Daily Chart Report ? Wednesday, December 28th, 2022
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Today’s Summary
Wednesday, December 28th, 2022
Indices: Dow -1.10% | S&P 500 -1.20% | Nasdaq 100 -1.32% | Russell 2000 -1.57%
Sectors: All 11 Sectors closed lower. Financials led, but still fell -0.35%. Energy lagged, dropping -2.24%.
Commodities: Crude Oil futures fell -0.72% to $78.96 per barrel. Gold futures fell -0.40% to $1,816 per ounce.
Currencies: The US Dollar Index rose +0.23% to $104.50.
Crypto: Bitcoin fell -1.33% to $16,480. Ethereum fell -2.16% to $1,285.
Interest Rates: The US 10-year Treasury yield rose to 3.886%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared in a note by John Roque of 22V Research (@daChartLife). It’s a weekly chart of Apple ($AAPL) over the past seven years. Apple has held up better than most FAANG stocks this year, however, John points out that it could be the bear market’s next victim. The stock closed at a fresh 52-week low today as it sliced through key support around $130. It’s below a declining 40-week moving average, and it’s already broken down relative to the S&P 500. These are the exact same conditions that existed in stocks like $ARKK, $TSLA, $META, and $AMZN before they began to accelerate lower. John’s next downside target is $100, which is about 20% lower from here.
Quote of the Day
“At the end of the game, the king and the pawn go back in the same box.”
– Italian Proverb
Top Links
Pre-Election Year Januarys Stellar – #1 S&P 500 and NASDAQ, #2 DJIA – Almanac Trader
Jeff Hirsch points out that January has a bullish track record in pre-election years.
25 Stocks Ripe for a Short Squeeze in 2023 – Schaeffer’s Investment Research
Rocky White looks for potential short-squeeze opportunities.
Futures Trends to Watch in the Markets – TD Ameritrade Network
In this clip, Jerry Parker weighs in on some of the noteworthy trends across the markets.
Jesse Livermore’s Trading Rules Written in 1940 – The Next Big Move
Joe Fahmy shares some of Jesse Livermore’s timeless trading rules.
Top Tweets
2022 was hella painful, but necessary.
Bulls are built on the shoulders of bears.
Society is resilient, humans are smart, and we’ll eventually rebuild.
If you believe the stock market is a reflection of progress and innovation, it may be time to prep for the next bull? pic.twitter.com/ZQ0RLCpIpQ
— Callie Cox (@callieabost) December 28, 2022
You’re all caught up now. Thanks for reading!
