Daily Chart Report ? Tuesday, December 27th, 2022
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Today’s Summary
Tuesday, December 27th, 2022
Indices: Dow +0.11% | S&P 500 -0.40% | Russell 2000 -0.65% | Nasdaq 100 -1.48%
Sectors: 5 of the 11 Sectors closed higher. Energy led gaining +1.07%. Consumer Discretionary lagged, falling -1.62%.
Commodities: Crude Oil futures were flat and continue trading around $79.53 per barrel. Gold futures rose +1.05% to $1,823 per ounce.
Currencies: The US Dollar Index fell -0.17% to $104.15.
Crypto: Bitcoin fell -1.28% to $16,700. Ethereum fell -1.24% to $1,212.
Interest Rates: The US 10-year Treasury yield rose to 3.845%.
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 Alfonso Depablos (@AlfCharts). Tesla continues to fall off a cliff, dropping more than 11% today. It’s fallen 14 of the past 16 trading days, losing more than 40% in that short time. It’s still up more than 350% from its Covid low, however, it’s down more than 73% from its peak just over a year ago. The most recent leg lower began in early November when it broke the neckline of a long-term head & shoulders top. With RSI reaching its most oversold reading ever today, many are looking to buy the dip on this former leader. However, the long-term trend remains lower, and catching a falling knife can be a disaster. It would have to rally more than 70% from here just to retest the neckline around $180. Look for new leaders rather than fixating on the former leaders.
Quote of the Day
“In bear markets, stocks return to their rightful owners.”
– J.P. Morgan
Top Links
A Chilly Ending – StockCharts
Greg Schnell takes a look at the rotation out of Mega-Cap stocks.
Tesla (TSLA) Loses its Charge – Bespoke
Bespoke examines the selloff in Tesla.
A Good Time to Pick Stocks – Means to a Trend
Austin Harrison points out that more individual stocks outperformed the S&P 500 in 2022 than in any other year since 2009.
Smile. Stocks Keep Going Up! – All Star Charts
JC Parets shares his thoughts on the current market environment and recent leadership.
Small Caps Could Do Well if the Economy Avoids a Recession, Says Carson Group’s Ryan Detrick – CNBC
In this clip, Ryan Detick discusses the bifurcated market environment we’re in.
Top Tweets
You’re all caught up now. Thanks for reading!
