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Todayβs Summary
Tuesday, December 26, 2023
Indices: Russell 2000 +1.24% | Nasdaq +0.60% |Β Dow +0.43% | S&P 500 +0.42%
Sectors: All 11 sectors closed higher. Energy led, rising +0.86%. Health Care lagged but still inched higher by +0.22%.
Commodities: Crude Oil futures gained +2.73% to $75.57 per barrel. Gold futures were flat atΒ $2,070 per oz.
Currencies: The US Dollar Index fell -0.26% to a five-month low of $101.44.
Crypto: Bitcoin dropped -2.48% to $42,510. Ethereum fell -1.81% to $2,231.
Volatility: The Volatility Index fell -0.46% to 12.98.
Interest Rates: The US 10-year Treasury yield was flat at 3.899%.
Here areΒ the best charts, articles, and ideas shared on the web today!
Chart of the Day
Keep an eye on small-cap materials π pic.twitter.com/xgLUruAct8
— Alfonso Depablos (@AlfCharts) December 26, 2023
Todayβs Chart of the Day was shared by Alfonso Depablos (@AlfCharts). Small-Caps have surged since the end of October, with the Russell 2000 up +24% in the past two months. The index still needs to gain +19% before reaching all-time highs. However, Alfonso points out that some Small-Cap sectors have already broken out to record highs ahead of their Large-Cap peers. The Small-Cap Industrials Sector ($PSCI) broke out to record highs earlier this month, and the Small-Cap Materials Sector ($PSCM) broke out today. Meanwhile, The Large-Cap Materials Sector ($XLB) is still -5% below its record highs. The top holdings in $PSCM include $ATI, $SEE, $BCPC, $FUL, and $AMR. This ETF isn’t a good trading vehicle because it’s thinly traded, but it shows that there are opportunities among Small-Caps beneath the surface of the Russell 2000.
Quote of the Day
“What is past is prologue.”
β William Shakespeare
Top Links
Last 3 Days of Year Weak Link in Santa Claus Rally – Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in the year’s final days.
Rare Stock Market Signal Has Only Been Flashed 3 Times in Last 25 Years – Ciovacco Capital Management
Chris Ciovacco highlights a bullish breadth thrust that fired recently.
Stephen Suttmeier on Chart Portfolio of Global Markets – Masters in Business
Barry Ritholtz interviews Stephan Suttmeier on the nuances of technical analysis. Suttmeier is the Chief Equity Technical Strategist at Bank of America Merrill Lynch.
Deck the Highs – The Weekly Trend Podcast
In this podcast, David Zarling and Ian McMillan discuss the noteworthy technical developments across the markets.
Top Tweets
The S&P 500 is now less than 0.5% from a new all-time closing high.
— Bespoke (@bespokeinvest) December 26, 2023
The Nasdaq100 has never in its history closed higher than it did today. One thing you'll learn by studying prior bear markets is that you don't see too many new all-time highs in those environments. I encourage you, go back and check for yourself. You'll see. pic.twitter.com/mXjGzJVa95
— J.C. Parets (@allstarcharts) December 27, 2023
$IWM +25% Nov-Dec.
2nd-best two-month stretch in the ETF's 23-year history. pic.twitter.com/DwIvWhGxRd— Mike Zaccardi, CFA, CMT π (@MikeZaccardi) December 26, 2023
We started sharing this chart in early July.
It said that a big first half for stocks historically equaled a weak Q3 and a huge Q4.
Simply amazing how well '23 played out to the script. pic.twitter.com/l6iAJyozm1
— Ryan Detrick, CMT (@RyanDetrick) December 26, 2023
$NYSI will cross over +1000 tomorrow. Not a feature of bull market tops or bear market rallies. Also happened in January; February was rough but the rest of the year speaks for itself. Notes on chart pic.twitter.com/hgUvegkoYK
β Urban Carmel (@ukarlewitz) December 27, 2023
Day 1: +0.17%
Day 2: +0.41% https://t.co/BtGfAFXaHQ— Ian McMillan, CMT (@the_chart_life) December 26, 2023
SPY has drawn around $40 billion in inflows in December, on track for the biggest monthly haul since it began trading in *1993* pic.twitter.com/qW5LZLINVf
— Gunjan Banerji (@GunjanJS) December 26, 2023
Biotech takes out a big line today pic.twitter.com/xQjvbdOvfo
— Scott Brown, CMT (@scottcharts) December 27, 2023
All but 2 S&P sectors recently had ~90% of their
stocks trading above their 50-day moving averages.Since 1957, the equal-weight version of the index showed almost universal gains over the next 6 months. The only true failure was in 1973. pic.twitter.com/jzmkNXvf48
— Jason Goepfert (@jasongoepfert) December 26, 2023
one of 2023's biggest wrong-way bets: CHINA
Chinese equities: -13%
EM equities ex China: +13% pic.twitter.com/vQsvaMpL7r— Katie Greifeld π (@kgreifeld) December 26, 2023
Bitcoin up over 150% YTD… $COIN up over 400% pic.twitter.com/joESVtpQgT
— IV (@iv_technicals) December 26, 2023
Bitcoin $BTC closing in on a Weekly Golden Cross for the first time in its history π pic.twitter.com/CoQtpiPGJn
— Barchart (@Barchart) December 26, 2023
Is Bitcoin Halving a bullish or bearish event?
You be the judge $BTC pic.twitter.com/aC7fh5ErHk— Peter Brandt (@PeterLBrandt) December 26, 2023
Apparently, everyone was a good little boy or girl for Santa this year as lumps of coal were not in demand. pic.twitter.com/mUhNYdocFW
— Michael Kahn, CMT (@mnkahn) December 26, 2023