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Today’s Summary
Friday, August 20th, 2021
Indices: US Stocks ended the week on a positive note, with the Dow gaining 226 points or 0.65%. The S&P 500 and Nasdaq rose 0.81% and 1.19%, respectively. The Russell 2000 outperformed, closing higher by 1.65%.
Sectors: All 11 sectors closed higher. Technology led, gaining 1.29%. Consumer Staples lagged but still inched higher by 0.17%.
Commodities: Crude Oil futures fell for the seventh straight day, falling 2.58% to a four-month low of $61.86 per barrel. Gold futures were unchanged, and continue to trade at $1,783 per ounce.
Currencies: The US Dollar Index inched lower by 0.11%.
Interest Rates: The 10-year US Treasury yield moved higher for the first time this week to 1.258%.
are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
This is typically what the beginning of another leg higher for a whole group looks like. Prior uptrends resolving higher out of bases. Not bearish at all. $ADA $SOL $HNT pic.twitter.com/C2W8kg4Dm1
— Pratty ★ (@PrattyCharts) August 20, 2021
Today’s Chart of the Day was shared by Pratyush Tulsian (@PrattyCharts). The chart shows three altcoins over the past year. On top, is the 3rd largest Cryptocurrency, Cardano ($ADAUSD). In the middle, is the 10th largest cryptocurrency, Solana ($SOLUSD). On the bottom, is the 55th largest cryptocurrency, Helium ($HNTUSDT). Pratty points out that all three of these altcoins look poised for another leg higher. As you can see, they’re all breaking out of multi-month bases within strong longer-term uptrends. Crypto held up relatively well this week despite a risk-off tone in the equity markets, and eight-month highs in the US Dollar. You’d expect Cryptocurrencies to struggle in that sort of environment, but they didn’t. Quite the opposite actually. That sort of resilience is a testament to how strong the underlying trend is at the moment.
Quote of the Day
“The weekends are for crypto.“
– Howard Lindzon
Top Links
What Happened this Week? – All Star Charts
JC Parets points out that the equal-weight S&P 500, $RSP, found buyers exactly where it needed to.
US Dollar Breaking Out – Bespoke
Bespoke takes a look at the breakout in the US Dollar.
Finance Sector Holds Breakout and Establishes Line in the Sand – StockCharts.com
Art Hill examines the recent breakout in the Financial sector.
Golden Opportunity? – CNBC
In this clip, Carter Worth lays out his bullish thesis on Gold.
What Do TSLA, DIS, and CAT Have in Common? – See It Market
David Keller shows that several popular stocks are currently testing their 200-day moving averages.
Top Tweets
Weekly $SPX update: a test of the 10-wk EMA ends with a small loss. Seems kind of odd that $VIX almost hit 25. pic.twitter.com/rasp8Lkofu
— Michael Turvey (@MikeTurvey_TDA) August 20, 2021
#RTY_F, 1d
You shall not pass pattern on Russell.
2100 is the make it or break it level. pic.twitter.com/kWsrjRKu53
— Yuriy Matso (@yuriymatso) August 20, 2021
This chart shows the SPX (red) between the overnight gains (orange) and the day session gains (blue).
Between Jun-1, 20 and Mar-11, 21, all the gains came overnight (open – prev close) and now the gains come during the day session (close-open).
This flipped on March 11th.1/3 pic.twitter.com/cy260sy9s1
— Jim Bianco (@biancoresearch) August 20, 2021
The dollar has risen to the strongest vs peers since November, per the Bloomberg dollar spot index: pic.twitter.com/MAOVDXELd5
— Lisa Abramowicz (@lisaabramowicz1) August 20, 2021
$DXY pic.twitter.com/oki4dLyHfX
— Petr Pinkhasov (@pivotanalytics) August 20, 2021
WTI down 7 days in a row. Good for the lowest settle since April 22. Down a whisker from 20% off the July 6 high. $USO pic.twitter.com/J3umdbOuWC
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) August 20, 2021
Hello 200! What did you think of my false breakout? pic.twitter.com/OoSE3vMPHT
— conradseric, CMT, CAIA, CEFA (@conradseric) August 20, 2021
Ouch! #China's A-shares market plummets to its lowest level in over a year. pic.twitter.com/dCAhmbzASp
— jeroen blokland (@jsblokland) August 20, 2021
With the latest rally, bitcoin’s market cap is closing in on the old highs. If we add in the rest of the crypto space, we have reclaimed a market cap of $2 trillion. This is no longer a sideshow, folks. /3 pic.twitter.com/BpLOiBSq6Q
— Jurrien Timmer (@TimmerFidelity) August 20, 2021
what's the one chart I'm watching heading into the weekend? Gotta be whether or not #Bitcoin holds this breakout. I didn't think it would be this easy tbh. So let's see if it can stick that landing and prove me wrong $BTCUSD pic.twitter.com/WJ9tIamq5j
— J.C. Parets (@allstarcharts) August 20, 2021
You’re all caught up now. Thanks for reading!