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After The Close: Notes On 7 Important Charts

By Tim KnightStock MarketsNov 18, 2021 04:46PM ET
www.investing.com/analysis/after-the-close-notes-on-7-important-charts-200608843
After The Close: Notes On 7 Important Charts
By Tim Knight   |  Nov 18, 2021 04:46PM ET
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The market just closed, so let’s take a fresh look at seven important charts. 

NASDAQ Composite:

NASDAQ Composite Daily Chart.
NASDAQ Composite Daily Chart.

The NASDAQ Composite still keeps grinding away in its ascending channel. The belles of the ball today were NVIDIA (NASDAQ:NVDA) and Apple (NASDAQ:AAPL), each of which had new life-time highs.

ARCA Gold BUGS:

HUI Daily Chart.
HUI Daily Chart.

The past month’s strength in the gold sector has hit a resistance line and has started to turn lower.

OEX:

OEX Daily Chart.
OEX Daily Chart.

The S&P 100 is also slipping higher within its own pattern, which is more of a wedge as opposed to the channel that tech stocks are in. It is close to lifetime highs.

US Small Cap 2000:

Russell 2000 Daily Chart.
Russell 2000 Daily Chart.

One important outlier today was the small caps, which has answered its own lifetime high from last week with a steady series of downdrafts. The key is the red trendline, which defines the bullish breakout.

S&P 500:

SPX Daily Chart.
SPX Daily Chart.

The S&P 500 is, not surprisingly, very similar in form and direction with the S&P 100.

Philadelphia Semiconductor Index:

SOX Daily Chart.
SOX Daily Chart.

Nvidia’s earnings report launched its own stock as well as the semiconductor index in general to never-seen-before highs.

ARCA Oil:

XOI Daily Chart.
XOI Daily Chart.

Although crude oil futures pushed 1% higher today, the oil sector continues to weaken.

In closing, I’ll mention the standout for me today in energy-bear-land was symbol HP (NYSE:HPQ), which lost nearly a fifth of its entire market cap today alone.

Helmerich & Payne Daily Chart.
Helmerich & Payne Daily Chart.

After The Close: Notes On 7 Important Charts
 

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After The Close: Notes On 7 Important Charts

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Comments (2)
frendy glasser
dejong099 Nov 18, 2021 8:54PM ET
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HPQ is the technology company, not the energy company that plummeted.
York Regent
York Regent Nov 18, 2021 5:05PM ET
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Its the new normal Tim. Tech is not just savvy but its heavy too. With the change in socio economic trend propelled by the pandemic and the consequent new order, the market in the forseeable future willl remain tech led and that means, there’s still a lot higher to go. Conparing historic norms is like comparing an apple for a banana
 
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