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Todayโs Summary
Friday, December 15, 2023
Indices: Nasdaq 100 +0.52% |ย Dow +0.15% | S&P 500 -0.01% | Russell 2000 -0.77%
Sectors: 2 of the 11 sectors closed higher. Tech led, gaining +0.50%. Utilities lagged, falling -1.74%.
Commodities: Crude Oil futures inched higher by +0.28% to $71.78 per barrel. Gold futures fell -0.45% $2,036 per oz.
Currencies: The US Dollar Index gained +0.63% to $102.59.
Crypto: Bitcoin fell -2.57% to $41,925. Ethereum dropped -4.11% to $2,221.
Volatility: The Volatility Index fellย -1.60% to 12.27.
Interest Rates: The US 10-year Treasury yield inched lower to a four-month low of 3.913%.
Here areย the best charts, articles, and ideas shared on the web today!
Chart of the Day
The S&P posted its 7th consecutive positive wk on Dec 15. Since 1950, I see 30 streaks of +7. The S&P is up 14.6% last 7 wks. Focusing on those 20 of the 30 that were up at least 7% I have the following forward results. The 1% moves over the next 4 wks were 14-1. pic.twitter.com/TtZljz9oUO
— Wayne Whaley (@WayneWhaley1136) December 15, 2023
Todayโs Chart of the Day was shared by Wayne Whaley (@WayneWhaley1136). The S&P 500 closed higher for the seventh straight week, representing its longest weekly winning streak since 2017. The index surged +14.6% throughout this streak, marking its best seven-week performance since May 2020. Wayne points out that there have been 30 other weekly winning streaks of seven or more since 1950. The table highlights the 20 streaks that gained +7% or more. The following week has been a coin toss, rising 55% of the time for an average gain of +0.49%. However, the next month has been higher 80% of the time, for an average gain of +1.94%. This streak is bound to end soon, but history suggests that further gains after a relentless advance are not only possible but probable.
Quote of the Day
“A bull market is when you check the prices of your stocks every day to see how much money you’ve made. A bear market is when you don’t bother to look anymore.”ย
โJohn Hammerslough
Top Links
S&P 500 Analysis: Winning Streak Stretches to 7 Weeks โ Why That Could Be a Bullish Sign – FOREX.com
Matt Weller looks at the seven-week winning streak in the S&P 500.
All About Dow New Highs – Carson Group
Ryan Detrick highlights the significance of this week’s breakout in the Dow Jones Industrial Average.
Dow Rallies from Correction to Record Highs in 32 Trading Days – LPL Financial Research
Adam Turnquist points out that Transports haven’t yet confirmed a Dow Theory buy signal.
All That Glitters Isnโt Gold – All Star Charts
Ian Culley looks at the industrial metals space.
The SPX Now vs 2019 & 2020 – CappThesis
Frank Cappelleri examines the sharp rally in the S&P 500.
Top Tweets
New all-time highs for the Nasdaq100. Highest ever. pic.twitter.com/Uk60qVpnbi
— J.C. Parets (@allstarcharts) December 16, 2023
The S&P 500 is now 8% higher than where it was when the Fed started hiking rates in March 2022. $SPX pic.twitter.com/Wwm0rFHiLf
— Charlie Bilello (@charliebilello) December 15, 2023
Two things are true about extreme breadth readings like this… 1, short-term pullbacks are common, and 2, in almost all instances the market is higher 6-12 months later. More here: https://t.co/mwhucYcHeN pic.twitter.com/XuGBvhfSO3
— David Keller, CMT (@DKellerCMT) December 15, 2023
Ron Burgundy sums it up best with small caps right here and now. pic.twitter.com/ULp0Ph1PLN
— Ryan Detrick, CMT (@RyanDetrick) December 15, 2023
$ARKK – Certain areas are extended, certain areas look like they are just getting started.
Keep it simple, do the work, avoid the noise. pic.twitter.com/hYJFkhIFoh
— Larry Thompson (@HostileCharts) December 15, 2023
$IPO index completing a trend reversal and breaking out to its highest level since April 2022 pic.twitter.com/WK6IP4HRcY
— Steven Strazza (@sstrazza) December 15, 2023
This is a crazy chart.
It shows FAANG+ vs. the IPO ETF $IPO since COVID hit. These traded closely inline with each other through 2021, but not so much since then.
FAANG+ hit a new all-time high this week while IPO is still in a 51% drawdown. https://t.co/d9a9XjlirW pic.twitter.com/vtBN6SWVqf
— Bespoke (@bespokeinvest) December 15, 2023
The new highs in the High Beta vs. Low Volatility ratio bode well for risk assets. pic.twitter.com/oxBPntiM6G
— Alfonso Depablos (@AlfCharts) December 15, 2023
A massive base resolving higher in Latin America.
Could the falling dollar have anything to do here?
What do you think?@daChartLife @TheChartReport @allstarcharts @the_chart_life pic.twitter.com/zELsrM37Ys
— Amol Desai (@LatticeworkInv) December 15, 2023
Who had $TLT at breakeven levels for YTD – especially when at one point it was down > 17%? pic.twitter.com/wigaPFpWqf
— David Settle, CMT (@davidsettle42) December 15, 2023
not common to get an RSI above 90 on large caps…
Only 4th time in 50 years than Boeing managed to do it.The ICARUS flight is great…till its not! pic.twitter.com/QGOYTEM7wx
— conradseric, CMT, CAIA, CEFA (@conradseric) December 15, 2023
Will the new year bring another major regime change in the S&P 500? ๐ง $SPY pic.twitter.com/hZnVtgMnbb
— TrendSpider (@TrendSpider) December 15, 2023