Daily Chart Report π Thursday, December 14, 2023
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Todayβs Summary
Thursday, December 14, 2023
Indices: Russell 2000 +2.72% | Dow +0.43% | S&P 500 +0.26% | Nasdaq 100 -0.15%
Sectors: 7 of the 11 sectors closed higher. Energy led, gaining +2.94%. Consumer Staples lagged, falling -1.47%.
Commodities: Crude Oil futures rose +3.04% to $71.58 per barrel. Gold futures were flat and continue to trade at $2,045 per oz.
Currencies: The US Dollar Index dropped -0.93% to a four-month low of $101.95.
Crypto: Bitcoin inched higher by +0.33% to $43,031. Ethereum gained +2.43% to $2,316.
Volatility: The Volatility Index rose +2.38% to 12.47.
Interest Rates: The US 10-year Treasury yield dropped to a four-month low of 3.923%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Steve Strazza (@sstrazza). The S&P 500 has risen for seven straight weeks, in which it's gained nearly +15%. This face-ripping rally has pushed the index deeply into overbought territory, with RSI hitting its highest level since September 2020. Steve points out that 44% of S&P 500 stocks are also overbought, a record level. The only other readings that came close were in June 2003 and 2020, both of which occurred as the market entered a new bull market. Many hear "overbought" and immediately assume it can't go any higher. However, RSI can stay overbought while prices trend higher.
Quote of the Day
"The most bullish thing the market can do is get overbought and stay so."
β Alan Shaw
Top Links
The Dow @ ATHs! - JottingOnCharts
Grant Hawkridge does a deep dive into the Dow.
Bulls Take the Majority - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Semiconductors (SMH) Attempting Bullish Cup and Handle Breakout! - Kimble Charting Solutions
Chris Kimble looks at the breakout in the Semiconductor ETF ($SMH).
'Tis the Season For Dollar Weakness - All Star Charts
Ian Culley points out that the US Dollar Index ($DXY) has historically been weak at the end of December.
Gold's Move Up is a Commentary on the U.S. Dollar, Says Strategas' Chris Verrone - CNBC
Chris Verrone shares his thoughts on the macro-technical landscape.