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Today’s Summary
Friday, December 10th, 2021
Indices: Dow +0.60% | S&P 500 +0.95% | Nasdaq +0.73% | Russell 2000 -0.38%
Sectors: All 11 sectors closed higher. Technology led, gaining 2.01%. Communications lagged but still ticked higher by 0.05%.
Commodities: Crude Oil futures rose 1.44% to $71.96 per barrel. Gold futures gained 0.36% to $1,783 per ounce.
Currencies: The US Dollar Index fell 0.16%.
Interest Rates: The US 10-year Treasury yield fell to 1.49%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$SPX – biggest up week in a long time, but it doesn't feel like it. pic.twitter.com/aQyCUoNIaX
— JasonLeavitt (@JasonLeavitt) December 10, 2021
Today’s Chart of the Day was shared by Drew Wells (@DrewTheCharts). It’s a chart of the S&P 500 Low Volatility Index over the past year, with the S&P 500 below it. The Low Volatility Index tracks the 100 most boring (least volatile) stocks in the S&P 500, including PepsiCo, Verizon, Procter & Gamble, Hershey’s, and more. Drew points out that Low-Volatility stocks are breaking out to all-time highs, while the S&P 500 stalls at resistance. This isn’t the most encouraging development for the bulls. Typically, you want to see the more aggressive High Beta stocks leading and breaking out. Instead, market participants are hiding out in the safer, less volatile names. The tape continues to be two-sided, but this is one area of the market that is currently working.
Quote of the Day
“Find a group of people who challenge and inspire you, spend a lot of time with them, and it will change your life.”
– Amy Poehler
Top Links
A Technical Take on the Fed | 5 Charts – LPL Financial Research
In this video, Ryan Detrick and Scott Brown break down five noteworthy charts.
A Major Breadth Reversal With a Compelling Record Just Triggered – SentimenTrader
Jason Goepfert takes a look at a bullish breadth thrust that just triggered.
Mixed Messages From Market Internals – All Star Charts
The team at All Star Charts examines market breadth.
Stock Market & Bitcoin Analysis Dec 10 2021 – AlphaTrends
Brian Shannon analyzes this week’s price action and highlights some key levels to keep an eye on next week.
Fill The Gap Podcast with Special Guest John Bollinger – CMT Association
In this podcast, the CMT Association interviews the creator of Bollinger Bands, John Bollinger.
Top Tweets
Make that 67 new all-time highs for the S&P 500 so far in 2021, second most ever (1995). pic.twitter.com/wcdWpbSddc
— Ryan Detrick, CMT (@RyanDetrick) December 10, 2021
this is the best week for the S&P 500 since February pic.twitter.com/klC36EPmA4
— Katie Greifeld ? (@kgreifeld) December 10, 2021
Weekly $SPX update: solid recovery, with pretty good resistance building at this $4700 level. A whole bunch of macro news on tap next week! pic.twitter.com/7tgUF39ry2
— Michael Turvey (@MikeTurvey_TDA) December 10, 2021
$SPX $SPY Powerful breadth thrusts this week… The 5-day rate of change for $SPX component stocks went from -5% to +5% in less than 10 days. Past 10 yrs, only 9 other events. 1 month avg return +6.4%, avg drawdown only 0.7%. Details:https://t.co/qDLUTKGYL8 pic.twitter.com/P0tV2xeqOB
— Jonathan Harrier, CMT (@jonathanharrier) December 10, 2021
With Biotech and Banks looking weak on a relative basis, will we continue to see the Russell 2000 underperform in the coming weeks? pic.twitter.com/pc3Tsl3FBU
— Ian McMillan, CMT (@the_chart_life) December 10, 2021
Staples and low volatility showing some near-term relative strength $XLP $SPLV pic.twitter.com/KWcsookgcb
— Steven Strazza (@sstrazza) December 10, 2021
Oil is headed for its biggest weekly gain in more than three months, back to September levels. WTI is up 50% on the year. https://t.co/5QRFzsb0da pic.twitter.com/fNHE11yA50
— Lisa Abramowicz (@lisaabramowicz1) December 10, 2021
Bull pennant on the US Dollar… $UUP $DXY pic.twitter.com/AUeb1BQ0KT
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) December 10, 2021
I understand the Bitcoin is an inflation hedge argument, and as time goes on, it'll likely morph into Gold-like returns.
But as for now, Bitcoin is just yet another high-beta risk asset with it becoming increasingly correlated to legacy markets in recent months $BTC pic.twitter.com/shgzXsIJh9
— Louis Sykes (@haumicharts) December 10, 2021
And that's a new all-time high daily and weekly close for the S&P 500, it's 24th new all-time high weekly close of 2021.
We just finished the 49th week of the year so roughly half of all weeks this year are new ATH's. Good times.
— Steve Deppe, CMT (@SJD10304) December 10, 2021
You’re all caught up now. Thanks for reading!