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Todayโs Summary
Friday, December 1, 2023
Indices: Russell 2000 +2.96% | Dow +0.82% | S&P 500 +0.59%ย | Nasdaq 100ย +0.31%
Sectors: All 11 sectors closed higher. Real Estate led, gaining +2.10%. Communications lagged but still rose +0.20%.
Commodities: Crude Oil futures dropped -2.49% to $74.07 per barrel. Gold futures closed at record highs for the first time in three years, rising +1.58% to $2,090 per oz.
Currencies: The US Dollar Index fellย -0.31% to $103.19.
Crypto: Bitcoin rose +2.62% to a 19-month high of $38,707. Ethereum gained +1.70% to $2,089.
Volatility: The Volatility Index fellย -2.25% to 12.62.
Interest Rates: The US 10-year Treasury yield dropped to a three-month low of 4.197%.
Here areย the best charts, articles, and ideas shared on the web today!
Chart of the Day
On avg December is positive for $SPX over 70% of the time. Generally a quiet start but picks up mid-month to close +1.5%. pic.twitter.com/b5pHdUMabG
— Optuma (@Optuma) December 1, 2023
Today’s Chart of the Day was shared by Optuma (@Optuma). The S&P 500 kicked off December on a positive note today, gaining +0.59% to a 20-month high. If it rises again next week, it will be the first six-week winning streak in four years. As we enter the final month of the year, Optuma points out that December has historically been positive 70% of the time for an average gain of +1.50%. However, most of the gains occur in the second half of the month. Many confuse this with the Santa Claus Rally, but that term strictly refers to the last five trading days of the year and the first two of the new year. After clearing the March 2022 peak today, the S&P 500 is sitting less than 5% from record highs, and there’s virtually no resistance standing in its way.
Quote of the Day
โThere’s no such thing as simple.
Simple is hard.โย
โ Martin Scorsese
Top Links
Stock Market Video Analysis for Week Ending December 1, 2023 – Alphatrends
Brian Shannon breaks down this week’s price action and highlights some key levels to watch next week.
Historic November As The Bull Market Continuesโฆ – All Star Charts
JC Parets shares his thoughts on the November rebound.
November Winners – Bespoke
Bespoke highlights the strongest stocks in November.
Is a Bigger Pullback Needed? – CappThesis
Frank Cappelleri looks at what could be next for the S&P 500 in December.
Market Leader Nvidia (NVDA) Struggling At Key Fibonacci Resistance! – Kimble Charting Solutions
Chris Kimble points out that Nvidia is stalling at a key level.
Top Tweets
November is finally over, time for a much needed pullback.$SPY: Hold my beer ๐บ pic.twitter.com/oc0ZHpQ6lR
— TrendSpider (@TrendSpider) December 1, 2023
S&P 500 $SPX closed at its highest price since March 2022 pic.twitter.com/DfdnqluW66
— Barchart (@Barchart) December 2, 2023
Dow is up for the fifth consecutive week –its longest winning streak since **2021** pic.twitter.com/VdF7b63fDo
— Gunjan Banerji (@GunjanJS) December 1, 2023
That was the 2nd highest Monthly close in the history of the Dow Jones Industrial Avg, the world's most important stock market index. Keep in mind, from a sector weighting perspective, the Dow is America's most diversified index, particularly compared to the S&P500 and Nasdaq. pic.twitter.com/FUirGVwNM2
— J.C. Parets (@allstarcharts) December 1, 2023
Everyone seems focused on high tech and AI, yet here we are with old-fashioned Dow Jones posed to close in new ATHs. Blue Chips are leading the way. $DIA pic.twitter.com/Ur3Ws3p1Ir
— Peter Brandt (@PeterLBrandt) December 1, 2023
Dow YTD highs in:
-Price
-A/D Line
-# of stocks above 150 Day MA (83%)
-# of stocks above 200 Day MA (83%)$DIA $DJIA pic.twitter.com/jAqh3IG1wx— Ian McMillan, CMT (@the_chart_life) December 2, 2023
Shaping up to be another big day for Russell and his 2,000 friends…. $IWM #Russell2000 #smallcaps pic.twitter.com/WWCQ82JHK8
— Conor White, CMT, CIM (@ConorWhiteRJ) December 1, 2023
$IWM's 3rd best day relative to $SPY in the last 12 months pic.twitter.com/LweTFX1mqD
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) December 1, 2023
Some of the most speculative stocks in the market just recorded their best month ever $ARKK ๐ pic.twitter.com/3nEmd2t9FZ
— Steven Strazza (@sstrazza) December 1, 2023
Historically, December is better for $SPX returns than November (on average). There's also no evidence that a strong November pulls returns from December, it can happen, but autocorrelation is more likely. pic.twitter.com/fVUBvqYT6l
— RenMac: Renaissance Macro Research (@RenMacLLC) December 1, 2023
Bulls outnumbered Bears by 29% in the latest AAII Sentiment Poll. Just 4 weeks ago Bears outnumbered Bulls by 26%. The 55% swing from net bearish to net bullish is the largest 4-week improvement in sentiment since March-April 2009. $SPX pic.twitter.com/RJkberJ6Jg
— Charlie Bilello (@charliebilello) December 1, 2023
$TLT – This seems like a big deal. pic.twitter.com/rMavBBl1GZ
— Larry Thompson (@HostileCharts) December 1, 2023
Towards the 4%…fantastic for risk-on! pic.twitter.com/lt0aDxUunN
— conradseric, CMT, CAIA, CEFA (@conradseric) December 1, 2023
Yes, that's a new daily and weekly all-time high for spot gold.
The previous daily closing ATH was $2063.02 on August 6, 2020. pic.twitter.com/UWHtcsdX7M— TF Metals Report (@TFMetals) December 1, 2023
Will this be the beginning of a historic breakout in Gold futures after more than a decade without progress? pic.twitter.com/xSlMQae7Fs
— Alfonso Depablos (@AlfCharts) December 1, 2023
#Bitcoin Ascending triangle breakout while the MACD curls to the upside. $BTCUSD pic.twitter.com/Q9ADBbv5Sy
— Jake Wujastyk (@Jake__Wujastyk) December 1, 2023
Updated the 2008 analog vs the Dow.$YM_F pic.twitter.com/X31l3xr1OS
— Arun S. Chopra CFA CMT๐ง (@FusionptCapital) December 1, 2023