Daily Chart Report π Wednesday, December 13, 2023
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Todayβs Summary
Wednesday, December 13, 2023
Indices: Russell 2000 +3.52% | Dow +1.40% | S&P 500 +1.37% | Nasdaq 100 +1.27%
Sectors: All 11 sectors closed higher. Utilities led, gaining +3.78%. Technology lagged, but still rose +0.88%.
Commodities: Crude Oil futures rose +1.25% to $69.47 per barrel. Gold futures jumped +2.41% to $2,045 per oz.
Currencies: The US Dollar Index dropped -0.88% to $102.91.
Crypto: Bitcoin rose +3.45% to $42,888. Ethereum gained +2.70% to $2,261.
Volatility: The Volatility Index rose +0.83% to 12.18.
Interest Rates: The US 10-year Treasury yield dropped to a four-month low of 4.020%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). The Dow Jones Industrial Average ($DJIA) officially closed at an all-time high today for the first time since January 2022. It has fully recovered from a -22% drawdown that lasted 23 months. The COVID decline was deeper (-35%) but lasted only nine months. Willie points out that this was the longest drawdown since the Great Financial Crisis. They say trends correct through either price or time, but this was a healthy dose of both. After two years without progress, the Dow has entered blue-sky territory and looks ready to resume its long-term uptrend.
Quote of the Day
"Whenever a breakout occurs with a stock moving into virgin territory (it's never traded there before), this is the most bullish situation you can buy. Think about it. There isn't one person who is long and has a loss."
βStan Weinstein
Top Links
The "Magnetic" Attraction of Prior All Time Highs - Nautilus Research
Nautilus Research examines the magnetic nature of all-time highs.
ETFs & Markets with Todd Sohn: 3 Contrarian ETF Ideas for 2024 - Strategas Asset Management
Todd Sohn highlights three potential contrarian ideas for 2024.
Moderating Inflation & Final Fed Meeting Clear Path for late-December Surge - Almanac Trader
Jeff Hirsch reminds us that Santa hasn't even shown up yet.
Rare Oversold Signal Could Send Russell 2000 Much Higher! - Kimble Charting Solutions
Chris Kimble points out that seeing the Russell 2000 down more than 10% over a 100-week window is rare but bullish.
The Morning Show - December 13 - StockMarketTV
Check out today's episode of The Morning Show with special guest Brian Shannon. Join us tomorrow live at 8:30 am EST.
Top Tweets
We could see a 10-year yield below 4% by the end of the trading session, the way things are going. pic.twitter.com/mPJfz0D7dM
β Lisa Abramowicz (@lisaabramowicz1) December 13, 2023