Chart of the Day - Friday, December 13, 2024

🏆 Today's Chart of the Day was shared by CyclesFan (@CyclesFan). 

• The S&P 500 has ticked slightly higher over the past two weeks. However, breadth has been undeniably poor, with the S&P 500 experiencing ten consecutive days of net declining issues. 
   
• @CyclesFan points out that the McClellan Oscillator has reached oversold levels at -71. While it could continue to deteriorate, it's approaching levels typically associated with a washout in market breadth. 
   
• The uptrend has remained fully intact, and we're sitting at the seasonal sweet spot for December. 
   

The Takeaway: Breadth is reaching oversold levels, and the uptrend remains intact as we enter a seasonal inflection point.