Daily Chart Report ? Wednesday, December 2nd, 2020
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Today’s Summary
Wednesday, December 2nd, 2020
Indices: US Stocks were little changed in today's session. The Dow Jones Industrial Average rose 60 points or 0.20%. The S&P 500 inched up 0.18%, while the Nasdaq inched down just 0.05%. The Russell 2000 was also pretty flat, inching up just 0.11%.
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining 3.25%. Materials lagged, falling 1.28%.
Commodities: Crude Oil futures moved higher by 1.64% to $45.28 per barrel. Gold futures rose 0.62% to $1,830 per ounce.
Currencies: The US Dollar Index fell 0.32% to a new multi-year low.
Interest Rates: The 10-year US Treasury yield moved higher to 0.936%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Ryan Detrick of LPL Financial Research (@RyanDetrick). The S&P 500 rose 10.8% in November, booking one of its largest monthly gains in the past decade. So what typically happens after large monthly gains of this magnitude (>10%)? The following month has pretty much been a coinflip, with the index closing higher 50% of the time for a small median gain of 0.20%. Looking further out, gains start to get more likely and larger. Six months later, the index was higher 83% of the time for a median gain of 13%. Of course, this is just one data point to consider within the context of other evidence. But using history as a guide, we see that large monthly gains have led to further gains more often than not. For more on this, check out the full note here.
Quote of the Day
"Bad news travels at the speed of light; good news travels like molasses.”
– Tracy Morgan
Top Links
Technical Indicators Say These 9 Growth Stocks Have More Upside in 2021, Fundstrat Says - Business Insider
Robert Sluymer of Fundstrat highlights nine growth stocks with bullish chart setups.
Willie Delwiche's Takeaways from November Market Rally - TD Ameritrade Network
In this clip, Willie Delwiche offers his technical perspective on sentiment, breadth, and the overall market environment.
Seasonality Points to a Strong Month of December for XLC - StockCharts
Julius de Kempenaer explains that December has historically been a strong month for the Communications sector ($XLC).
The Post-Spreadsheet World - All Star Charts
JC Parets and Howard Lindzon discuss some of the emerging trends they're seeing among traders and investors.
Gold Just Did This for the 1st Time in 9 Months - SenimenTrader
Jason Goepfert points out that Gold just ended its 10th longest streak above its 200-day moving average (Since 1975).