Daily Chart Report π Wednesday, December 18, 2024
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Todayβs Summary
Wednesday, December 18, 2024
Indices: Dow -2.58% | S&P 500 -2.95% | Nasdaq -3.60% | Russell 2000 -4.39%
Sectors: All 11 sectors fell more than -1%. Health Care led, but still fell -1.36%. Consumer Discretionary lagged, dropping -4.51%.
Commodities: Crude Oil futures rose +0.53% to $70.02 per barrel. Gold fell -0.33% to $2,6532 per oz.
Currencies: The US Dollar Index jumped +1.18% to a two-year high of $108.20.
Crypto: Bitcoin dropped -5.68% to $100,153. Ethereum fell -6.90% to $3,625.
Volatility: The Volatility Index had its second-biggest day ever, surging +73.87% to a four-month high of 27.61.
Interest Rates: The US 10-year Treasury yield jumped to a six-month high of 4.520%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Caleb Franzen (@CalebFranzen)
- Today was the second-biggest day in the history of the Volatility Index ($VIX). It spiked nearly +74% to a four-month high of 27.6.
- The $VIX had a similar tantrum on August 5th when it spiked nearly +65%. Caleb points out that the S&P 500 marched steadily higher from that point on. Both spikes occurred when the S&P 500 was within -10% of a record high.
- Despite the similarities, the August 5th spike closed significantly off its intraday high (-41%), while today's spike closed -2.5% off its highs. In other words, the $VIX hasn't signaled a reversal yet.
The Takeaway: The Volatility Index ($VIX) had its second-biggest day in history today, jumping nearly +74%. Today's spike was similar to the one in early August, although it lacks evidence of a reversal.
Top Links
The Bears Come Out of the Cave - Alfonso's Daily Note
Alfonso De Pablos highlights the recent pick-up in new lows.
The Big Divergence in Bullish Percents - StockCharts
David Keller points to a bearish divergence in the S&P 500.
Today's Number Is... 37.3 > 34.3 - The Daily Number
Grant Hawkridge examines the internal health of the S&P 500.
Fed Grinches Spoil December Quarterly Options Expiration Bullishness, Again
Jeff Hirsch looks at how stocks have historically performed around December quarterly options expiration.
Quote of the Day
βI would like to see more volatility in the markets. Small shocks remind us that a bigger shock might occur. And, we protect ourselves to some extent.β
- Myron Scholes