Daily Chart Report 📈 Monday, December 11, 2023

December 11, 2023

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Today’s Summary
Monday, December 11, 2023

Indices: Nasdaq +0.85% | Dow +0.43% | S&P 500 +0.39% | Russell 2000 +0.15%

Sectors: 10 of the 11 sectors closed higher. Consumer Staples led, gaining +0.96%. Communications was the only sector that closed lower, falling -0.77%.

Commodities: Crude Oil futures inched higher by +0.13% to $71.32 per barrel. Gold futures dropped -1.03% to $1,994 per oz.

Currencies: The US Dollar Index inched higher by +0.10% to $104.09.

Crypto: Bitcoin dropped -5.81% to $41,242. Ethereum dropped -5.44% to $2,224.

Volatility: The Volatility Index rose +2.35% to 12.64.

Interest Rates: The US 10-year Treasury yield inched higher to 4.235%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

ATHs for Semis.

Put it in the bullish bucket.$SMH pic.twitter.com/7WyoZQMj80
— Ian McMillan, CMT (@the_chart_life) December 11, 2023

Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). The Semiconductor ETF ($SMH) broke out to record highs today after its third largest component, Broadcom ($AVGO), surged +9%. $SMH initially broke out in July, but that breakout quickly failed, and it went on to correct -11% over the next three months. After two years of no progress, $SMH looks ready to resume its long-term uptrend and make a new leg higher. Ian points out that this is another win for the bulls as Semiconductor stocks often lead the broader market higher or lower.

Quote of the Day

"Markets give you a lot of information if you're willing to listen."

– Frank Teixeira

Top Tweets

Today was the first day since July 2022 that the S&P 500 rose even though every Magnificent 7 stock fell.

Bullish.$SPX
— Callie Cox (@callieabost) December 11, 2023

Largest US Companies by Market Cap, 1960 to Today... pic.twitter.com/itZCUZ5jbI
— Charlie Bilello (@charliebilello) December 11, 2023

The Mag 7 is bumping into overhead resistance...

The next move is important for this custom index of the big boys! #Apple $AAPL #Alphabet $GOOGL #Microsoft $MSFT #Amazon $AMZN #Meta $META #Tesla $TSLA #Nvidia $NVDA pic.twitter.com/KyjbdA30mM
— Grant Hawkridge (@granthawkridge) December 11, 2023

Small Craps +11% m/m pic.twitter.com/o1voAttoMN
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) December 11, 2023

Another day, another new all-time high for Tech stocks $XLK pic.twitter.com/mbFJULnQ7N
— Austin Harrison, CFA, CMT (@meanstoatrend) December 11, 2023

The strongest markets are slow and steady. The S&P 500 is benefitting from the second longest stretch without a 1% swing of the past two years. pic.twitter.com/HZW9Q1mcj1
— Willie Delwiche, CMT, CFA (@WillieDelwiche) December 11, 2023

$AVGO making a massive move today after a breakout and support retest of its old resistance (new support) around $922 over the last month - notice how many times the market touched this level and retreated

On high volume too! pic.twitter.com/LQYKn62bkb
— Dash, CMT, CFP (@Dash_charts) December 12, 2023

The S&P 1500 Homebuilder group heads into this week up 62.5% YTD, putting it on pace for its fourth best year since 1995. The three years with even stronger gains?

2017: 74.8%
2012: 84.3%
2003: 97.0% pic.twitter.com/MsXpynjZCR
— Bespoke (@bespokeinvest) December 11, 2023

Things without China breaking out vs. things with China pic.twitter.com/D8DLDyMrkq
— Scott Brown, CMT (@scottcharts) December 11, 2023

HYG/IEI is a reasonable proxy for a range of financial conditions. Who knew? pic.twitter.com/8B4thRO77B
— Mark Ungewitter (@mark_ungewitter) December 11, 2023

pic.twitter.com/B9au4QW6wP
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) December 11, 2023

You’re all caught up now. Thanks for reading!

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Daily Chart Report 📈 Monday, December 11, 2023

Chart of the Day

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You’re all caught up now. Thanks for reading!

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