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Today’s Summary
Tuesday, December 13th, 2022
Indices: Nasdaq 100 +1.09% | Russell 2000 +0.76% | S&P 500 +0.73% | Dow +0.30%
Sectors: 9 of the 11 sectors closed higher. Real Estate led, rising +2.20%. Consumer Staples lagged slipping -0.14%.
Commodities: Crude Oil futures rose +2.85% to $75.39 per barrel. Gold futures gained +1.82% to $1,826 per ounce.
Currencies: The US Dollar Index dropped -0.95% to $103.99.
Crypto: Bitcoin gained +3.21% to $17,762. Ethereum rose +3.59% to $1,320.
Interest Rates: The US 10-year Treasury yield dropped to 3.505%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Bullish confidence would increase if slope of NYSE's 200-day moving average can flip. Click image to enlarge. pic.twitter.com/IQcumKhFWs
— Chris Ciovacco (@CiovaccoCapital) December 13, 2022
Today’s Chart of the Day was shared by Chris Ciovacco (@CiovaccoCapital). The chart shows the 200-day moving average of the NYSE Composite Index ($NYA) over the past six weeks. Between today’s CPI release and tomorrow’s Fed decision, this week is filled with noise. In a choppy environment like this, Chris reminds us that the long-term continues to steadily decline. The 200-day moving average is often looked at as either support or resistance, however, it’s more practically used to gauge the direction of the long-term trend. The NYSE has been trading above it for nearly four weeks now, but price will need to continue above it for a while before the long-term trend is a bull’s friend again.
Quote of the Day
“Having a quote machine is like having a slot machine on your desk – you end up feeding it all day long. I get my price data after the close each day.”
– Ed Seykota
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Top Links
VIX Death Cross Historically Bullish for S&P 500 over Next 2 Weeks – Alamanc Trader
Jeff Hirsch examines how the S&P 500 has historically performed when the VIX prints a Death Cross.
Is Anyone Bullish? ? – Carson Group
Ryan Detrick takes a look at sentiment.
December Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts highlights three things to watch in the coming weeks.
Fund Flow Data Key Takeaways – Strategas Asset Management
In this quick video, Todd Sohn shares three key insights from recent fund flows.
How Often is the Market Down in Consecutive Years? – A Wealth of Common Sense
Ben Carlson looks at the historical frequency of back-to-back annual losses in the S&P 500.
Top Tweets
Had the S&P 500 not finished the day down 2% from where it opened, most bulls would have been happy with a 0.73% gain on the day on CPI day and heading into the Fed. Framing is everything.
— Bespoke (@bespokeinvest) December 13, 2022
Ten-day S&P 500. Normal stuff, sped up. Going to gap up to the rally high and then go back and fill the gap within a few hours? pic.twitter.com/Wv2IuMwpgB
— Michael Santoli (@michaelsantoli) December 13, 2022
The DeMARK Indicators do not give one peace of mind coming into tomorrow's FOMC announcement, with counter-trend signals on 60-min charts & daily charts of $SPX #fairleadstrategies pic.twitter.com/28V57SQf8A
— Katie Stockton, CMT (@StocktonKatie) December 13, 2022
Ran-dumb:
All trading days where $SPY gaps higher by 2% or more and finishes with a daily return between 0-1%.
I find humor in the fact that 12/12/2007 and 12/8/2000 are on the table.
Two other Decembers and it just *has* to be those calendar years. pic.twitter.com/BAtAcuiIFz
— Steve Deppe, CMT (@SJD10304) December 13, 2022
Potential for more volatility tomorrow is high. Table below shows $SPX action on all the $FED Days this year where they hiked rates. Smallest absolute % chg was June gain of 1.46%. $SPY $STUDY pic.twitter.com/5q4vOGOaDi
— Quantifiable Edges (@QuantifiablEdgs) December 13, 2022
The past two Fed meetings saw stocks sell off the day of the hike and the following day. pic.twitter.com/PKBBCRjq6k
— Ryan Detrick, CMT (@RyanDetrick) December 13, 2022
U.S. dollar falling further below its 200-day moving average this morning (with its 50-dma and 100-dma converging) pic.twitter.com/qaJyXa444P
— Liz Ann Sonders (@LizAnnSonders) December 13, 2022
$UUP – This weekly candle has a long way to go before it closes.
Does $28 serve as support or turn into resistance? pic.twitter.com/TYyqf1pEul
— Larry Thompson, CPA (@HostileCharts) December 13, 2022
Emerging markets failing their test relative to S&P $EEM $SPY pic.twitter.com/eBkF5ocUiw
— David Rath (@DJwrath) December 13, 2022
Tesla is now down over 61% from its peak in November 2021, the largest drawdown in the company's history. $TSLA
Charting via @ycharts pic.twitter.com/4YagfLxNaX
— Charlie Bilello (@charliebilello) December 13, 2022
Bitcoin eyeballing $18k… pic.twitter.com/22iKy7UCF6
— Katie Greifeld (@kgreifeld) December 13, 2022
$BTC Weekly. Approaching some big resistance. pic.twitter.com/BpX9fHWSf3
— Brian G (@alphacharts) December 13, 2022
Santa Rally Coming?
Over the past 5 years $BTC has averaged ~18% gain in December? pic.twitter.com/eMHNaiDNC8
— Osprey Funds (@OspreyFunds) December 13, 2022
Total returns over the past 5 years:
Bitcoin +5.5%
1-3 month t-bills +5.4%
one was a tad more volatile than the other pic.twitter.com/ubZ59FXVW1
— Ben Carlson (@awealthofcs) December 13, 2022
You’re all caught up now. Thanks for reading!