EB Daily Market Report - Quick Update - Wednesday, December 27, 2023
Good afternoon from sunny Florida! I hope everyone is enjoying the holidays!
I just wanted to give you a very brief market update for today. It'll likely be my last of 2023, unless something drastic happens in the stock market over the next couple days.
All-time record highs continue to be set on the Dow Jones and NASDAQ 100 indices. Also, the XLI and XLK are setting new all-time highs each day as well, helping to lead this advance.
The S&P 500 hasn't set a new all-time high to clear the early-2022 high yet, but it continues to perform well and is trading at 4780 at last check. I'm watching the 4804 and 4819 levels on the S&P 500 as they represent the highest all-time candle body (open or close) and highest all-time intraday levels, respectively. We're getting close, but just not quite there.
The Russell 2000 (IWM) has been outperforming both the S&P 500 and NASDAQ 100 nearly daily, which is an excellent sign for this small cap index. It still has a long way to go to record an all-time high. That's have to wait until 2024.
My key sustainability ratios (think XLY:XLP, QQQ:SPY, IWF:IWD) have weakened somewhat, but remain fine overall. I'll be discussing this more at MarketVision 2024 on Saturday, January 6th.
Remember: All full-service ANNUAL members will be admitted completely FREE to MarketVision 2024. We are charging EB non-members $697 and EB members (other than annual) $347. NOW is the perfect time to become an annual member or to upgrade from another plan as it'll save you some serious money to begin 2024.
If you have any questions, please reach out to us at "[email protected]".
Again, this will likely be my last communication until 2024, so please be safe and enjoy your New Year's celebration - whatever that might be! Wishing all of you happiness, good health, and prosperity in 2024 and beyond!
Happy trading and HAPPY NEW YEAR!
Tom