Daily Chart Report π Friday, December 15, 2023
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Todayβs Summary
Friday, December 15, 2023
Indices: Nasdaq 100 +0.52% | Dow +0.15% | S&P 500 -0.01% | Russell 2000 -0.77%
Sectors: 2 of the 11 sectors closed higher. Tech led, gaining +0.50%. Utilities lagged, falling -1.74%.
Commodities: Crude Oil futures inched higher by +0.28% to $71.78 per barrel. Gold futures fell -0.45% $2,036 per oz.
Currencies: The US Dollar Index gained +0.63% to $102.59.
Crypto: Bitcoin fell -2.57% to $41,925. Ethereum dropped -4.11% to $2,221.
Volatility: The Volatility Index fell -1.60% to 12.27.
Interest Rates: The US 10-year Treasury yield inched lower to a four-month low of 3.913%.
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 Wayne Whaley (@WayneWhaley1136). The S&P 500 closed higher for the seventh straight week, representing its longest weekly winning streak since 2017. The index surged +14.6% throughout this streak, marking its best seven-week performance since May 2020. Wayne points out that there have been 30 other weekly winning streaks of seven or more since 1950. The table highlights the 20 streaks that gained +7% or more. The following week has been a coin toss, rising 55% of the time for an average gain of +0.49%. However, the next month has been higher 80% of the time, for an average gain of +1.94%. This streak is bound to end soon, but history suggests that further gains after a relentless advance are not only possible but probable.
Quote of the Day
"A bull market is when you check the prices of your stocks every day to see how much money you've made. A bear market is when you don't bother to look anymore."
βJohn Hammerslough
Top Links
S&P 500 Analysis: Winning Streak Stretches to 7 Weeks β Why That Could Be a Bullish Sign - FOREX.com
Matt Weller looks at the seven-week winning streak in the S&P 500.
All About Dow New Highs - Carson Group
Ryan Detrick highlights the significance of this week's breakout in the Dow Jones Industrial Average.
Dow Rallies from Correction to Record Highs in 32 Trading Days - LPL Financial Research
Adam Turnquist points out that Transports haven't yet confirmed a Dow Theory buy signal.
All That Glitters Isnβt Gold - All Star Charts
Ian Culley looks at the industrial metals space.
The SPX Now vs 2019 & 2020 - CappThesis
Frank Cappelleri examines the sharp rally in the S&P 500.