Friday, November 19th, 2021
Indices: Dow -0.75% | S&P 500 -0.14% | Nasdaq +0.40% | Russell 2000 -0.86%
Sectors: 3 of the 11 sectors closed higher. Technology led, gaining 0.73%. Energy lagged, dropping 3.90%.
Commodities: Crude Oil futures dropped 3.15% to $75.94 per barrel. Gold futures fell 0.53% to $1,852 per ounce.
Currencies: The US Dollar Index rose 0.57%.
Interest Rates: The US 10-year Treasury yield fell to 1.551%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
— Brian G (@alphacharts) November 19, 2021
Today’s Chart of the Day was shared by Brian G (@alphacharts). It’s a ratio chart of some of the largest stocks in the market vs. the S&P 500. We’re talkin’ $FB, $AMZN, $MSFT, $AAPL, $NFLX, and $GOOGL. Mega-Cap Tech dominated this week, while Small and Micro-Cap stocks struggled. Brian points out that this equally weighted basket of Mega-Cap Tech darlings is breaking out to fresh relative highs for the first time in more than a year. These 5 stocks collectively represent more than 20% of the S&P 500, so it’s not bearish to see these juggernauts reassert their leadership. However, it would be more encouraging if we also had broader participation from Small and Micro-Caps.
Quote of the Day
“Every past market crash looks like an opportunity, but every future market crash looks like a risk.”
– Morgan Housel
Another Look at Thanksgiving – Quantifiable Edges
Rob Hanna takes a look at how the S&P 500 has historically performed around Thanksgiving.
Energy Stocks Losing Steam – All Star Charts
The team at All Star Charts points out that several sectors and indices are on the verge of printing failed breakouts.
Global Supremecy – The Rotation Report
Aaron Jackson highlights some noteworthy technical developments from the past week
Is the Transportation ETF (IYT) Doubling Topping at 2021 High? – Kimble Charting Solutions
Chris Kimble points out that Transports are stalling at resistance from the May highs.
Crypto Update – AlphaCharts Blog
Brian G. gives an update on the Crypto space.
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This week was a textbook boring week in the markets (DAO Constitution stuff aside) 🥱
The S&P 500 didn’t move more than 0.5% in any days this week, the fourth time that’s happened this year.
These “boring weeks” have happened about 3-4 times a year since the beginning of 2000.
— Callie Cox (@callieabost) November 19, 2021
As most know, seasonality has tracked perfectly for $SPX. Next week, the next huge phase of strength begins until Dec 6th. Big test for if accuracy continues
Price though all that matters and holding 4675 is essential to keep this in play. It fails & seasonal rally postponed pic.twitter.com/8ejsnggNuK
— Adam Mancini (@AdamMancini4) November 19, 2021
A little more on yesterday's spike in NASDAQ new lows:
20+ years of daily data and we've never seen more stocks making new 52-week lows on the same day that the NASDAQ Composite was making a new 52-week high. pic.twitter.com/JoUDhg6ZLR
— Willie Delwiche (@WillieDelwiche) November 19, 2021
The Nasdaq 100 is undefeated a year later when the McClellan summation index surges above 1000 after a reset below 0.
A new signal arrived this week. pic.twitter.com/aJ0K1jSxY3
— Dean Christians (@DeanChristians) November 19, 2021
— J.C. Parets (@allstarcharts) November 19, 2021
— David Zarling, CMT (@AdaptivCharts) November 19, 2021
— Andrew Thrasher, CMT (@AndrewThrasher) November 19, 2021
— David Rath (@DJwrath) November 19, 2021
— Sam McCallum 🏴 (@honeystocks1) November 19, 2021
WTI oil futures nearing correction territory pic.twitter.com/WhJgFQIF0Q
— Liz Ann Sonders (@LizAnnSonders) November 19, 2021
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) November 19, 2021
Bond bearishness has been a constant for decades, and horribly wrong for decades. pic.twitter.com/noSV4aN23r
— Jim Bianco biancoresearch.eth (@biancoresearch) November 19, 2021
— Shane C. Murphy (@murphycharts) November 19, 2021
You’re all caught up now. Thanks for reading!