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Todayโs Summary
Thursday, December 14, 2023
Indices: Russell 2000 +2.72% | Dow +0.43% | S&P 500 +0.26% | Nasdaq 100 -0.15%
Sectors: 7 of the 11 sectors closed higher. Energy led, gaining +2.94%. Consumer Staples lagged, falling -1.47%.
Commodities: Crude Oil futures rose +3.04% to $71.58 per barrel. Gold futures were flat and continue to trade at $2,045 per oz.
Currencies: The US Dollar Index dropped -0.93% to a four-month low of $101.95.
Crypto: Bitcoin inched higher by +0.33% to $43,031. Ethereum gained +2.43% to $2,316.
Volatility: The Volatility Index roseย +2.38% to 12.47.
Interest Rates: The US 10-year Treasury yield dropped to a four-month low of 3.923%.
Here areย the best charts, articles, and ideas shared on the web today!
Chart of the Day
At 44%, the percentage of stocks that are overbought in the S&P 500 $SPX is at its highest level on record
The only other readings above 40% were in June 2003 and June 2020
It's not bearish… pic.twitter.com/uqo1Jptl2D
— Steven Strazza (@sstrazza) December 14, 2023
Todayโs Chart of the Day was shared by Steve Strazza (@sstrazza). The S&P 500 has risen for seven straight weeks, in which it’s gained nearlyย +15%. This face-ripping rally has pushed the index deeply into overbought territory, with RSI hitting its highest level since September 2020. Steve points out that 44% of S&P 500 stocks are also overbought, a record level. The only other readings that came close were in June 2003 and 2020, both of which occurred as the market entered a new bull market. Many hearย “overbought”ย and immediately assume it can’t go any higher. However, RSI can stay overbought while prices trend higher.
Quote of the Day
“The most bullish thing the market can do is get overbought and stay so.”
โ Alan Shaw
Top Links
The Dow @ ATHs! – JottingOnCharts
Grant Hawkridge does a deep dive into the Dow.
Bulls Take the Majority – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Semiconductors (SMH) Attempting Bullish Cup and Handle Breakout! – Kimble Charting Solutions
Chris Kimble looks at the breakout in the Semiconductor ETF ($SMH).
‘Tis the Season For Dollar Weakness – All Star Charts
Ian Culley points out that the US Dollar Index ($DXY) has historically been weak at the end of December.
Gold’s Move Up is a Commentary on the U.S. Dollar, Says Strategas’ Chris Verrone – CNBC
Chris Verrone shares his thoughts on the macro-technical landscape.
Top Tweets
The S&P 500 will likely be up 7 consecutive weeks by the end of tomorrow.
Since 1990, that has happened 10 other times.
4 weeks later higher 8 times
8 weeks later higher 9 timesAs we've been saying for awhile now, an object in motion….
— Ryan Detrick, CMT (@RyanDetrick) December 14, 2023
The S&P 500 is off just 1.6% from its January 2022 record pic.twitter.com/AKYwJbA58W
— Gunjan Banerji (@GunjanJS) December 14, 2023
$IWM 52wk high
It's been more than 2 years since we could say that pic.twitter.com/l8N1xQkbLK
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) December 14, 2023
The Russell 2,000 hit a new 52-week high today. That comes a mere 48 calendar days after its 52-week low. In the history of the index, there has never been a faster turnaround from a 52-week low to a 52-week high.
Read more in tonight's Closer: https://t.co/Ym3cerUcNd pic.twitter.com/8wS57IPiVc
— Bespoke (@bespokeinvest) December 14, 2023
When the R2K was testing 160 I opined how critically-important chart this was since a similar 1972 Nifty 50/Everything Else divergence ended so horribly. $IWM did hold 160, but I still need a solid push above 200 to end my nightmares. For 1972-3 charts see https://t.co/nOZqsAbvtW pic.twitter.com/uNwIK1BMq0
— Walter Deemer (@WalterDeemer) December 14, 2023
S/Mid watch. Sustained upside-volume intensity suggests that a durable breakout is underway. pic.twitter.com/oFPw9kdgiw
— Mark Ungewitter (@mark_ungewitter) December 14, 2023
The Magnificent 93 getting stronger…$QQEW / $QQQ pic.twitter.com/0UyBH4TTJ3
— Christian Fromhertz ๐บ๐ธ (@cfromhertz) December 14, 2023
The 52-week high-low spread indicator, tracking more than 9,000 securities on U.S. exchanges, recently generated a risk-on signal when its moving average entered positive territory. pic.twitter.com/d8Xg18YlXh
— Dean Christians, CMT (@DeanChristians) December 14, 2023
U.S. Dollar Index $DXY falling off a cliff pic.twitter.com/9KCZl3AvyT
— Barchart (@Barchart) December 14, 2023
$TLT had the highest volume upside day ever today.
Still a lot of potential upside on the chart. https://t.co/CsSPMjpvmh pic.twitter.com/HFk9JVuYCH— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) December 14, 2023
Bulls now outnumber Bears by 32% in the AAII Sentiment poll, the largest positive spread since April 2021.
Last December, Bears outnumbered Bulls by 32%.
What changed?
S&P 500 is 25% higher & Nasdaq 100 is 55% higher. pic.twitter.com/Of7zz5aazk
— Charlie Bilello (@charliebilello) December 14, 2023
Bull on tracks disrupts trains between Newark and New York https://t.co/qyTDYEIeDu
— The Associated Press (@AP) December 14, 2023