Stock Market Update Thursday December 21, 2023

Stock Market Update Thursday December 21, 2023 Stocks rebounded nearly 1% on the S&P 500, recovering most of yesterday's surprise selloff. Bears briefly anticipated their moment, but bulls swiftly intervened. As we enter a shortened holiday week, stocks favor the upside in the light-volume trading sessions ahead.

Away from stocks: Treasurys presented a mixed picture: the two-year note declined to 4.33%, its lowest since May, while the long bond rose five basis points to 4.03%. Gold edged higher to $2,045 per ounce, and WTI crude held near $74 a barrel. The VIX finished little changed just below 14.

Wednesday’s weird afternoon selloff brought a 10 to 1 down volume day on the NYSE and Thursday saw that dip as an opportunity for buying, and the result was a nearly 10-1 up volume day. So this means that yesterday key reversal bar does not matter. More likely, though, is