Daily Chart Report 📈Tuesday, December 3, 2024
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Today’s Summary
Tuesday, December 3, 2024
Indices: Nasdaq +0.31% | S&P 500 +0.05% | Dow -0.17% | Russell 2000 -0.73%
Sectors: 2 of the 11 sectors closed higher. Communications led, gaining +0.81%. Utilities lagged, falling -0.86%.
Commodities: Crude Oil futures gained +2.70% to $69.94 per barrel. Gold rose +0.35% to $2,668 per oz.
Currencies: The US Dollar Index was flat (-0.04%) at $106.34.
Crypto: Bitcoin was flat (+0.07%) at $95,926. Ethereum fell -0.74% to $3,618.
Volatility: The Volatility Index inched lower by -0.15% to 13.31.
Interest Rates: The US 10-year Treasury yield rose to 4.228%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today's Chart of the Day was shared by @WallStWingman.
- Mega-Caps have regained control this week. @WallStWingman points out that the Magnificent 7 ETF ($MAGS) achieved its first all-time high in three weeks today.
- $MAGS broke out after the election but quickly retested its July peak, around $50. While retesting its former highs, $MAGS consolidated into a tight pennant pattern, building energy for a strong upward resolution.
- All seven components are positive this week, but $META, $AMZN, and $AAPL are leading the charge, each gaining at least +4% week-to-date.
The Takeaway: Mega-Caps have regained control this week with the Magnificent 7 ETF, $MAGS, resolving out of a three-week consolidation pattern.
Top Links
Today's Number is... 535 - The Daily Number
Grant Hawkridge compares the length and magnitude of the current bull market to previous ones.
Why December Will Probably Be Strong and a Few More Random Thoughts - Carson Research
Ryan Detrick shares his outlook for the S&P 500 in December.
Shopping Deals in Retail - Alfonso's Daily Note
Alfonoso De Pablos looks at the Retail ETF ($XRT).
Overbought Markets Pullback During Typical Early December Weakness - Almanac Trader
Jeff Hirsch examines how the major indices have historically performed throughout December.
South Korea ETF (EWY) Reaching New Lows - Bespoke
Bespoke looks at the recent weakness in South Korea ($EWY).
Quote of the Day
“As for good stocks and bad stocks, there were no such things; there were only stocks increasing in price and stocks declining in price.”
- Nicholas Darvas
Top Tweets