Daily Chart Report π Tuesday, December 26, 2023
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Todayβs Summary
Tuesday, December 26, 2023
Indices: Russell 2000 +1.24% | Nasdaq +0.60% | Dow +0.43% | S&P 500 +0.42%
Sectors: All 11 sectors closed higher. Energy led, rising +0.86%. Health Care lagged but still inched higher by +0.22%.
Commodities: Crude Oil futures gained +2.73% to $75.57 per barrel. Gold futures were flat at $2,070 per oz.
Currencies: The US Dollar Index fell -0.26% to a five-month low of $101.44.
Crypto: Bitcoin dropped -2.48% to $42,510. Ethereum fell -1.81% to $2,231.
Volatility: The Volatility Index fell -0.46% to 12.98.
Interest Rates: The US 10-year Treasury yield was flat at 3.899%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Alfonso Depablos (@AlfCharts). Small-Caps have surged since the end of October, with the Russell 2000 up +24% in the past two months. The index still needs to gain +19% before reaching all-time highs. However, Alfonso points out that some Small-Cap sectors have already broken out to record highs ahead of their Large-Cap peers. The Small-Cap Industrials Sector ($PSCI) broke out to record highs earlier this month, and the Small-Cap Materials Sector ($PSCM) broke out today. Meanwhile, The Large-Cap Materials Sector ($XLB) is still -5% below its record highs. The top holdings in $PSCM include $ATI, $SEE, $BCPC, $FUL, and $AMR. This ETF isn't a good trading vehicle because it's thinly traded, but it shows that there are opportunities among Small-Caps beneath the surface of the Russell 2000.
Quote of the Day
"What is past is prologue."
β William Shakespeare
Top Links
Last 3 Days of Year Weak Link in Santa Claus Rally - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in the year's final days.
Rare Stock Market Signal Has Only Been Flashed 3 Times in Last 25 Years - Ciovacco Capital Management
Chris Ciovacco highlights a bullish breadth thrust that fired recently.
Stephen Suttmeier on Chart Portfolio of Global Markets - Masters in Business
Barry Ritholtz interviews Stephan Suttmeier on the nuances of technical analysis. Suttmeier is the Chief Equity Technical Strategist at Bank of America Merrill Lynch.
Deck the Highs - The Weekly Trend Podcast
In this podcast, David Zarling and Ian McMillan discuss the noteworthy technical developments across the markets.
Top Tweets
$NYSI will cross over +1000 tomorrow. Not a feature of bull market tops or bear market rallies. Also happened in January; February was rough but the rest of the year speaks for itself. Notes on chart pic.twitter.com/hgUvegkoYK
β Urban Carmel (@ukarlewitz) December 27, 2023