Tuesday, November 23rd, 2021
Indices: Dow +0.55% | S&P 500 +0.17% | Nasdaq -0.50% | Russell 2000 -0.15%
Sectors: 8 of the 11 sectors closed higher. Energy led by a wide margin, gaining 3.07%. Consumer Discretionary lagged, falling 0.73%.
Commodities: Crude Oil futures gained 2.28% to $78.50 per barrel. Gold futures continued lower by 1.25% to $1,784 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield rose to 1.669%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Is there a more important chart than Industrials right now?
— Steven Strazza (@sstrazza) November 23, 2021
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). It’s a chart of the Industrial sector ETF, $XLI, year-to-date. The largest weighted stocks in $XLI include $HON, $UPS, $UNP, $BA, and $RTX. Several key sectors and indexes are retesting their recent breakouts this week. The Industrials sector is one of the more important ones to watch here as it has historically been one of the most correlated sectors to the S&P 500. In a comment to the Chart Report, Steve said “Industrials are my cheat sheet to the overall market direction right now. So far, this is just a classic retest, which is completely normal. If we’re above that ~$105 level, things are probably fine. But, if $XLI fails to hold that level, it would be time to start looking around for other warning signs.”
Quote of the Day
“The pessimist complains about the wind;
the optimist expects it to change;
the realist adjusts the sails.”
– William Arthur Ward
Checking in on Biotech – 5 Charts – LPL Financial Research
In this quick video, Ryan Detrick and Scott Brown break down five important charts.
Cyclicals Wage War with Their Support Levels – Potomac Fund Management
Dan Russo looks for the strongest and weakest sectors of the S&P 500.
Near Record ARKK Underperformance – Bespoke
Bespoke points out that the popular $ARKK ETF is testing new lows relative lows.
The Final High Has Not Been Achieved – MoneyShow
Bonnie Gortler weighs the bullish and bearish technical developments across the markets.
The Nasdaq Finishing Lower for the Second Straight Day – CNBC
In this clip, Ari Wald shares his thoughts on the recent weakness in Tech.
Nasdaq 100 $QQQ: +3%
S&P $SPY: +2%
—$RDFN: -19%$PYPL: -19%$BABA: -19%$PLTR: -20%$HOOD: -21%$DKNG: -25%$ZM: -25%$BYND: -25%$ROKU: -26%$PENN: -28%$CLOV: -29%$OPEN: -30%$BMBL: -34%$SDC: -36%$UPST: -39%$Z: -48%$STNE: -48%$PTON: -53%$CHGG: -58%
— Charlie Bilello (@charliebilello) November 23, 2021
FinTwit: are you seeing this bloodbath in tech stocks?
— Michael Turvey (@MikeTurvey_TDA) November 23, 2021
554 new lows today for the Nasdaq
3 consecutive days of higher new lows.
The current NL's pattern is building like Feb 2020.
— Chris Perruna (@cperruna) November 23, 2021
— Michael Kahn, CMT (@mnkahn) November 23, 2021
— Urban Carmel (@ukarlewitz) November 23, 2021
— Rolando Santos (@TKPTrader) November 23, 2021
Some perspective on Growth lagging Value yesterday. pic.twitter.com/1FRi9wS7xq
— Dan Russo, CMT (@DanRusso_CMT) November 23, 2021
Really important chart, in my opinion pic.twitter.com/sRw0e85YXo
— Mike Singleton, CFA (@InvictusMacro) November 23, 2021
— Sam McCallum 🏴 (@honeystocks1) November 23, 2021
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) November 23, 2021
— Ian Culley (@IanCulley) November 23, 2021
— Ian McMillan, CMT (@the_chart_life) November 23, 2021
— Alfonso Depablos (@AlfCharts) November 23, 2021
— Liz Young (@LizYoungStrat) November 23, 2021
Seriously, how many times has this happened to gold?
Every time it looks like it could 'finally' be time, Lucy pulls the football away. pic.twitter.com/yo3X6KbjMc
— Ryan Detrick, CMT (@RyanDetrick) November 23, 2021
You’re all caught up now. Thanks for reading!