Daily Chart Report ? Tuesday, December 28th, 2021
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Today’s Summary
Tuesday, December 28th, 2021
Indices: Dow +0.26% | S&P 500 -0.10% | Nasdaq -0.56% | Russell 2000 -0.66%
Sectors: 7 of the 11 sectors closed higher. Utilities led, gaining 0.90%. Tech lagged, falling 0.52%.
Commodities: Crude Oil futures rose 0.54% to $75.98 per barrel. Gold futures inched higher by 0.12% $1,811 per ounce.
Currencies: The US Dollar Index inched higher by 0.09%.
Interest Rates: The US 10-year Treasury yield rose to 1.484%.
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 Jonathan Harrier (@jonathanharrier). It's a daily candlestick chart of the Nasdaq 100 ETF, $QQQ, over the past 20 months. Stocks have rebounded nicely in the past week, however, volume has been somewhat anemic throughout the rally. Conventional wisdom would say you need volume to confirm the trend and that low volume rallies can't be trusted. However, that idea is fairly antiquated in today's age of high-frequency trading. Not to mention, it's the holiday season here in the U.S., so low volume shouldn't be a surprise. As Jonathan points out, it's fairly common to see volume trend lower as the market recovers from pullbacks. If anything, this is perfectly normal behavior.
Quote of the Day
“Charts really are the footprint of money.”
- Fred McAllen
Top Links
Despite Gains and the Holidays, Investors are Glum - SentimenTrader
Jason Goepfert explains that investor sentiment is still cautious despite the fact that stocks are near record highs.
Technology and Defensive Sectors Lead the Way Higher - Potomac Fund Management
Dan Russo highlights the strongest/weakest sectors of the S&P 500.
Will Silver Price Reversal Bring Holiday Cheer For Bulls? - Kimble Charting Solutions
Chris Kimble takes a look at a potential reversal in Silver prices.
Bitcoin's Long-Term Momentum Indicators Are Still Positive Despite Recent Downturn, Katie Stockton Says - Business Insider
Katie Stockton shares her technical perspective on Bitcoin.
2021 IPO Boom & Bust - Arun Chopra
Here's an epic thread from Arun Chopra about the dangers of investing in high-profile IPOs when they first debut.
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You’re all caught up now. Thanks for reading!