Daily Chart Report ? Wednesday, December 8th, 2021
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Today’s Summary
Wednesday, December 8th, 2021
Indices: Dow +0.10% | S&P 500 +0.31% | Nasdaq +0.64% | Russell 2000 +0.80%
Sectors: 7 of the 11 sectors closed higher. Health Care led, gaining 0.75%. Financials lagged, falling 0.53%.
Commodities: Crude Oil futures gained 0.43% to $72.36 per barrel. Gold futures were flat and continue to trade at $1,785 per ounce.
Currencies: The US Dollar Index fell 0.35%.
Interest Rates: The US 10-year Treasury yield rose to 1.525%.
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 Rolando Santos (@TKPTrader). It’s a daily candlestick chart of Bitcoin over the past 16 months. The candlesticks are color-coded according to momentum, as measured by RSI. We highlighted this chart from Rolando three weeks ago, explaining that caution was warranted as long as RSI was below 50. Not much has changed, as Rolando points out that RSI is still well below 50. Bitcoin lives and dies by momentum. As you can see, the most profitable trends occur when RSI is above 50 (white/green candles) which is not the case right now. It’s tough to want to be a buyer here until momentum improves.
Quote of the Day
“Good traders liquidate when they are wrong,
great traders reverse when they are wrong.”
– Jack Schwager
Top Links
What Investors Can Expect of the SPX for the Rest of 2021 – Schaeffer’s Investment Research
Rocky White explains why the S&P 500 could rally into the end of the year.
Are New Highs in the Cards for S&P 500 and NASDAQ 100? – Potomac Fund Management
Dan Russo highlights some key takeaways from the current market environment.
Semiconductor Ratio Attempting Bullish Breakout Over the Year 2000 Highs! – See it Market
Chris Kimble points out that Semiconductor stocks are attempting to break out of a 20-year base on a relative basis.
Will We Get a Christmas Rally? | Larry Williams – StockCharts.com
In this video, Larry Williams takes a look at year-end seasonality.
Top Tweets
You’re all caught up now. Thanks for reading!