Daily Chart Report ? Tuesday, December 20th, 2022
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Today’s Summary
Tuesday, December 20th, 2022
Indices: Russell 2000 +0.54% | Dow +0.28% | S&P 500 +0.10% | Nasdaq 100 -0.11%
Sectors: 7 of the 11 Sectors closed higher. Energy led, gaining +1.51%. Consumer Discretionary lagged dropping -1.16%.
Commodities: Crude Oil futures rose +1.13% to $76.23 per barrel. Gold futures gained +1.54% to $1,825 per ounce.
Currencies: The US Dollar Index dropped -0.68% to $103.95.
Crypto: Bitcoin rose +2.75% to $16,898. Ethereum gained +4.25% to $1,217.
Interest Rates: The US 10-year Treasury yield rose to 3.688%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). It’s a daily candlestick chart of the Consumer Discretionary sector ($XLY) over the past three years. Steve points out that Consumer Discretionary stocks are breaking below their pre-Covid highs, around $132. This level has weathered several tests this year, but it finally cracked. $XLY is down more than -10% so far this month, and -36% YTD. The sector’s two largest components, $AMZN & $TSLA, have been weighing it down recently, as both stocks have also sunk to multi-year lows. This is the 4th largest sector in the S&P 500, and its relative performance often leads the broader market higher or lower. It’s concerning to see this sector breaking down on both an absolute & relative basis like this.
Quote of the Day
"Charts are a very unemotional way to view a stock's behavior and potential."
- Richard Driehaus
Top Links
The 8 Charts that Defined 2022 - Means to a Trend
Austin Harrison highlights eight noteworthy charts from this year.
Holly Yen. Wow! - All Star Charts
JC Parets takes a look at today's move in the Japanese Yen.
Mega-Caps Down $5 Trillion in Market Cap, AMZN Now Down $1+ Trillion - Bespoke
Bespoke examines the market cap destruction that has taken place this year.
A Santa Claus Massacre - The Weekly Grind
Sam McCallum shares a few key charts to watch in the coming weeks.
Equities are Now in an Elongated Purgatory, Says Renaissance's Jeff deGraaf - CNBC
In this clip, Jeff deGraaf shares his thoughts on the current market environment.
Top Tweets
8/10
The US 10-year yield is up ~10bps since Monday's close. It was up ~9 bps Monday.
Or, the US 10-year yield is up ~20 bps this week ... and it is still Monday night!
Why?
Can I say it loud enough ... JAPAN, IS NOW WORRYING ABOUT INFLATION!!!
3-Day Tick of 10-year yield pic.twitter.com/oca5vSXGlp
— Jim Bianco biancoresearch.eth (@biancoresearch) December 20, 2022
You’re all caught up now. Thanks for reading!
