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Market Monitor December 06

By Kristoff De Turck - reviewed by Aldwin Keppens

Last update: Dec 8, 2024

ChartMill Market Monitor Report

Highlights

  • Wall Street closed mixed, with tech stocks rising on expectations of a rate cut. The Nasdaq hit a record high, driven by gains in Amazon, Meta, and Tesla, while the Dow Jones fell.

  • A surprising rise in unemployment increased the likelihood of a rate cut by the Federal Reserve.

  • UnitedHealth dropped over 5% after the murder of a top executive, causing significant pressure on the Dow due to the company's high weight in the index.

Major ETFs Overview:

SPY (S&P 500):

  • The ETF shows a continued strong uptrend with a 1-month gain of 2.05% and a 12-month increase of 32.08%.
  • Short-term and long-term trends remain bullish.

QQQ (Nasdaq 100):

  • A standout performer with a 2.52% 1-month gain and an impressive 34.25% 12-month return.
  • Technology-heavy stocks are driving this performance.

IWM (Russell 2000):

  • Displays mixed performance.
  • While the 12-month return is 27.91%, the ETF had a negative week (-1.22%), signaling weakness in small-cap stocks in the short term.

Sector Performance:

1 Week:

  • Weak sectors: Energy and Utilities saw losses of up to -4%.
  • Strength: Information Technology and Communication Services had the best weekly performance with moderate gains.

1 Month:

  • Technology remains the strongest sector, followed by Financials and Industrials.
  • Materials and Real Estate struggled, with minimal or negative returns.

3 Months:

  • Long-term trends favor Information Technology as the dominant performer, followed by Industrials and Consumer Discretionary.
  • Real Estate continues to underperform, highlighting a persistent weakness.

All info available on our Sector Performance page

Breadth Numbers:

Advancing vs. Declining Stocks:

  • Positive breadth on December 6: Advancing stocks (55.1%) outpaced decliners (42.2%).
  • Steady improvement in key breadth metrics like SMA(50+), SMA(200+), and new highs (NH), indicating broad market strength.

Momentum Indicators:

  • The percentage of stocks above their 50-day and 200-day moving averages remains strong, over 60%, suggesting healthy market momentum.
  • The ratio of advancing vs. declining stocks over the past week and month shows increasing buyer participation.

All info available on our Market Monitor page

Key Observations:

  • Technology Dominance: The tech sector (reflected in QQQ and IT sector performance) continues to lead both in short- and long-term timeframes.
  • Small-Cap Weakness: IWM’s lagging performance suggests small caps are under pressure, perhaps reflecting economic uncertainties or risk aversion.
  • Sector Divergence: Defensive sectors like Utilities and Real Estate are struggling, while cyclical and growth-oriented sectors like IT and Industrials gain traction.
  • Breadth Indicates Strength: Overall market breadth remains robust, supporting the continued upward momentum, especially in major indices like SPY and QQQ.

UNITEDHEALTH GROUP INC

NYSE:UNH (6/5/2025, 4:41:27 PM)

After market: 294.299 -1.54 (-0.52%)

295.84

-4.54 (-1.51%)


AMAZON.COM INC

NASDAQ:AMZN (6/5/2025, 4:42:39 PM)

After market: 207.43 -0.48 (-0.23%)

207.91

+0.68 (+0.33%)


TESLA INC

NASDAQ:TSLA (6/5/2025, 4:43:10 PM)

After market: 279.6 -5.1 (-1.79%)

284.7

-47.35 (-14.26%)


Facebook Inc

LON:A-0QZI (3/8/2019, 7:00:00 PM)

168.13

-1.21 (-0.71%)



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