Daily Chart Report π Friday, December 22, 2023
Powered By:
Todayβs Summary
Friday, December 22, 2023
Indices: Russell 2000 +0.84% | S&P 500 +0.17% | Nasdaq 100 +0.12% | Dow -0.05%
Sectors: 10 of the 11 sectors closed higher. Consumer Staples led, rising +0.76%. Consumer Discretionary was the only sector that closed lower, falling -0.74%.
Commodities: Crude Oil futures fell -0.45% to $73.56 per barrel. Gold futures rose +0.87% to $2,069 per oz.
Currencies: The US Dollar Index inched lower by -0.08% to a four-month low of $101.71.
Crypto: Bitcoin rose +0.29% to $44,002. Ethereum gained +3.86% to $2,326.
Volatility: The Volatility Index dropped -4.54% to 13.04.
Interest Rates: The US 10-year Treasury yield rose to 3.901%.
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 Ian McMillan (@the_chart_life). Yields will likely end flat on the year despite hitting levels not seen since 2007 at one point. After reaching a 16-year high of 5% in October, Ian points out that the 30-year Treasury Yield is retesting the breakout level at 4%. This former resistance level (4%) could act as support in the near term, as it coincides with the uptrend line off the Dec.'22 lows. Stocks could experience some turbulence if yields rebound here. On the other hand, a breakdown would be very positive for risk assets, as it would signal further downside for rates in the new year.
Quote of the Day
βYou can tell a lot about a person by the way they handle three things: a rainy day, lost luggage, and tangled Christmas tree lights.β
βMaya Angelou
Top Links
Will Santa Claus or the Grinch Show Up This Year? - LPL Financial Research
Adam Turnquist examines the Santa Claus Rally, which officially kicked off today.
NASDAQ & Russell 2000 Up 71.4% Of Time Day After Christmas - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in the days after Christmas.
Overbought Breadth Not Going Away - Bespoke
Bespoke checks on market breadth.
What's Driving Stock Prices - All Star Charts
JC Parets looks at the relationship between the US Dollar, Stocks, and Bonds.
Stock Market Video Analysis for Week Ending December 22, 2023 - AlphaTrends
Brian Shannon breaks down this week's price action and lays out some key levels to watch in the near term.