Daily Chart Report π Thursday, November 2, 2023
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Todayβs Summary
Thursday, November 2, 2023
Indices: Russell 2000 +2.67% | S&P 500 +1.89% | Nasdaq +1.74% | Dow +1.70%
Sectors: All 11 sectors closed higher by more than +1%. Real Estate led, gaining +3.10%. Consumer Staples lagged but still rose +1.30%.
Commodities: Crude Oil futures gained +2.51% to $82.46 per barrel. Gold futures rose +0.30% to $1,994 per oz.
Currencies: The US Dollar Index dropped -0.48% to $106.16.
Crypto: Bitcoin fell -1.42% to $34,937. Ethereum dropped -2.51% to $1,801.
Volatility: The Volatility Index fell -7.18% to 15.65.
Interest Rates: The US 10-year Treasury yield dropped to 4.661%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Grayson Roze (@GraysonRoze). The Russell 2000 ($IWM) made a new bear market low last week after breaking crucial support. However, $IWM is rocketing higher this week and repairing broken support. Grayson points out that today was the second-best day of the year for Small-Caps, with $IWM gaining +2.67%. The next objective for the bulls will be reclaiming the year-to-date lows, around $170, as this would further confirm a failed breakdown. Breadth data would likely improve dramatically if Small-Caps continue to rebound. Remember, Small-Caps have historically outperformed in the final months of the year.
Quote of the Day
βThere will always be bull markets
followed by bear markets
followed by bull markets.β
β Sir John Templeton
Top Links
Potentially Bullish Observations on Small Caps - Nautilus Research
Nautilus Research highlights two potential tailwinds for the Russell 2000.
Keep 'em Guessing - Trading Adventures
Andy Moss breaks down recent price action in the major indices.
Bears Shrug Off a Rally - Bespoke
Bespoke analyzes the results of the latest AAII Sentiment Survey.
Bonds Respond to Powellβs Remarks - All Star Charts
Ian Culley examines the short-term and long-term outlook for Bonds.
Consumer Discretionary Sector Deep Dive - Grindstone Intelligence
Austin Harrison looks at how the Consumer Discretionary sector has held up amid the recent correction in the broader market.
Top Tweets
Don't just focus on $IWM. $MID and $SML performing much better than $IWM, which has more unprofitable companies than $SML. $MID and $SML are into relative support while $IWM has violated LT rel support. pic.twitter.com/bB4HLCsxBw
β Cam Hui, CFA (@[email protected]) (@HumbleStudent) November 2, 2023
