Daily Chart Report π Friday, December 20, 2024
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Todayβs Summary
Friday, December 20, 2024
Indices: Dow +1.18% | S&P 500 +1.09% | Russell 2000 +0.94% | Nasdaq +0.85%
Sectors: All 11 sectors closed higher. Real Estate led, gaining +1.82%. Consumer Discretionary lagged but still closed higher by +0.25%.
Commodities: Crude Oil futures inched higher by +0.12% to $69.46 per barrel. Gold gained +1.42% to $2,645 per oz.
Currencies: The US Dollar Index dropped -0.56% to $107.82.
Crypto: Bitcoin rose +0.40% to $97,760. Ethereum gained +1.64% to $3,470.
Volatility: The Volatility Index slid -23.80% to 18.35.
Interest Rates: The US 10-year Treasury yield fell to 4.53%.
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 Jason Goepfert (@jasongoepfert).
- Despite falling -2.0% this week, the S&P 500 finished on a strong note Friday with a Bullish Engulfing candle. It undercut the prior month's low this morning, forming a potential Failed Breakdown.
- Breadth was very strong today despite being persistently negative all month. Wednesday was the worst day of the year for breadth, while Friday was among the best.
- Jason points out that forward returns for the S&P 500 have generally been bullish after cycling from its worst breadth day in the last 90 days to its best within a three-day period. Over the next three months, $SPX was higher 85% of the time, for a median gain of +7.3%.
The Takeaway: Wednesday was the worst day of the year for breadth, but Friday was among the best. While this is just one of many data points to consider, it typically hasn't been bearish...
Top Links
Stock Market & Crypto Analysis December 20, 2024 - Brian Shannon
Brian Shannon breaks down this week's price action and some key levels to watch next week.
The Marketβs Stress Test - Alfonso's Daily Note
Alfonso De Pablos looks at credit spreads for potential warning signs.
Russell 2000 At Important Risk-On vs Risk-Off Crossroads! - Kimble Charting Solutions
Chris Kimble examines the outlook for Small Caps.
Preparing for 2025 - All Star Charts Options
Options strategist Sean McLaughlin shares his game plan for the year ahead.
Puzzle Pieces - The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the current market environment and themes.
Quote of the Day
"The music is not in the notes,
but in the silence between."
- Mozart
Top Tweets