Daily Chart Report π Thursday, December 28, 2023
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Todayβs Summary
Thursday, December 28, 2023
Indices: Dow +0.14% | S&P 500 +0.04% | Russell 2000 -0.38% | Nasdaq 100 -0.05%
Sectors: 8 of the 11 sectors closed higher. Utilities led, rising +0.71%. Energy lagged, falling -1.52%.
Commodities: Crude Oil futures dropped -3.16% to $71.77 per barrel. Gold futures fell -0.46% to $2,084 per oz.
Currencies: The US Dollar Index rose +0.26% to $101.21.
Crypto: Bitcoin fell -2.05% to $42,583. Ethereum fell -1.47% to $2,346.
Volatility: The Volatility Index rose +0.48% to 12.48.
Interest Rates: The US 10-year Treasury yield rose to 3.844%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Peter Brandt (@PeterLBrandt). The Ark Innovation ETF ($ARKK) is reaching 20-month highs this week after clearing resistance around $51. $ARKK has been on a roller coaster in recent years. It surged +350% off the Covid lows but gave it all back after peaking in Feb. 2021. Itβs still down -65% from its peak but has carved out a potential bottom over the past year. Peter points out that $ARKK is breaking out of an inverted head and shoulders pattern. It cracked the neckline ($51) last week and continued higher this week. The measured move price target of $73 is roughly +35% higher from todayβs close.
Quote of the Day
βAllied to the general pattern of market movements is the general pattern of speculative thinking.β
βBenjamin Graham
Top Links
Santa Is Rallying - Trading Adventures
Andy Moss recaps this week's price action.
Top Charts of 2023 - Carson Group
Ryan Detrick highlights a few noteworthy charts from 2023.
Top-Heavy Doesn't Mean Market Top - LPL Financial Research
Adam Turnquist examines this year's narrow leadership in the S&P 500.
A Likely Landing Pad for Interest Rates - All Star Charts
Ian Culley identifies some potential support levels for Treasury yields.