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Today’s Summary
Tuesday, December 5, 2023
Indices: Nasdaq 100 +0.24% | S&P 500 -0.06% | Dow -0.22% | Russell 200 –1.38%
Sectors: 2 of the 11 sectors closed higher. Technology led, gaining +0.60%. Energy lagged, falling –1.75%.
Commodities: Crude Oil futures fell -0.99% to a four-month low of $72.32 per barrel. Gold futures fell -0.29% to $2,036 per oz.
Currencies: The US Dollar Index rose +0.31% to $103.96.
Crypto: Bitcoin jumped +4.98% to a 20-month high of $44,075. Ethereum gained +2.23% to $2,293.
Volatility: The Volatility Index fell -1.76% to 12.86.
Interest Rates: The US 10-year Treasury yield fell to a three-month low of 4.176%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
For those of you who know your market history, $BTCUSD breaking out above the Lindsay Lohan "100K" prediction level. https://t.co/YiM05jKHWB pic.twitter.com/vHUUml0UR6
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) December 5, 2023
Today’s Chart of the Day was shared by Arun Chopra (@FusionptCapital). Bitcoin rose +5% for the second day in a row, hitting a 20-month high of $44k. It’s up for the 8th consecutive week for the first time since 2017, and it hasn’t gone nine in a row since 2013. Arun jokes that Bitcoin has returned to levels where we saw celebrities jump aboard the trend in 2021. Jokes aside, sentiment isn’t nearly as frothy this time around despite trading at the same price. Sure, crypto bulls have gotten a little louder lately, but the public isn’t nearly as obsessed as it was in 2021.
Quote of the Day
“The history of markets is one of overreaction in both directions.”
–Peter Bernstein
Top Links
December Market Outlook – Grindstone Intelligence
Austin Harrison highlights some key areas to watch in December.
Rotation is the Lifeblood – All Star Charts
JC Parets looks at what sector rotation could look like in the coming weeks.
Banks/Financials – Bart’s Charts
James Barteloni highlights three potential sell patterns in the financial sector.
Sideways – Bespoke
Bespoke examines the narrow 3-year range in the Equal_Weight S&P 500.
Bitcoin Could Jump 10% as it Makes Bullish Moves Heading Into Year-End, Technical Analyst Says
Katie Stockton shares her near-term outlook on Bitcoin.
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/Re8F6FXZR5
— Evan (@StockMKTNewz) December 5, 2023
The 10-day (equivalent to 2 trading weeks) historical range on the $SPX emini futures is a narrow 1.9% of spot.
This is smallest 10-day trading range since Aug 5, 2021 which resumed its prevailing trend.
Before that, not since Oct 3, 2018 before a reversal: pic.twitter.com/pG3ggiPOb0
— John Kicklighter (@JohnKicklighter) December 5, 2023
Everyone is in the clown car now. Over 80% of stocks in the S&P 500 are above their 50-day moving averages and the $RSP has been above its 50-day MA for three weeks. Just waiting on the short-term technical signal that announces the selloff has started. pic.twitter.com/DxIS4GkD6g
— Brett Villaume, CMT, CAIA (@brettvillaume) December 5, 2023
XLF. Trying its August 2022 high again. pic.twitter.com/ldqRA1Jz8N
— Louis Spector, CMT (@EastCoastCharts) December 5, 2023
The #DAX hits a record high above 16,500, up more than 12% from late October alone, as the ECB flips dovish.
November's weakness in the $DXY has no doubt played a big role as well. pic.twitter.com/dcNzuSIBX8
— Matt Weller CFA, CMT (@MWellerFX) December 5, 2023
Crude Oil has now fallen to its lowest price since early July pic.twitter.com/e7atP29llM
— Barchart (@Barchart) December 5, 2023
Typically gold $GLD starts a bull run as real interest rates peak. Rallies tend to stall when real rates reach low levels and begin to climb. It's a simple game: throw the ball, hit the ball, catch the ball. -Bull Durham pic.twitter.com/xeI99VI4uT
— RenMac: Renaissance Macro Research (@RenMacLLC) December 5, 2023
$TNX US 10yr T-Note Yield
This is how I’m seeing it. pic.twitter.com/m03tDcuZzq
— Shane C. Murphy (@murphycharts) December 6, 2023
$TNX 10yr 200dma at 4.025% pic.twitter.com/NR8RVBwhh6
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) December 5, 2023
$TLT – I've been very annoying about the ~$92 area.
Love the R/R here. pic.twitter.com/7CBecshm1l
— Larry Thompson (@HostileCharts) December 5, 2023
#Bitcoin I think it's safe to say the volume shelf turned into a massive launchpad over the last week… $BTCUSD pic.twitter.com/qxyNWbSYYv
— Jake Wujastyk (@Jake__Wujastyk) December 5, 2023
Bitcoin trading $43k and this is what google search trends for Bitcoin look like.
There will be nasty corrections along the way, but this is not euphoria. pic.twitter.com/IdJhuc4h8J
— Will (@WClementeIII) December 5, 2023
Bitcoin’s market valuation just hit $850 billion, putting it in the same league as G20 countries in terms of GDP. This figure is larger than🇨🇭 Switzerland’s economy!@RayDalio, is this the changing world order you had in mind?#Bitcoin #btcusd #bitcoinnews #cryptonews #CRYPTO pic.twitter.com/9nScs015Sf
— JasonRaznick (@JasonRaznick) December 5, 2023