Daily Chart Report ๐ Friday, December 6, 2024
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Todayโs Summary
Friday, December 6, 2024
Indices: Nasdaq +0.92% | Russell 2000 +0.54% | S&P 500 +0.25% | Dow -0.28%
Sectors: 3 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.11%. Energy lagged, falling -1.70%.
Commodities: Crude Oil futures fell -1.61% to $67.20 per barrel. Gold dropped +0.42% to $2,660 per oz.
Currencies: The US Dollar Index rose +0.23% to $105.97.
Crypto: Bitcoin rose +2.93% to $99,898. Ethereum rose +5.70% to a nine-month high of $4,004.
Volatility: The Volatility Index dropped -5.69% to 12.76.
Interest Rates: The US 10-year Treasury yield fell to 4.155%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Today's Chart of the Day was shared by Thomas DiFazio (@ThomasDiFazio).
- As Bitcoin continues to print record highs, the second-largest cryptocurrency, Ethereum ($ETHUSD), could join the party soon.
- Ethereum is testing $4k for the third time this year. It peaked at this level in March before building a nine-month base. If Ethereum clears $4k, it could test all-time highs, around $4,850 by year-end.
- Ethereum is up +72% YTD. While it has significantly lagged Bitcoin this year (+130% YTD), it's still up twice as much as the Nasdaq 100 (+29%).
The Takeaway: If it clears $4k, Ethereum could test record highs in the coming weeks. Despite underperforming Bitcoin by a wide margin this year, it's still outperforming the strongest areas of the stock market.
Top Links
Today's number is... 7 - The Daily Number
Grant Hawkridge examines market breadth.
Third Times a Charm โ Early โJanuary Effectโ Likely to Push Russell 2000 to New ATHs - Almanac Trader
Jeff Hirsch breaks down seasonality for Small Caps vs. Large Caps.
SKYYโs the Limit - Alfonso's Daily Note
Alfonoso De Pablos points out that the Cloud Computing ETF ($SKYY) is emerging to fresh highs.
Stay Away from Large-Cap Value Stocks - StockCharts
Julius de Kempenaer looks at the rotation between growth and value stocks.
The 10 Stocks Up More Than Bitcoin - Bespoke
Bespoke highlights ten stocks that have outpaced Bitcoin over the past five years.
Quote of the Day
"If you stop at general math, you're only going to make general math money."
- Snoop Dogg
Top Tweets