Daily Chart Report ? Friday, December 9th, 2022
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Today’s Summary
Friday, December 9th, 2022
Indices: Nasdaq 100 -0.64% | S&P 500 -0.73% | Dow -0.90% | Russell 2000 -1.19%
Sectors: 1 of the 11 sectors closed higher. Communications led, rising +0.28%. Energy lagged, dropping -2.43%.
Commodities: Crude Oil futures closed lower for the sixth straight day, falling -0.62% to $71.02 per barrel. Gold futures rose +0.51% to $1,811 per ounce.
Currencies: The US Dollar Index inched higher by +0.11% to $104.93.
Crypto: Bitcoin slipped -0.59% to $17,128. Ethereum fell -1.40% to $1,263.
Interest Rates: The US 10-year Treasury yield rose to 3.584%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Michael Kahn (@mnkahn). It’s a daily bar chart of the Russell 2000 ($IWM) over the past five months. The Russell 2000 dropped 5% this week and underperformed the other major indices. Michael points out that it violated the short-term uptrend that it’s been in since October. It was rejected at its 200-day moving average twice recently, and it’s now testing its 50-day moving average. Small-Caps often lead the broader market higher or lower, so this doesn’t exactly inspire hope for the bulls in the near term.
Quote of the Day
“Charting is a little like surfing. You don’t have to know a lot about the physics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when it’s happening and then have the drive to act at the right time.”
– Ed Seykota
Trendlines > Headlines
https://youtu.be/ZKCMoLk9eXQ
The latest episode of Trendlines over Headlines is out!
In this week’s episode, Joe Fahmy of Zor Capital joins us to make sense of the current market environment. We look at the major indexes, growth stocks, interest rates, and more!
You can also listen to the podcast version here .
Top Links
Weekend Market Review December 9, 2022 – Trading Adventures
Andrew Moss highlights some key points about this week’s price action.
Who Loves it the Most – All Star Charts
JC Parets points out that Silver will likely outperform if the Dollar continues to weaken.
Failed Breakouts are Bearish – The Final Bar
In this video, Frank Cappelleri and David Keller take a look at some of the patterns in the major indexes.
Stock Market Technical Analysis Dec 9 2022 – AlphaTrends
Brian Shannon reviews this week’s price action and lays out some key levels to watch in the near term.
Top Tweets
You’re all caught up now. Thanks for reading!