Daily Chart Report ? Tuesday, December 1st, 2020
Sponsored By:
Today’s Summary
Tuesday, December 1st, 2020
Indices: US Stocks closed higher to kick off December with the Dow Jones Industrial Average gaining 185 points or 0.63%. The S&P 500 and Nasdaq both closed at all-time highs, rising 1.13% and 1.28%, respectively. The Russell 2000 moved higher by 0.89%.
Sectors: 10 of the 11 sectors closed higher. Communications led, rising 1.83%. Real Estate was the only sector to close lower, slipping 0.25%.
Commodities: Crude Oil futures moved lower by 1.74% to $44.55 per barrel. Gold futures bounced 2.13% to $1,819 per ounce.
Currencies: The US Dollar Index dropped 0.74% to a new multi-year low.
Interest Rates: The 10-year US Treasury yield moved higher to 0.928%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Strategas Research (@StrategasRP). The Nasdaq broke out to an all-time high today for the first time since September 2nd. Heading into the September peak, the index was up a whopping 75% from the March low. It was starting to go parabolic and it was due for a correction of some sort. As we know, markets can correct in one of two ways – through price (meaning a sharp sell-off) or through time (meaning a sideways consolidation). As Strategas points out, the past three months look like a healthy correction through time. In a comment to The Chart Report, Todd Sohn of Strategas added “The Nasdaq had one of its strongest rallies ever between March and September, If you run a four-minute mile you’re gonna need a breather. It’s also worth noting that as the Nasdaq moved sideways, other beaten-down areas of the market like Small-Caps, Energy, Financials, and International Stocks picked up the slack in a meaningful way.” This sort of rotation is exactly what you want to see if you’re bullish because it demonstrates broadening participation. After a three-month pause could this tech-heavy index be ready to reassert its leadership? Stay tuned!
Quote of the Day
“The whole world is simply nothing more than a flow chart for capital.”
– Paul Tudor Jones
Top Links
November 2020 Asset Class Performance – Bespoke
Bespoke gives a quick breakdown of asset class performance in November.
Investors are Becoming Fearless – Rieben Financial
Greg Rieben shares his thoughts on the current market environment and the increase in bullish sentiment.
How Good is the 200-Day Moving Average – Crossing Wall Street
Eddy Elfenbein examines the effectiveness of the 200-day moving average.
Top 10 Monthly Candles for November 2020 – Cully Charts
Ian Cully takes a look at some noteworthy monthly candlestick charts.
Betting On A Greater Fool: Bitcoin & Gold Edition – All Star Charts
JC Parets weighs-in on Gold and Bitcoin.
Top Tweets
You’re all caught up now. Thanks for reading!