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Today’s Summary
Tuesday, December 7th, 2021
Indices: Dow +1.40% | S&P 500 +2.07% | Nasdaq +3.03% | Russell 2000 +2.28%
Sectors: All 11 sectors closed higher. Technology led, gaining 3.49%. Consumer Staples lagged, but still rose 0.22%.
Commodities: Crude Oil futures gained 3.68% to $72.05 per barrel. Gold futures rose 0.29% to $1,785 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield rose to 1.477%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
After today's big bullish open, the S&P 500 is now within 1% of its record closing high … so much for a correction! pic.twitter.com/i0q2yT86Sh
— Matt Weller CFA, CMT (@MWellerFX) December 7, 2021
Today’s Chart of the Day was shared by Matt Weller (@MWellerFX). It’s a daily candlestick chart of the S&P 500 over the past 1.5 years. The S&P 500 had its best day in nine months today. The index gapped higher this morning and closed just 0.38% shy of a record high. In hindsight, this was a fairly mild and healthy pullback. It probably didn’t feel so mild with the VIX having its 4th best day in history at the start of the pullback. But, on a closing basis, the max drawdown was just 4.07%. Despite being mild, this pullback did a lot to help reset sentiment in a healthy way. To be fair, other indices like the Russell 2000 are in need of further repair. But at this point, the uptrend in the S&P 500 remains unscathed and all-time highs are the next objective.
Quote of the Day
“Losing potential profits hurts the ego;
losing money really hurts.”
– Gerald Appel
Top Links
Bullish Island Reversal – Almanac Trader
Jeff Hirsch points out that the Dow Jones Industrial Average just formed a bullish island reversal pattern.
Russell 2000 2% Spreads Between Intraday Highs and Lows – Bespoke
Bespoke examines the recent volatility in the Russell 2000.
Steel ETF (SLX) Coiling For a Big Move! – Kimble Charting Solutions
Chris Kimble points out that the Steel ETF, $SLX, is primed for a big move.
This Bull Market Hasn’t Always Been Easy – A Wealth of Common Sense
Ben Carlson shares his thoughts on the fallout in ARKK.
Bitcoin Price Outlook: Negative Momentum Suggest Bounces Will Be Temporary – Business Insider
Katie Stockton offers her technical perspective on Bitcoin.
Top Tweets
?? All US Stocks on the close. pic.twitter.com/XFlqZ3T3IN
— PiQ (@PriapusIQ) December 7, 2021
BTW, the S&P500 is 30 bps from a new all time high. $SPX pic.twitter.com/1w4rYVGXkc
— Michael Antonelli (@BullandBaird) December 7, 2021
Fun week so far:$IWM +4.4%$QQQ +3.8%$SPY +3.3%$EFA +3.1%$EEM +2.4% pic.twitter.com/DSAeQ93Sq2
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) December 7, 2021
Shook the tree real fast $SPY $IWM $QQQ pic.twitter.com/J4tYuBHfVo
— Rolando Santos (@TKPTrader) December 7, 2021
Just look at this.
Returns this year after the S&P 500 fell below its 50-day on a closing basis.https://t.co/0ziXTLREXD pic.twitter.com/Uc2eOG7oWp
— Callie Cox (@callieabost) December 7, 2021
Small caps/Russell 2000 rally into the 200 day moving average…$RUT $IWM pic.twitter.com/uvrkBldxOf
— Greg Rieben (@gregrieben) December 7, 2021
$IWM #IWM Finally a damn level that held. pic.twitter.com/o15zmkszjv
— Jake Wujastyk (@Jake__Wujastyk) December 7, 2021
You need to squint to see it, but for the first time since November 16th, net new highs for NASDAQ were positive (+6). pic.twitter.com/QXigqdaAB1
— Willie Delwiche (@WillieDelwiche) December 7, 2021
What a difference a day makes! $VIX and $VIX futures say the bulls are back in charge. Of course, we could have said the same on Nov 24. pic.twitter.com/HutjlnQwMc
— Jim Carroll (@vixologist) December 7, 2021
There's something for everyone in this market…
Here's a good roadmap of what each looks like $XHB $IWM $XBI pic.twitter.com/8E7jHEUoMs
— Steven Strazza (@sstrazza) December 7, 2021
Index role reversal pic.twitter.com/ap2SoY5yUN
— Strategas (@StrategasRP) December 7, 2021
Fun Facts to Know and Tell Your Friends: Over the last 6 months, 4 stocks (MSFT, AAPL, NVDA, GOOGL) have generated almost 70% of the S&P 500's return.
— Gil Morales – The Gilmo Report & VoSI (@gilmoreport) December 7, 2021
You’re all caught up now. Thanks for reading!