Daily Chart Report ? Tuesday, December 8th, 2020
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Today’s Summary
Tuesday, December 8th, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average gaining 104 points or 0.35%. The S&P 500 and Nasdaq rose 0.28% and 0.50%, respectively. Small-Caps outperformed with the Russell 2000 closing higher by 1.40%.
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining 1.49%. Real Estate lagged, falling 0.46%.
Commodities: Crude Oil futures inched lower by 0.35% to $45.60 per barrel. Gold futures moved higher by 0.48% to $1,875 per ounce.
Currencies: The US Dollar Index rose 0.16%.
Interest Rates: The 10-year US Treasury yield inched lower to 0.920%.
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 on Twitter by Sarah Ponczek of Bloomberg (@SarahPonczek). It’s a daily bar chart of the Nasdaq 100 over the past year. The Nasdaq closed higher for the 10th consecutive day today, marking the longest winning streak in a year. As Sarah points out, RSI just reached overbought territory (above 70) for the first time since September. Overbought might sound bearish but it simply means that there is an overwhelming amount of buyers. RSI can stay overbought for long periods of time while price moves higher. Take a look at the period between June and September. RSI didn’t even fall below 50 and the market moved significantly higher. The more important takeaway here is that RSI refuses to reach oversold conditions (below 30). The fact that we haven’t seen RSI reach oversold conditions since March is evidence of a strong and healthy uptrend.
Quote of the Day
“Show me the charts, and I’ll tell you the news.”
– Bernard Baruch
Top Links
While Everyone is Watching Airbnb, Here is What I Will be Watching – Marea Market Musings
Dan Russo weighs-in on the upcoming Airbnb IPO and breaks down a few noteworthy charts in the Travel/Leisure space.
Five Charts that Make the Case for a Bull Market in Commodities – Pring Turner Investment Management
Respected technician, Martin Pring lays out the bull case for Commodities.
Three Bullish Tells for Gold Stocks – StockCharts
David Keller offers his outlook on Gold and Gold Mining Stocks.
Are US Interest Rates Going Higher? – All Star Charts
JC Parets takes a look at US interest rates and the potential implications of higher yields.
3 Big Ideas for 2021 – CNBC
In this clip, Chris Verrone of Strategas Research shares his three top stock picks – $MS, $RIO, and $UBER.