Daily Chart Report ๐ Thursday, December 21, 2023
Powered By:
Todayโs Summary
Thursday, December 21, 2023
Indices: Russell 2000 +1.73% | Nasdaq 100 +1.23% | S&P 500 +1.03% | Dow +0.87%
Sectors: All 11 sectors closed higher. Consumer Discretionary led, rising +1.52%. Utilities lagged but still inched higher by +0.18%.
Commodities: Crude Oil futures fell -0.44% to $73.89 per barrel. Gold futures inched higher by +0.18% to $2,051 per oz.
Currencies: The US Dollar Index dropped -0.59% to a four-month low of $101.79.
Crypto: Bitcoin gained +0.48% to $43,873. Ethereum rose +1.71% to $2,240.
Volatility: The Volatility Index was unchanged at 13.66.
Interest Rates: The US 10-year Treasury yield rose to 3.892%.
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 John Roque of 22V Research (@daChartLife). Small-caps have led the current rally by a notable margin. The Russell 2000 is up more than 20% since the end of October, putting it on track for its best two-month gain since December 2020. It's still facing resistance at 2000, representing the upper bounds of a two-year range. However, John points out that the Russell 2000 could be in the early innings of a triple-digit rally, considering the index is emerging from its second-worst bear market. He notes, "Over the last 25 years, turns off bear market lows have produced outsized gains for this index. There have been six bull markets for the Russell 2000 since the late 1990s, with five of six producing trough-to-peak gains of at least 102%, while the non-triple digit advance gained 83%.
Quote of the Day
โBull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.โ
โ John Templeton
Top Links
Official Santa Claus Rally Starts Tomorrow! - Almanac Trader
Jeff Hirsch highlights the Santa Claus Rally, which kicks off on Friday.
Extension To Equilibrium - Trading Adventures
Andy Moss reviews this week's price action.
It's Beginning to Look a Lot Like 1998 - Grindstone Intelligence
Austin Harrison points out that very few S&P 500 stocks outperformed this year.
One Weird-Looking Bull Market - Financial Times
Callie Cox looks at the unusual aspects of this year's rally.