Daily Chart Report π Tuesday, December 10, 2024
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Todayβs Summary
Tuesday, December 10, 2024
Indices: S&P 500 -0.30% | Nasdaq 100 -0.34% | Dow -0.35% | Russell 2000 -0.42%
Sectors: 3 of the 11 sectors closed higher. Communications led, gaining +1.57%. Real Estate lagged, falling -1.62%.
Commodities: Crude Oil futures rose +0.32% to $68.59 per barrel. Gold rose +1.21% to $2,718 per oz.
Currencies: The US Dollar Index rose +0.20% to $106.38.
Crypto: Bitcoin is currently down -0.40% to $97,082. Ethereum is down -1.68% to $3,651.
Volatility: The Volatility Index inched higher by +0.07% to 14.19.
Interest Rates: The US 10-year Treasury yield rose to 4.228%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Yuriy Matso (@yuriymatso).
- Last Tuesday, Nasdaq 100 Futures ($NQ_F) cleared their post-election highs before rolling over into a potential Head & Shoulders Top. While $NQ_F violated the neckline at 21,444 today, it quickly found support at the post-election highs (21,340).
- Selling could intensify if the Nasdaq breaks its post-election high, as this would confirm a Failed Breakout. However, if the Nasdaq reclaims the neckline at 21,444, it will mark a Failed Top.
- Failed Tops can be very bullish, but futures must reclaim the neckline at 21,444 before invalidating this potential top.
The Takeaway: If Nasdaq futures drop below 21,340, the bulls will be trapped. However, if futures reclaim 21,444, the bears will be trapped.
Top Links
Today's Number is... 6 - The Daily Number
Grant Hawkridge points out that the S&P 500 has experienced six (now 7) consecutive days with more decliners than advancers.
QURE Doubles, Walgreens WBA Soars 18% while SiriusXM SIRI Falls 12% - Trading Trends
John Salama highlights a few noteworthy setups.
High Beta Hits 20-Week High vs. Low Volatility - All Star Charts
JC Parets looks for evidence of rotation beneath the surface of the S&P 500.
Argentina ETF (ARGT) on Top in 2024 - Bespoke
Bespoke breaks down the strongest and weakest country ETFs.
Quote of the Day
βAdapt what is useful, reject what is useless, and add what is specifically your own.β
- Bruce Lee
Top Tweets