Daily Chart Report 📈 Monday, December 9, 2024
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Today’s Summary
Monday, December 9, 2024
Indices: Dow -0.54% | S&P 500 -0.61% | Russell 2000 -0.67% | Nasdaq 100 -0.84%
Sectors: 2 of the 11 sectors closed higher. Health Care led, gaining +0.29%. Communications lagged, dropping -2.13%.
Commodities: Crude Oil futures rose +1.74% to $68.37 per barrel. Gold gained +0.99% to $2,686 per oz.
Currencies: The US Dollar Index rose +0.19% to $106.17.
Crypto: Bitcoin dropped -3.69% to $97,468. Ethereum dropped -7.32% to $3,714.
Volatility: The Volatility Index gained +11.13% to 14.18.
Interest Rates: The US 10-year Treasury yield rose to 4.203%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today's Chart of the Day was shared in a note by Jeff Hirsch (@AlmanacTrader).
- The Russell 2000 ($IWM) failed to make an all-time high last week as Mega-Caps dominated the tape. However, Jeff reminds us that Small Caps are still tracking their seasonal pattern eerily closely.
- After bottoming in late October, the ratio of Small Caps to Large Caps ($IWM/$IWB) typically makes two higher lows before a solid push higher from mid-December through March.
- In the note, Jeff explained: "We suspect that once tax-loss selling pressure abates, likely sometime later next week, $IWM will finally break out and close at a new all-time high. Should this occur, Small-Cap outperformance could persist into early March next year."
The Takeaway: Small-Caps erased their post-election alpha last week as Mega-Caps dominated the tape, but history suggests we could see sustained outperformance from Small Caps in the weeks/months ahead.
Top Links
Opposite Day to Start the Week - Bespoke
Bespoke points out that today's laggards were the YTD leaders.
Today's Number Is... 500 - The Daily Number
Grant Hawkridge examines breadth within the S&P 500.
Third Times a Charm – Early “January Effect” Likely to Push Russell 2000 to New ATHs - Almanac Traders
Jeff Hirsch breaks down the seasonal pattern for Small Caps vs. Large Caps.
Chinese Equities Poised to Lead? - Alfonso's Daily Note
Alfonso De Pablos looks at what could be next for Chinese stocks.
Bitcoin: Is a 'Retest' in the Cards? - Nasdaq Market Intelligence Desk
Brian Joyce points out that if Bitcoin remains below $99k, it could retest its former highs, around $70k.
Quote of the Day
"There is nothing new in the world except the history you do not know."
- Harry S. Truman
Top Tweets