Daily Chart Report π Thursday, December 19, 2024
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Todayβs Summary
Thursday, December 19, 2024
Indices: Dow +0.04% | S&P 500 -0.09% | Russell 2000 -0.45% | Nasdaq -0.47%
Sectors: 3 of the 11 sectors closed higher. Utilities led, gaining +0.45%. Real Estate lagged, dropping -1.72%.
Commodities: Crude Oil futures fell -0.91% to $69.38 per barrel. Gold fell -1.70% to $2,608 per oz.
Currencies: The US Dollar Index rose +0.21% to a two-year high of $108.43.
Crypto: Bitcoin fell -2.77% to $97,375. Ethereum dropped -5.81% to $3,414.
Volatility: The Volatility Index dropped -12.79% to 24.08.
Interest Rates: The US 10-year Treasury yield jumped to a six-month high of 4.566%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Chris Ciovacco (@CiovaccoCapital).
- The Dow was the only major index that closed higher today. It snapped a 10-day losing streak, although it was practically unchanged (+0.04%).
- Chris points out that the Dow is testing a potential support area of around 42k. This level coincides with the AVWAPs from the July peak (orange) and the August low (blue).
- The Dow is due for a bounce after snapping its longest losing streak in five decades. However, if 42k breaks, selling will likely intensify.
The Takeaway: The Dow snapped a 10-day losing streak while testing a potential inflection point, around 42k.
Top Links
Dollar Breakout: Trouble Ahead for Stocks? - Alfonso's Daily Note
Alfonso De Pablos highlights the recent breakout in the US Dollar Index ($DXY).
Today's Number is... 97% - The Daily Number
Grant Hawkridge provides an update on market internals.
Russell 2000 Historically Best Ahead of Christmas - Almanac Trader
Jeff Hirsch looks at the seasonal trends ahead of Christmas.
Preparing for 2025 - All Star Charts Options
Options strategist Sean Mclaughlin shares his game plan for the year ahead.
Quote of the Day
"The correctness of a decision canβt be judged from the outcome."
- Howard Marks
Top Tweets