Daily Chart Report π Monday, December 4, 2023
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Todayβs Summary
Monday, December 4, 2023
Indices: Russell 2000 +1.04% | Dow -0.11% | S&P 500 -0.54% | Nasdaq 100 -0.99%
Sectors: 4 of the 11 sectors closed higher. Real Estate led, gaining +0.55%. Tech lagged, falling -1.22%.
Commodities: Crude Oil futures fell -1.39% to $73.04 per barrel. Gold futures dropped -2.27% to $2,042 per oz.
Currencies: The US Dollar Index rose +0.43% to $103.64.
Crypto: Bitcoin jumped +4.99% to a 20-month high of $41,985. Ethereum gained +2.27% to $2,244.
Volatility: The Volatility Index rose +3.72% to 13.09.
Interest Rates: The US 10-year Treasury yield rose to 4.257%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Larry Thompson (@HostileCharts). The Regional Bank ETF ($KRE) rose +1.39% to a three-month high today while the broader market was down. Regional Banks have been dragging on the Russell 2000 all year, but Larry points out that $KRE is attempting to break out of an 8-month base. It's approaching resistance from the August highs, around $49, and RSI is overbought for the first time in over a year. Clearing $49 would open the door for a rally to the 2022 lows, around $56. $KRE could go from $49 to $56 pretty quickly due to the lack of price memory between these two levels.
Quote of the Day
βThe market may be crazy, but that doesn't make you a psychiatrist.β
β Meir Statman
Top Links
Hamer It Out - Trading Adventures
Andy Moss looks at how the major averages kicked off the week.
Small Caps Heat Up - Almanac Trader
Jeff Hirsch points out that Small Caps are doing what they usually do around this time of year.
New Highs in 2024* - Bespoke
Bespoke points out that the S&P 500 is whiskers from an all-time high on a total return basis.
Better Not Pout - The Weekly Trend Podcast
In this podcast, David Zarling and Ian McMillan discuss some of the key technical developments across the markets.
Top Tweets