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Today’s Summary
Wednesday, November 24th, 2021
Indices: Dow -0.03% | S&P 500 +0.23% | Nasdaq +0.44% | Russell 2000 +0.15%
Sectors: 6 of the 11 sectors closed higher. Real Estate led, rising 1.34% to a fresh all-time high. Materials lagged, falling 0.71%.
Commodities: Crude Oil futures inched lower by 0.23% to $78.32 per barrel. Gold futures were flat and continue to trade around $1,784 per ounce.
Currencies: The US Dollar Index rose 0.37% to its highest level in more than a year.
Interest Rates: The US 10-year Treasury yield fell to 1.638%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Jeff Hirsch (@AlmanacTrader). The S&P 500 is up about 25% so far this year. The table looks at all the prior instances over the past 70 years where the S&P 500 was up 10% or more heading into Thanksgiving. A few key takeaways; December has been positive 76% of the time for an average gain of 2.0%. The rest of the year (Tuesday before Thanksgiving through the end of the year) has been positive about 70% of the time for an average gain of 2.3%. Lastly, the S&P 500 has never ended the year down when it was up double-digits heading into Thanksgiving. If history is any guide, the S&P 500 will likely see further gains by the end of 2021. For more on this, check out the full note here.
Quote of the Day
“When I started counting my blessings,
my whole life turned around.”
– Willie Nelson
Top Links
A Consolidation After A New $SPY High – Quantifiable Edges
Rob Hanna shows why the S&P 500 is likely to resolve higher out of its recent range.
It Doesn’t Take Much to Ease Bullish Sentiment – Potomac Fund Management
Dan Russo points out that the S&P 500’s recent pause may have helped to reset frothy sentiment.
When Stocks Are Up Big YTD Before Thanksgiving – Almanac Trader
Seasonality expert Jeff Hirsch takes a look at how the S&P 500 has historically performed when the S&P 500 was up 10% or more YTD by Thanksgiving.
The Inflation Obsession – The Rotation Report
Aaron Jackson shares his thoughts on inflation and some noteworthy charts.
16 Talking Points That’ll Make You Sound Smart at Thanksgiving ?? – TKer
Sam Ro lays out 16 fun facts to drop on your family and friends this Thanksgiving…even if they didn’t ask.
Top Tweets
$SPX stuck in a 1% range for 3 weeks now
— Joe Kunkle (@OptionsHawk) November 24, 2021
$SPX last 31 trading days:
10/13 – 11/08: Up 17, Down 2
11/09 – 11/24: Up 6, Down 6Close on 11/08: 4,701.70
Close on 11/24: 4,701.46
#digestion— Frank Cappelleri (@FrankCappelleri) November 24, 2021
A nice looking reversal starting to emerge here in $IWM after a nearly two weeks long retracement… pic.twitter.com/85A1QUtkws
— Traderstewie (@traderstewie) November 24, 2021
The $VIX has been up on positive equity days 7 of the last 21 days, which it hasn't done since late-January 2018. pic.twitter.com/GZNUgJ6pXz
— Andrew Thrasher, CMT (@AndrewThrasher) November 24, 2021
Regional Bank stocks are making new all-time highs. What does that say about risk appetite right now? $KRE $XLF pic.twitter.com/xWXJBpy0Df
— J.C. Parets (@allstarcharts) November 24, 2021
Regionals have liked the rate move. pic.twitter.com/Ef4ZLDjiJE
— Strategas (@StrategasRP) November 24, 2021
If Banks do breakout like on $KBE, wouldn't it be a nice time to buy a leveraged banking ETF like $BNKU ?
Microsectors 3X U.S. Big Banks ETN turning resistance into support. pic.twitter.com/rqaHZ88Y5q
— Jay R. Ligon (@TheeDisruptor) November 24, 2021
The greenback is hot.
The next stop for the US dollar index looks to be 98. #USD $DXY pic.twitter.com/oX7d4R0tvE— Greg Rieben (@gregrieben) November 24, 2021
“For all the hate gold gets, you’d think it’s in a massive drawdown or something.” $GLD pic.twitter.com/hupetfWlTa
— Brian G (@alphacharts) November 24, 2021
Does this divergence matter?$BTCUSD pic.twitter.com/D2JEWrpWs7
— Arun S. Chopra CFA CMT? (@FusionptCapital) November 24, 2021
Thanksgiving dinner in tickers, via BofA pic.twitter.com/DChTvgXe0t
— Sam Ro ? (@SamRo) November 22, 2021
You’re all caught up now. Happy Thanksgiving!