Daily Chart Report π Monday, December 2, 2024
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Todayβs Summary
Monday, December 2, 2024
Indices: Nasdaq +1.12% | S&P 500 +0.24% | Russell 2000 -0.02% | Dow -0.29%
Sectors: 3 of the 11 sectors closed higher. Technology led, gaining +0.93%. Utilities lagged, falling -2.15%.
Commodities: Crude Oil futures inched higher by +0.15% to $68.10 per barrel. Gold dropped -0.84% to $2,659 per oz.
Currencies: The US Dollar Index rose +0.57% to $106.38.
Crypto: Bitcoin fell -1.47% to $95,859. Ethereum fell -1.77% to $3,645.
Volatility: The Volatility Index fell -1.26% to 13.33.
Interest Rates: The US 10-year Treasury yield rose to 4.194%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Steve Strazza (@sstrazza).
- After outperforming in the first half of 2024, the Semiconductor ETF ($SMH) is down -4.9% in the second half, while the S&P 500 is up +11.3%.
- Despite the narrative of an AI-driven bull market, $SMH has formed a *potential* Head & Shoulders Top relative to the S&P 500 ($SMH/$SPY). Meanwhile, laggards like $IWM and $ARKK are finally starting to work.
- Semis are a vital area of the market. If this top completes, it will cast a bearish shadow on the broader market. However, if this bearish pattern fails, it will be a green light for the bulls in the final weeks of the year.
The Takeaway: Semiconductors are threatening to break down from a Head & Shoulders Top relative to the S&P 500 ($SMH/$SPY). Breaking down would spell trouble for 2025. However, if this top fails, it will be very bullish. Click here to read the full post.
Top Links
More Gains Likely in December, the Third Best Month of the Year - Alamanac Trader
Jeff Hirsch examines how stocks have historically performed in December.
The Sleeping Giants - Hostile Charts
Larry Thompson points out that several Mega-Caps are reemerging.
Game On: Betting Big on the Hottest Gaming Stocks
Alfonso De Pablos highlights the breakout in Video Game stocks.
The Inflection Show - The Rotation Report
Aaron and Dan at the Rotation Report share their thoughts on the major trends in the market.
United Back to Flying the Friendly Skies - Bespoke
Bespoke looks at the wild ride in shares of United Airlines ($UAL).
Quote of the Day
"Never bet on the end of the world, because it only happens once, and even if it does, who are you going to settle the trade with?"
- Art Cashin (RIP)