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Today’s Summary
Thursday, December 17th, 2020
Indices: US Stocks closed higher across the board in today’s session. The Dow Jones Industrial Average advanced 149 points or 0.49%. The S&P 500 and Nasdaq rose 0.58% and 0.84%, respectively. Small-Caps outperformed, with the Russell 2000 gaining 1.30%.
Sectors: 9 of the 11 sectors closed higher. Real Estate led, rising 1.17%. Energy lagged, falling 0.47%.
Commodities: Crude Oil futures moved higher by 1.51% to $48.54 per barrel. Gold futures gained 1.68% $1,890 per ounce.
Currencies: The US Dollar Index dropped 0.71% to a new 2-year low.
Interest Rates: The 10-year US Treasury yield moved higher to 0.938%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Comment: global equities. All major segments surpassing prior cyclical top. Not bearish. pic.twitter.com/sJbswOMGRZ
— Mark Ungewitter (@mark_ungewitter) December 17, 2020
Today’s Chart of the Day was shared on Twitter by Mark Ungewitter (@mark_ungewitter). The chart shows the S&P 500 over the past two years, along with three other global equity ETFs – Developed Europe ($VGK), Developed Pacific ($VPL), and Emerging Markets ($VWO). Mark points out that all three of these global ETFs are currently trading above their February peaks. This shows healthy demand and risk appetite for stocks as an entire asset class. The simple takeaway here is that stocks are breaking out around the world, which is anything but bearish.
Quote of the Day
“Charts really are the footprint of money.”
– Fred McAllen
Top Links
Thursday Top Three – Jotting on Charts
Grant Hawkridge offers three noteworthy charts to keep an eye on.
Aussie, Aussie, Aussie… – Cully Charts
Ian Cully examines what the Aussie Dollar could be telling us about the current market environment.
Euro Currency Bull Market Breakout… Ready to Launch in 2021? – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Euro.
It’s All About Da Base….. – StockCharts.com
Julius de Kempenaer offers his technical take on Bitcoin.
Bitcoin Goes Bonkers – Bespoke
Bespoke shares some incredible stats about the surge in Bitcoin over the past couple of days.
Top Tweets
Yes, stocks closed at record highs again today.
But if you're waiting for lower prices to buy in, consider this:
If you've invested at any S&P 500 record high since 1950, there's a 99% chance the index hit another record high in the next 12 months.
— Callie Cox (@callieabost) December 17, 2020
With today's action in Small caps, we are very close to a 90% cross on S&P Small caps above 200EMA… Historically rare, but very bullish for the market longer term. Also shown are results for when this metric crosses above 85%, which occurred December 4th. $SPY $IWM pic.twitter.com/1sweLHfOj6
— ? Rolando Santos ? (@TKPTrader) December 17, 2020
Consumer Disc. continue to lead Consumer Staples. Bullish sign for risk appetite.$XLY $XLP pic.twitter.com/7tkiTd9n8y
— Andrew Thrasher, CMT (@AndrewThrasher) December 17, 2020
Update on Bollinger Band squeezes in 4 big $QQQ stocks. $APPL extended after its breakout and is leading. $AMZN and $MSFT closed above their upper bands for breakouts on Wednesday. $NVDA is lagging and stalling near support with Ascending Triangle working. Group is strong $SOXX. pic.twitter.com/2r7tuYLg1Z
— Arthur Hill, CMT (@ArthurHill) December 17, 2020
Silver and Gold$SLV $GLD pic.twitter.com/eJfAzsPmjb
— Bhagyashree Urdhwareshe, CMT (@sunsofttech) December 17, 2020
$Silver on the cusp of breaking out after a 3-month consolidation. The goldilocks of the metals settling between the strength of $copper and mediocrity of $gold. pic.twitter.com/F6c8EvE50H
— RenMac: Renaissance Macro Research (@RenMacLLC) December 17, 2020
aggressively long at the 61.8.$COPX $HG_H pic.twitter.com/lgyii21upY
— J4 (@J4_doji) December 17, 2020
world wide search trends for $BTC not even close to 2017 levels.
Thank you to the team @Optuma for their perpetual help with this. pic.twitter.com/AP0dzLoEMr— Dan Russo, CMT (@DanRusso_CMT) December 17, 2020
There have been 21 times #Bitcoin jumped 10% or more to a multi-year high.
It added to its gains over the next week after 19 of those by a *median* of 29%.
What a cray cray market. pic.twitter.com/KQO547ku2Z
— SentimenTrader (@sentimentrader) December 17, 2020
Bitcoin's gain in the last two days ($3,926) is greater than its intraday low price this year ($3,914). https://t.co/dTCQvFHVYU pic.twitter.com/4bTvKaxbTh
— Bespoke (@bespokeinvest) December 17, 2020