Daily Chart Report ? Friday, December 30th, 2022
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Today’s Summary
Friday, December 30th, 2022
Indices: Nasdaq 100 -0.10% | Dow -0.22% | S&P 500 -0.25% | Russell 2000 -0.28%
Sectors: 2 of the 11 Sectors closed higher. Energy led, gaining +0.63%. Utilities lagged falling -0.96%.
Commodities: Crude Oil futures rose +2.37% to $80.26 per barrel. Gold futures were unchanged at $1,826 per ounce.
Currencies: The US Dollar Index fell -0.47% to a six-month low of $103.49.
Crypto: Bitcoin inched lower by -0.14% to $16,604. Ethereum inched lower by -0.07% to $1,199.
Interest Rates: The US 10-year Treasury yield rose to 3.880%.
**Reminder: the markets will be closed on Monday, January 2nd, 2023.**
Happy New Year!
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 Scott Brown (@scottcharts). The S&P 500 ended the year down 19.44%, marking its worst year since 2008. In fact, it was 3x worse than any year since 2008. We began the year on a strong note, with the S&P hitting its last & only all-time high on the first trading day of the year, but it was downhill from there. One of the themes that defined 2022 was the rotation out of Growth Stocks and into Value Stocks. The sexy Growth/Tech Stocks got clobbered, while boring old Value Stocks fared much better. It all started at the beginning of the year when this ratio failed at its 2020 highs. The ratio ended the year today near two-year lows, with Growth (IWF) underperforming Value (IWD) by more than 22%. Looking ahead, Scott points out that we could see Growth rebound relative to Value in the near term, with momentum diverging positively. However, this ratio is going to need more than just mean reversion to repair the damage that took place in 2022.
Quote of the Day
“Be at war with your vices, at peace with your neighbors, and let every new year find you a better man.”
– Benjamin Franklin
Top Links
Let’s Look at Stocks Down Two Years in a Row – Carson Group
With the S&P 500 having its first down year since 2018, Ryan Detrick examines the probability of back-to-back annual losses.
Looking Back at the Biggest Rotation of 2022 – StockCharts.com
Julius de Kempenaer looks at one of the defining themes of 2022 – the rotation from Growth to Value.
2023 Stock Market Outlook – The Weekly Grind
Sam McCallum highlights some key charts to watch in the new year.
2022 Stock Market is In The Books and it was UGLY – AlphaTrends
In this video, Brian Shannon analyzes recent price action and lays out some key levels to watch in the new year.
The Gold Report – All Star Charts
The team at All Star Charts takes a deep look at Precious Metals and explains why Gold could go to $5,000/oz sooner than most think.
Top Tweets
You’re all caught up now. Thanks for reading!