Daily Chart Report π Thursday, December 7, 2023
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Todayβs Summary
Thursday, December 7, 2023
Indices: Nasdaq +1.48% | Russell 2000 +0.87% | S&P 500 +0.80% | Dow +0.17%
Sectors: 8 of the 11 sectors closed higher. Communications led, gaining +2.10%. Energy lagged for the third day, falling -0.68%.
Commodities: Crude Oil futures were flat (-0.06%) and continued to trade at a five-month low of $69.34 per barrel. Gold futures were also flat (-0.07%) at $2,046 per oz.
Currencies: The US Dollar Index dropped -0.50% to $103.63.
Crypto: Bitcoin fell -1.08% to $43,291. Ethereum jumped +5.59% to an 18-month high of $2,258.
Volatility: The Volatility Index rose +0.85% to 13.07.
Interest Rates: The US 10-year Treasury yield rose to 4.151%.
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 Matt Weller (@MWellerFX). The Dow is less than 2% from hitting record highs for the first time in nearly two years. It's been in a very narrow range all week after rising for five straight weeks. Matt points out that this price action resembles a bull flag. A bull flag is almost like a minor correction through time, in which price digests its prior gains and builds energy for another advance. Matt also points out that RSI has been overbought all week, indicating momentum has remained strong during this four-day consolidation. The spring has been loaded, and it could pop any day now.
Quote of the Day
βGood investing requires a weird combination of patience and aggression. And not many people have it.β
β Charlie Munger
Top Links
Some More Good News for Bulls - Carson Group
Ryan Detrick offers some bullish food for thought.
Overbought Conditions Meet Overhead Resistance - LPL Financial Research
Adam Turnquist looks at whether the rally will continue in the coming months.
Trends In Yields: The Fed Isnβt Ready To Cut - Schwab Network
Willie Delwiche shares his thoughts on stocks, rates, the Fed, and more.
December Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Charts highlights three charts to watch in the coming weeks.
What Happens After a 20% Up Year in the Stock Market? - A Wealth of Common Sense
Ben Carlson examines how the S&P 500 has historically performed following a +20% year.