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Todayโs Summary
Friday, December 8, 2023
Indices: Russell 2000 +0.67% | S&P 500 +0.41% | Nasdaq 100 +0.39% | Dow +0.36%
Sectors: 8 of the 11 sectors closed higher. Energy led, gaining +1.08%. Consumer Staples lagged, falling –0.69%.
Commodities: Crude Oil futures rose +2.73% to $71.23 per barrel. Gold futures dropped -1.56% to $2,015 per oz.
Currencies: The US Dollar Index rose +0.34% to $103.98.
Crypto: Bitcoin rose +2.08% to a 20-month high of $44,193. Ethereum was unchanged at an 18-month high of $2,359.
Volatility: The Volatility Index fellย -0.26% to a 3-year low of 12.35.
Interest Rates: The US 10-year Treasury yield rose to 4.229%.
Here areย the best charts, articles, and ideas shared on the web today!
Chart of the Day
Good weekend to check your account balances – SPX best since early 2022.. first weekly settle > 4600 since Jan '22 on the doorstep. pic.twitter.com/wJ1pH1406u
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) December 8, 2023
Todayโs Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). The S&P 500 rose +0.21% this week, booking its first six-week winning streak since 2017. Mike points out that it’s a good time to check on those long-term accounts with the index at 20-month highs. It broke out of a narrow two-week trading range today and cleared resistance at 4,600. This was the last major hurdle before testing the final boss of resistance… all-time highs at 4,800. With just 14 trading days left in 2023, the S&P 500 is just 4% from record highs, there’s virtually no resistance standing in its way, and Santa comes to town soon.ย
Quote of the Day
“Feeling gratitude and not expressing it is like
wrapping a present and not giving it.”
โ William Arthur Ward
Top Links
Decemberโs Quarterly Options Expiration Week Historically Bullish
Jeff Hirsch looks at how stocks have historically performed around December options expiration.
Top Charts from the Consumer Staples Sector – Grindstone Intelligence
Austin Harrison breaks down the Consumer Staples sector.
Monitoring the Relative Trends in Silver Miners – All Star Charts
Louis Sykes points out that Silver Miners are attempting to bottom relative to Gold Miners.
Investing In 2024 and Beyond – Ciovacco Capital Management
Chris Ciovacco examines what could be next for stocks in 2024.
Top Tweets
BREAKING ๐จ: Stock Market Bears
S&P 500 $SPX is now on a 6 week winning streak, its longest in 4 years pic.twitter.com/r71uvvRIxZ
— Barchart (@Barchart) December 9, 2023
You could say it was a good year to own the Mag 7.
๐ข $NVDA +231.86%
๐ข $META +166.75%
๐ข $TSLA +125.57%
๐ข $AMZN +71.78%
๐ข $AAPL +56.48%
๐ข $MSFT +55.71%
๐ข $GOOGL +51.47% pic.twitter.com/VogRw0eg6f— TrendSpider (@TrendSpider) December 8, 2023
After over 2 weeks of being stuck in this range, it looks like we might finally break out of this range. Just in time for Santa. $SPY pic.twitter.com/Ziv2xcs09O
— Michael Nauss, CMT, CAIA ๐จ๐ฆ (@MichaelNaussCMT) December 8, 2023
$SPY closes at a new YTD high. pic.twitter.com/v6XRJhCKdW
— Andrew Moss, CMT (@Andy__Moss) December 8, 2023
Lowest close of the year for the $VIX
Highest close of the year for the $SPX pic.twitter.com/EPa8Cfpiwh
— Brian Bond, CMT (@BrianBond) December 8, 2023
Homebuilders on the 'doubles' list…$XHB pic.twitter.com/pfnGvqc5Aw
— Ian McMillan, CMT (@the_chart_life) December 8, 2023
The German $DAX, one of the world's most important stock market indexes, is reaching new all-time highs. pic.twitter.com/ngqNOTWzmX
— Alfonso Depablos (@AlfCharts) December 8, 2023
Crude Oil on track for its 7th consecutive red week, its longest losing streak since 2018 pic.twitter.com/B7tSwLnM05
— Barchart (@Barchart) December 8, 2023
Just as crude oil reaches its seasonal window low NOW people are starting to ask, โHow low can oil go?โ
A good time to again invokeโฆ
Jayโs Trading Maxim #188: The one thing that NEVER changes in the market is human nature. @SentimenTrader pic.twitter.com/zqJwP6nFR7— Jay Kaeppel (@jaykaeppel) December 8, 2023
#Bitcoin Nothing like a bull flag breakout to start the weekend. $BTCUSD pic.twitter.com/xZEK0aUxdB
— Jake Wujastyk (@Jake__Wujastyk) December 8, 2023
The Only #Bitcoin Chart You'll Ever Needโข
We're tracking the historical cycle to a "T" so far – still potential for more upside in the post-bottom, pre-halving period ahead of April 2024's Halvening…and then the mania phase begins anew? pic.twitter.com/DTYkHbUr6C
— Matt Weller CFA, CMT (@MWellerFX) December 8, 2023
After two long years, altcoin season has officially returned…
The only responsible thing you can do now is to yolo irresponsibly$ETH $BNB $XRP $ADA $DOGE $SOL $MATIC $LTC $DOT $SHIB pic.twitter.com/ndvrn7KDJ7
— Steven Strazza (@sstrazza) December 8, 2023
Wall Street's 2023 S&P 500 targets one yr ago…
Currently = 4,604 (hit new 52-week high today)
Nailed it.
via @SamRo pic.twitter.com/HVaktSvFFe
— Nate Geraci (@NateGeraci) December 9, 2023