Daily Chart Report π Wednesday, December 6, 2023
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Todayβs Summary
Wednesday, December 6, 2023
Indices: Dow -0.19% | Russell 200 -0.21% | S&P 500 -0.39% | Nasdaq 100 -0.56%
Sectors: 4 of the 11 sectors closed higher. Utilities led, gaining +1.34%. Energy lagged, falling -1.49%.
Commodities: Crude Oil futures dropped -4.07% to a five-month low of $69.38 per barrel. Gold futures rose +0.57% to $2,048 per oz.
Currencies: The US Dollar Index rose +0.19% to $104.16.
Crypto: Bitcoin fell -0.71% to $43,764. Ethereum dropped -2.64% to $2,233.
Volatility: The Volatility Index rose +0.78% to 12.96.
Interest Rates: The US 10-year Treasury yield fell to a three-month low of 4.106%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Brett Villaume (@brettvillaume). The US 10-year Treasury Yield ($TNX) dropped to a 3-month low of 4.11% today. It peaked in mid-October after reaching 5.00% for the first time since 2007. This decline in yields has fueled the recent rebound in stocks and crypto. However, Brett points out that $TNX is testing a potential inflection point, around 4.07%. This level coincides with the 200-day moving average, the March β23 highs, and the uptrend line from the Aug β21 lows. $TNX has every reason to bounce here, but if it breaks, it will send a very bullish message to stocks and other risk assets.
Quote of the Day
βBe quick to turn bullish, but take your time turning bearish. The market is up more than 70% of the time.β
β Larry Williams
Top Links
big" Drops in Treasury Yields - Bespoke
Bespoke examines the drop in the 10-year yield.
Stock Market and Oil Analysis December 6 2023 - Alphatrends
Brian Shannon breaks down recent price action and lays out some key levels to watch in the near term.
Things You Don't See in a Recession - Carson Group
Ryan Detrick lays out several reasons why the economy probably isn't on the verge of recession.
Ethereum Breaks Out of an 18 Month Base - All Star Charts
Louis Sykes highlights the breakout in Ethereum.
December Almanac: Stronger in Pre-Election Years - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in December of Pre-Election years.