMT (@mtimpane) November 8, 2021
It did it again. Equities & Volatility rising together two weeks in a row. For just the 10th time in 16 yrs, the S&P 500 hit a new high two weeks in a row with $VIX also rising. pic.twitter.com/EixvzpiTgl
— Andrew Thrasher, CMT (@AndrewThrasher) November 8, 2021
REITs sector leads in long-term breadth, with 97% of members trading > 200d moving average; Comm Serv is current laggard at only 44% pic.twitter.com/Jt3Go2pXeD
— Liz Ann Sonders (@LizAnnSonders) November 8, 2021
France makes new ATH for the first time in over two decades $CAC pic.twitter.com/9HZTXIFfDZ
— Steven Strazza (@sstrazza) November 8, 2021
I'm not a gold bug – just a chart watcher and this chart is fun to watch. #gold sets 2 month high today and breaks out of downward trend.https://t.co/PH0x79SgFI pic.twitter.com/98QIud44nO
— Jay R. Ligon (@TheeDisruptor) November 8, 2021
Many #uranium stocks and ETFs are cooking today. Pattern breakout to new highs for $URNM on the daily chart.
cc: $CCJ $URA etc. pic.twitter.com/C4dEYHSIr7
— Kas (@JackDamn) November 8, 2021
#BTC RSI Bar coloring $BTC.X $BTCUSD pic.twitter.com/OSBRNLjpZT
— Rolando Santos (@TKPTrader) November 8, 2021
trend following pic.twitter.com/0e4cK5Z2Cd
— Ian McMillan, CMT (@the_chart_life) November 8, 2021
You’re all caught up now. Thanks for reading!