Daily Chart Report π Monday, December 16, 2024
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Todayβs Summary
Monday, December 16, 2024
Indices: Nasdaq +1.45% | Russell 2000 +0.64% | S&P 500 +0.38% | Dow -0.25%
Sectors: 4 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.35%. Energy lagged, falling -2.20%.
Commodities: Crude Oil futures fell -0.81% to $70.71 per barrel. Gold fell -0.22% to $2,670 per oz.
Currencies: The US Dollar Index inched lower by -0.08% to $106.86.
Crypto: Bitcoin rose +1.58% to $106,073. Ethereum rose +0.76% to $3,988.
Volatility: The Volatility Index rose +6.45% to 14.69.
Interest Rates: The US 10-year Treasury yield rose to 4.403%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Eric Conrads (@conradseric).
- The Nasdaq 100 ($QQQ) is at a record high, gaining +5.6% in December's first 11 trading days. Meanwhile, the Equal-Weight S&P 500 ($RSP), a broader measure of 'the stock market,' has trickled lower by -3.2%.
- We're halfway through December, yet $QQQ is on track for its best month vs. $RSP since May 2023, outperforming by +9.1%.
- While these two indices have notably diverged, the S&P 500 has coiled into a potential Bull Flag. Conventional wisdom says narrow leadership is bearish, but Mega-Cap leadership is nothing new.
The Takeaway: In the first half of December, the Nasdaq 100 jumped to all-time highs, while the Equal-Weight S&P 500 steadily dipped lower. Some interpret this narrow leadership as bearish, while others view this as a healthy rotation.
Top Links
Today's Number is... 16 - The Daily Number
Grant Hawkridge points out that the S&P 500 is at a seasonal inflection point.
Why Tesla Has Never Looked Stronger - Alfonso's Daily Note
Alfonso De Pablos outlines the breakout in Tesla, Inc. ($TSLA).
The Stock Show: MAG7 World - The Rotation Report
Aaron and Dan weigh in on the market's notable trends and themes.
Quantum Stocks Leap - Bespoke
Bespoke highlights the rise in quantum computing stocks.
Quote of the Day
"The most important thing I have learned over the last 40 years in Wall Street is to realize how little everyone knows and how little I know."
- Gerald Loeb
Top Tweets