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Today’s Summary
Friday, December 2nd, 2022
Indices: Russell 2000 +0.59% | Dow +0.10% | S&P 500 -0.12% | Nasdaq 100 -0.40%
Sectors: 5 of the 11 sectors closed higher. Materials led, gaining +1.10%. Energy lagged, falling -0.59%.
Commodities: Crude Oil futures dropped -1.53% to $79.98 per barrel. Gold futures fell -0.31% to $1,810 per ounce.
Currencies: The US Dollar Index fell -0.22%.
Crypto: Bitcoin rose +0.51% to $17,062. Ethereum gained +1.17% to $1,291.
Interest Rates: The US 10-year Treasury yield fell to 3.488%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Yo, Charts — pic.twitter.com/kU3NSgApuF
— da Chart Life (@daChartLife) December 2, 2022
Today’s Chart of the Day was shared by John Roque (@daChartLife). It’s a weekly chart of Silver over the past 15 years, along with its performance relative to the Bloomberg Commodity Index (lower panel). Silver rose 14% in November, marking its best month in nearly two years. John points out that it recently reclaimed support around $20 and its 40-week moving average. It’s breaking out of a two-year downtrend relative to Commodities, while momentum is almost in positive territory. If Silver continues above $20, the next major upside objective will be the 2021 highs, around $30.
Quote of the Day
“Beware of trading quotes. Trading isn’t simple enough to be boiled down to a punchy quote.”
– Andreas Clenow
Trendlines > Headlines
The latest episode of Trendlines over Headlines is out!
In this week’s episode, JC Parets of All Star Charts returns to the show to help us make sense of the current market environment. We touch on Stocks, Crude Oil, Crypto, and the recent outperformance from International Stocks.
You can also listen to the podcast version here.
Top Links
Country ETFs Outperforming US Recently – Bespoke
Bespoke examines which countries have outperformed the US lately.
The Game Has Changed – The Compound & Friends
In this podcast, Jeff deGraaf of Rennaissance Macro Research sits down with Josh Brown and Michael Batnick to discuss, Stocks, Bonds, the Yield Curve, Trend Following, and more.
Treasury Bonds ETF (TLT) Trading Breakout Price Targets – See it Market
Guy Cerundolo shares his thoughts on the bounce in Treasury Bonds.
Give Your Portfolio a Jolt – All Star Charts
Ian Culley takes a look at Orange Juice and Coffee Futures.
Top Tweets
$SPY That's all she wrote! How did you do this week? pic.twitter.com/FC0F5xOTE1
— TrendSpider (@TrendSpider) December 2, 2022
Weekly $SPX update: pretty impressive comeback today after the hot jobs report, and big reversals in rates and the dollar. Poked above that 40wk EMA. pic.twitter.com/U7vMaEwSK6
— Michael Turvey (@MikeTurvey_TDA) December 2, 2022
$SPY $QQQ $IWM $DIA price matters, and this is where we stand on the weekly charts with the rate of trend, 10wma, and 40wma pic.twitter.com/kMcY018QU9
— Stacey.A.Lee (@BBaxter2020) December 2, 2022
Lot of talk that this rally is 'just like the 17% bear rally in the summer'.
SPX above 200-day MA and more stocks making 52-wk highs are two major differences.
That and Aug/Sept are historically two bad months (especially in midterms), while the calendar is a tailwind now. pic.twitter.com/mBxm6zsAqg
— Ryan Detrick, CMT (@RyanDetrick) December 2, 2022
#ES_F, 1d
4 rejections…
What about Santa Claus rally? pic.twitter.com/q6tFLXAEXU
— Yuriy Matso (@yuriymatso) December 2, 2022
The Dow 30 $INDU is the first major index to break above its August high. Dow Theory says we need to wait for confirmation from transports $TRAN to confirm this bull market signal. Not yet… pic.twitter.com/hRLyaPErkf
— David Keller, CMT (@DKellerCMT) December 2, 2022
We have seen quite the divergence between the 3 major US Telecom players in 2022…$TMUS $T $VZ pic.twitter.com/DK4jfk5rPF
— Ian McMillan, CMT (@the_chart_life) December 2, 2022
FWIW, Silver doesn’t often breakout above $21.20. When it does, wherever its going, it tends to do so with some serious purpose. #sentimentrader pic.twitter.com/ldt2IM6BRT
— Jay Kaeppel (@jaykaeppel) December 2, 2022
The one chart that I think well represents the year that is and was 2022….
The performance of the 60/40 portfolio being the worst in over a 100 years. pic.twitter.com/4t5AcHQzL1
— Andrew Thrasher, CMT (@AndrewThrasher) December 2, 2022
3 hated trades in the front half of the quarter…$META $TLT pic.twitter.com/GCd64RIvXq
— Arun S. Chopra CFA CMT? (@FusionptCapital) December 2, 2022
Math:
In Oct, $KWEB was in a 82% drawdown.
It then rallied 74%.
It's still in a 69% drawdown. pic.twitter.com/3XBigvit7O— Brian G (@alphacharts) December 2, 2022
You’re all caught up now. Thanks for reading!