Daily Chart Report ? Monday, December 6th, 2021
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Today’s Summary
Monday, December 6th, 2021
Indices: Dow +1.87% | S&P 500 +1.17% | Nasdaq +0.93% | Russell 2000 +2.05%
Sectors: All 11 sectors closed higher. Consumer Staples led, gaining 1.76%. Health Care lagged, but still rose 0.57%.
Commodities: Crude Oil futures rebounded 4.87% to $69.49 per barrel. Gold futures slipped 0.25% to $1,780 per ounce.
Currencies: The US Dollar Index moved higher by 0.15%.
Interest Rates: The US 10-year Treasury yield rose to 1.436%.
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 Adam Koos (@AdamKoos). It’s a 60-min candlestick chart of the S&P 500 over the past three months. The S&P 500 is attempting to carve out a short-term bottom. It has managed to find some support over the past few session at a confluence of support from the September highs and the 50-day moving average. Adam points out that RSI is beginning to diverge positively from price, which is a sign that a short-term trend reversal is brewing. To be fair, RSI can diverge from price for a while before materializing into anything meaningful, so it would be prudent to wait for the S&P to reclaim 4,600 to confirm this bullish divergence.
Quote of the Day
“A group of people who think differently is a market.
A group of people who think alike is a mob.”
– Naval Ravikant
Top Links
“This Will Be a Big Week” – All Star Charts
JC Parets highlight some noteworthy charts to keep an eye on this week.
Russell 2000 Outlook: Walking a Slippery Slope – Nasdaq
Brian Joyce points out that the post-election surge in the Russell 2000 created a big ugly volume gap that could spell trouble if IWM breaks below 210.
Bonds are Back – Means to a Trend
Austin Harrison takes a look at the recent moves in Treasury yields.
Field Position – The Rotation Report
Aaron Jackson examines the bear case for stocks.
Natural Selection – The Weekly Trend
In this podcast, David Zarling and Ian McMillan highlight some of the most important technical developments on their radar.
Top Tweets
You’re all caught up now. Thanks for reading!