Daily Chart Report ๐ Tuesday, December 19, 2023
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Todayโs Summary
Tuesday, December 19, 2023
Indices: Russell 2000 +1.94% | Dow +0.68% | S&P 500 +0.59% | Nasdaq 100 +0.49%
Sectors: All 11 sectors closed higher. Energy led, gaining +1.20%. Consumer Staples lagged but still rose +0.20%.
Commodities: Crude Oil futures rose +1.54% to $73.94 per barrel. Gold futures gained +0.57% $2,052 per oz.
Currencies: The US Dollar Index dropped -0.36% to $102.14.
Crypto: Bitcoin fell -0.92% to $42,258. Ethereum fell -1.83% to $2,178.
Volatility: The Volatility Index fell -0.40% to 12.52.
Interest Rates: The US 10-year Treasury yield was unchanged at 3.933%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Jason Goepfert (@JasonGoepfert). Narrow leadership has been a hot topic all year, but it hasnโt mattered, and itโs no longer a valid concern. Many suggested that the rally couldnโt continue because โitโs just seven stocks propping up the market!โ The magnificent seven did indeed mask some of the weakness beneath the surface, but isnโt that the whole point of a cap-weighted index like the S&P 500? Jason points out that the Equal-Weight S&P 500 just cycled from a 52-week low to a 52-week high in 33 trading days, marking its fastest rebound in 41 years. This has only happened one other time, so take it with a grain of salt, but it certainly wasnโt bearish. The equal-weight index, or the โaverage stock,โ rose +46% the following year. The generals led the initial charge, and the troops have joined them on the battlefield now.
Quote of the Day
"Every ceiling reached becomes a floor."
โ Aldous Huxley
Top Links
Small-Caps Have Historically Flourished Ahead of Christmas - Almanac Trader
Jeff Hirsch examines how stocks have historically performed in the days leading up to Christmas.
Nvidia Ready For Another 50% Rally? - All Star Charts
JC Parets points out that Nvidia ($NVDA) is attempting a new leg higher.
Are Bond Yields Facing Historic Overbought Correction? - Kimble Charting Solutions
Chris Kimble takes a long-term look at interest rates.
Technical Tuesdays ๐ with The Chart Report
Here's the recording of our discussion on Twitter Spaces earlier today.