Daily Chart Report ๐ Tuesday, December 17, 2024
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Todayโs Summary
Tuesday, December 17, 2024
Indices: S&P 500 -0.39% | Nasdaq -0.43% | Dow -0.61% | Russell 2000 -1.18%
Sectors: Consumer Discretionary was the only positive sector, gaining +0.31%. Industrials lagged, falling -0.92%.
Commodities: Crude Oil futures fell -1.50% to $69.65 per barrel. Gold fell -0.30% to $2,662 per oz.
Currencies: The US Dollar Index inched higher by +0.07% to $106.94.
Crypto: Bitcoin inched higher by +0.11% to $106,187. Ethereum fell -2.36% to $3,894.
Volatility: The Volatility Index rose +8.10% to 15.88.
Interest Rates: The US 10-year Treasury yield was flat at 4.395%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Today's Chart of the Day was shared by Matt Weller (@MWellerFX).
- The Dow fell for the ninth consecutive day, marking its longest losing streak in 40 years (1984). Despite the persistent decline, it's only -3.5% off a record high.
- The uptrend has remained intact, but Matt points out that the index is testing a potential inflection point near $43k.
- This critical level represents the 50-day EMA and the lower bounds of a four-month Rising Channel. While the recent decline has been orderly and harmless, selling will likely intensify if the Dow breaches this critical level.
The Takeaway: After its longest losing streak in 40 years, the Dow is facing a critical level at $43k.
Top Links
DJIAโs Longest Losing Streak Since 1978 Not Likely to Cancel Santa Claus Rally - Almanac Trader
Jeff Hirsch looks at how the Dow has historically performed after nine-day losing streaks.
Nine Reasons We Still Believe in a Santa Claus Rally - Carson Research
Ryan Detrick examines the prospects of a Santa Claus Rally.
Today's Number is...3 - The Daily Number
Grant Hawkridge looks at the Hindenburg Omen.
Offense or Defense: Choose Your Play - Alfonso's Daily Note
Alfonso De Pablos points out that the Consumer Staples sector is testing support on a relative basis ($XLP/$SPY).
Doomsday Divergence from Hell - Risk Adverse Futures Market Trader
Peter Brandt highlights the divergence between the Dow and the Nasdaq.
Quote of the Day
"Many receive advice,
only the wise profit from it."
- Harper Lee