Daily Chart Report ? Thursday, December 8th, 2022
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Today’s Summary
Thursday, December 8th, 2022
Indices: Nasdaq 100 +1.22% | S&P 500 +0.75% | Russell 2000 +0.63% | Dow +0.55%
Sectors: 9 of the 11 sectors closed higher. Tech led, rising +1.64%. Energy lagged, falling -0.45%.
Commodities: Crude Oil futures fell -0.76% to $71.46 per barrel. Gold futures inched higher by +0.19% to $1,802 per ounce.
Currencies: The US Dollar Index fell -0.35% to $104.81.
Crypto: Bitcoin gained +2.32% to $17,230. Ethereum rose +4.48% to $1,285.
Interest Rates: The US 10-year Treasury yield rose to 3.486%.
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 Andrew Thrasher (@AndrewThrasher). It's a chart of the S&P 500 over the past 37 years, along with its 200-week moving average. As we approach the end of the year, it's fair to say 2022 will be remembered as one of the worst years in recent history in terms of persistent weakness. Andrew points out that one major difference between 2022 and other bad years like 2001 and 2008, has been the fact that it successfully tested its rising 200-week moving average. We kissed it in September and October but never extended meaningfully below it. In both 2001 and 2008, the S&P 500 tumbled more than 30% after breaking this long-term moving average. On the other hand, most of the successful tests turned out to be great buying opportunities in hindsight.
Quote of the Day
“There are only two losses to report, loss of capital or a loss of opportunity. If we preserve the capital there will always be another opportunity.”
- Louise Yamada
Top Links
Back-to-Back Monthly Surge Consolidating Gains - Almanac Trader
Jeff Hirsch examines how the S&P 500 has historically performed after back-to-back monthly gains >5%.
Sentiment Staves off Lower Readings - Bespoke
Bespoke breaks down the results of the latest sentiment surveys.
Bonds Bust a Move | What the FICC? - All Star Charts
In this quick video, Ian Culley explains why he thinks Bonds will continue to rebound.
More Positive Signs for Inflation - Carson Group
Ryan Detrick highlights some signs that inflation is cooling.
Top Tweets
You’re all caught up now. Thanks for reading!