Daily Chart Report ? Monday, December 23rd, 2019
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Today’s Summary
Monday, December 23rd, 2019
Indices: US stocks closed slightly higher in today’s session, with the Dow Jones Industrial Average gaining 96 points or 0.34%. The S&P 500 and Nasdaq moved higher by 0.09% and 0.23%, respectively. The Russell 2000 inched higher by 0.13%.
Sectors: Energy led, gaining 1.03%. Utilities lagged, falling 0.93%.
Commodities: Crude Oil futures inched higher by 0.13% to $60.52 per barrel. Gold futures gained 0.53% to $1,490 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The US 10-year Treasury yield moved higher to 1.926%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Yes. $SPX is up more than 37% in 251 trading days! #winning pic.twitter.com/SnKgbS8PdU
— ? I. Vodenitcharov CFA CMT (@iv_technicals) December 23, 2019
Today’s Chart of the Day was shared on Twitter by @iv_technicals. It’s a chart of the S&P 500 index over the past 20 years. The indicator in the bottom pane shows the 251-day rate of change for $SPX. There are about 251 trading days in a year. Therefore this indicator is similar to the 12-month rate of change or year-over-year performance. @iv_technicals points out that the index is currently up 37% over the past 251-days. As you can see from the chart, this is the strongest 251-day performance in nearly a decade. This “extreme” performance doesn’t necessarily mean that the top is near. In fact, if you look at past scenarios where the 251-day rate of change was this high, the market was still able to continue higher. After all, capital tends to flow where capital is being rewarded.
Quote of the Day
“The idea of waiting for something makes it more exciting.”
– Andy Warhol (Artist)
Top Links
2019 Stock Market Performance Around the World – Bespoke
Bespoke ranks the strongest and weakest foreign equity markets.
Repeating Patterns in Human Behavior – Ciovacco Capital Management
Chris Ciovacco emphasizes that the behavior of market participants doesn’t change much over time, which is why history can serve as a useful guide. He then compares the current market environment to similar scenarios from the past.
Treasury Futures Show Worrisome Sign, Interactive Brokers’ Sosnick Says – Bloomberg
Steve Sosnick of Interactive Brokers and Abigail Doolittle discuss the technical outlook for US Treasury Bonds, and Steve lays out an options trade to take advantage of potential weakness in Bonds.
Near-Record Levels of Optimism – SentimenTrader
In this quick read, Jason Goepfert of SentimenTrader examines sentiment and breadth.
Momentum Monday – Howard Lindzon
Howard Lindzon and Ivanoff flip through dozens of charts to identify the strongest stocks and trends.
Top 10 Tweets
You’re all caught up now. Thanks for reading!