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Today’s Summary
Tuesday, August 24th, 2021
Indices: US Stocks continued higher in today’s session. The Dow was fairly flat, ticking up just 31 points or 0.09%. The S&P 500 logged its 50th all-time high this year, inching up just 0.15%. The Nasdaq also closed at a record high, gaining 0.52%. The Russell 2000 outperformed, gaining 1.02%.
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining 1.66%. Consumer Staples lagged falling 0.76%.
Commodities: Crude Oil futures continued to rebound by 2.89% to $67.54 per barrel. Gold futures inched higher by 0.12% to $1,809per ounce.
Currencies: The US Dollar Index slipped 0.10%.
Interest Rates: The 10-year US Treasury yield rose to 1.297%.
are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
"Travel Tech" stocks up over 6% this week #information pic.twitter.com/REc5gobuBH
— Steven Strazza (@sstrazza) August 24, 2021
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). It’s a chart of the Modern Travel ETF, $AWAY, over the past 1.5 years. The top 5 holdings in the ETF include Trainline ($TRN), Airbnb ($ABNB), Bookings Holdings ($BKNG), Uber ($UBER), and MakeMyTrip Ltd. ($MMYT). Steve points out that this group of “travel tech” stocks is finding support at a familiar level around $25. In a comment to The Chart Report, Steve said, “If the bears cant kill the WORST STOCKS, how are they ever going to take control of the broader market? These stocks have been the laggards, and yet, buyers continue to defend crucial support. Take a look at the Airlines ($JETS), it’s the same story. I think there’s some valuable information to be gleaned from that resilience, and it can only be interpreted as bullish for the broader market.
Quote of the Day
“Fish see the bait, but not the hook;
men see the profit, but not the peril.”
– Chinese Proverb
Top Links
Nasdaq Crosses Another 1,000 Point Threshold – Bespoke
As the Nasdaq Composite crosses 15,000 for the first time, Bespoke takes a look at previous milestones for the index.
In the U.S. and Europe Tech is Leadership – Potomac Fund Management
Dan Russo analyzes each of the 11 S&P sectors on both an absolute and relative basis.
There’s a Market Conundrum Developing That Casts a Shadow Over Risk-Taking, Bank of America Technical Analyst Says – Market Watch
Paul Ciana shares some thoughts on Currencies, Fixed Income, and Commodities.
Will the Dollar Find Its Way? – All Star Charts
The team at All Star Charts examines the outlook for the US Dollar.
Bitcoin is Testing a Key Resistance Level That Could Signal a Pause in its 1-month Rally of 69%, According to Technical Analyst Katie Stockton – Markets Insider
Katie Stockton points out that Bitcoin has a key resistance level overhead at $51,000.
Top Tweets
Today could be the 50th all-time high for the S&P 500 of 2021.
Only twice in history have we seen this many through August. 1964 and 1995. pic.twitter.com/9I8ymFgO7f
— Ryan Detrick, CMT (@RyanDetrick) August 24, 2021
And if $IWM can print 225.22 they'll all be foaming at the mouth. pic.twitter.com/qa2QMEzUXb
— Walter Deemer (@WalterDeemer) August 24, 2021
S&P 500 Tech: Absolute and Relative. Are the September relative highs now in play? pic.twitter.com/8X5PksyMOF
— Dan Russo, CMT (@DanRusso_CMT) August 24, 2021
$IYT 50-DMA for $DJT has been a beast to get over lately. Not looking promising for old school Dow Theory here! pic.twitter.com/mZUAbhZvNu
— Seth Golden (@SethCL) August 24, 2021
$VIX waking up a little bit this afternoon. $VIX has also held above its prior August low while equities made a fresh new high yesterday. pic.twitter.com/wFDyJ1gdRQ
— Andrew Thrasher, CMT (@AndrewThrasher) August 24, 2021
This is how I have Navigated through the Year. As a risk manager with a growth emphasis, this has been unbelievably challenging but worth it! Only people who focus on the downside appreciate how difficult a year it has been. pic.twitter.com/hpdikCe6Oh
— Roy Mattox (@RoyLMattox) August 24, 2021
To expand on Andrew's $FXI chart, Chinese Tech stocks are back to levels where we have previously seen a bounce on a relative basis… https://t.co/sTGCgcOQfD pic.twitter.com/LyR2MT4VbR
— Ian McMillan, CMT (@the_chart_life) August 24, 2021
Lumber futures testing its 90s highs. Will that former resistance turn into real support?$LB_F pic.twitter.com/wx1N9IG4Mb
— Alfonso Depablos (@AlfCharts) August 24, 2021
Someone receive their 4th round of stimulus checks?? pic.twitter.com/sQmcq2OsKJ
— Linda Raschke (@LindaRaschke) August 24, 2021
You’re all caught up now. Thanks for reading!