Daily Chart Report ? Thursday, December 22nd, 2022
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Today’s Summary
Thursday, December 22nd, 2022
Indices: Dow -1.05% | Russell 2000 -1.29% | S&P 500 -1.45% | Nasdaq 100 -2.49%
Sectors: All 11 Sectors closed lower. Health Care led, but still inched lower by -0.14%. Consumer Discretionary lagged, dropping -2.57%.
Commodities: Crude Oil futures fell -1.02% to $77.49 per barrel. Gold futures dropped -1.65% to $1,795 per ounce.
Currencies: The US Dollar Index rose +0.15% to $104.39.
Crypto: Bitcoin was flat and continues to trade around $16,820. Ethereum inched higher by +0.30% to $1,218.
Interest Rates: The US 10-year Treasury yield rose to 3.682%.
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 Ryan Detrick (@RyanDetrick). With the S&P 500 down -6.3% in December, it's getting harder to believe in Santa Claus this year. However, the official Santa Claus Rally period doesn't begin until tomorrow (Friday, December 23rd). This phenomenon, created by Yale Hirsch, refers to the last five trading days in December, and the first two trading days in the new year. Since 1950, the S&P 500 has closed higher over this seven-day stretch 79.2% of the time for an average gain of +1.33%. Many expect this rally to be a sure thing and then dismiss it when it fails. However, they're missing the real signal. When the Santa Claus Rally fails, it has often signaled below-average returns the following year. Either way, there will be valuable information to be gleaned from how the S&P 500 performs over the next seven trading days. For more on this topic, check out this note from Ryan.
Quote of the Day
“If Santa Claus should fail to call,
bears may come to Broad & Wall.”
- Yale Hirsh
Top Links
No Worse Year for Sentiment - Bespoke
Bespoke points out that this has been the most consistently bearish year in the history of the AAII Sentiment Survey.
Oooh Baby I Love Your Way - All Star Charts
JC Parets explains that the US Dollar remains the catalyst to watch.
Is it Finally Time for The Santa Claus Rally? ??? - Carson Group
Ryan Detrick lays out everything you need to know about the Santa Claus Rally.
Sea Change - Oaktree Capital
Legendary investor, Howard Marks shares his thoughts on the current market environment.
Top Tweets
You’re all caught up now. Thanks for reading!
