Monday, December 5th, 2022
Indices: Dow -1.40% | Nasdaq 100 -1.73% | S&P 500 -1.79% | Russell 2000 -2.78%
Sectors: All 11 sectors closed lower. Utilities led, but still fell -0.56%. Energy lagged, dropping -2.97%.
Commodities: Crude Oil futures moved lower by -3.81% to $76.93 per barrel. Gold futures dropped -1.56% to $1,810 per ounce.
Currencies: The US Dollar Index gained +0.75%.
Crypto: Bitcoin fell -0.77% to $16,983. Ethereum dropped -1.57% to $1,260.
Interest Rates: The US 10-year Treasury yield fell to 3.585%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
The U.S. Dollar has retested a massive 5-year congestion area with substantial support under the market. Those who own stocks betting on a weak $USDX $DX_F might be disappointed pic.twitter.com/fCMeElLk8H
— Peter Brandt (@PeterLBrandt) December 5, 2022
Today’s Chart of the Day was shared by Peter Brandt (@PeterLBrandt). It’s a monthly chart of US Dollar Index Futures over the past 8 years. The Dollar just had its worst month in more than a decade, however, Peter points out that it’s testing a key long-term support level around $103. The Dollar had been stuck in a range for 5 years prior to breaking out in May, and this is the first time we’re retesting that range since. Any potential rebound in the Dolar would likely put pressure on Stocks and other risk assets, so this will be an important test for the broader market.
Quote of the Day
“Sometimes it’s not enough to know what things mean, sometimes you have to know what things don’t mean.”
– Bob Dylan
Weekly S&P500 ChartStorm – 4 December 2022 – Topdown Charts
Callum Thomas highlights 10 noteworthy charts to watch this week.
Is it Time to Buy Precious Metals Again? – Means to a Trend
Austin Harrison examines the outlook for Precious Metals.
Two Hundred Days – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the key technical developments across the markets.
Lumber Lingers at New Lows – Bespoke
Bespoke takes a look at the weakness in Lumber.
Trendlines over Headlines with Special Guest, JC Parets – The Chart Report
In our latest episode of Trendlines over Headlines, JC Parets of All Star Charts joins us to talk Stocks, Crude Oil, Crypto, and International Stocks.
— StockMKTNewz – Evan (@StockMKTNewz) December 5, 2022
— Greg Rieben (@gregrieben) December 5, 2022
Feels like a long bear market but doesn’t yet come close to others in history … S&P 500 has gone just over 230 days without returning to its prior high; streak is not even past one we saw in 2016 pic.twitter.com/IpEW8FGcyP
— Liz Ann Sonders (@LizAnnSonders) December 5, 2022
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) December 5, 2022
From Sunday's Thrasher Analytics letter…
The strength in the Dow isn't a leading indicator for the broad equity market, it simply shows industrial stocks doing well.
For example, '01 saw a similar bounce in the Dow that was unable to translate into broad equity strength. pic.twitter.com/JO5zyUCvPi
— Andrew Thrasher, CMT (@AndrewThrasher) December 5, 2022
— Ian McMillan, CMT (@the_chart_life) December 5, 2022
Energy stocks are running into their 2014 highs and there's a potential bearish momentum divergence shaping up on the weekly chart. That could spell trouble for the sector that's led for the last two years pic.twitter.com/5JNjlqiiP0
— Austin Harrison, CFA, CMT (@meanstoatrend) December 5, 2022
After finding support at the same level in September, Gasoline futures $RB_F are violating their 2018 highs today
— Steven Strazza (@sstrazza) December 5, 2022
— David Rath (@DJwrath) December 5, 2022
dollar testing the highs
spx testing channel resistance/avwap off the highs
btc and most alts still below the lows
— Louis Sykes (@haumicharts) December 5, 2022
1-minute chart for fun. pic.twitter.com/euKPOBB82S
— Evan Medeiros (@evanmedeiros) December 5, 2022
You’re all caught up now. Thanks for reading!