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Today’s Summary
Thursday, August 26th, 2021
Indices: US Stocks fell for the first time this week. The Dow closed lower by 192 points or 0.54%. The S&P 500 and Nasdaq fell 0.58% and 0.64%, respectively. The Russell 2000 underperformed, dropping 1.13%.
Sectors: Real Estate was the only sector that managed to close higher, ticking up just 0.06%. Energy lagged falling 1.52%.
Commodities: Crude Oil futures fell 1.38% to $67.42 per barrel. Gold futures rose 0.23% to $1,795 per ounce.
Currencies: The US Dollar Index gained 0.24%.
Interest Rates: The 10-year US Treasury yield rose to 1.353%.
are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
A base breakout followed by a continuation pattern that resolved in the direction of the underlying trend in Robotics & A.I. ETF.$BOTZ pic.twitter.com/kl6ycITauR
— Alfonso Depablos (@AlfCharts) August 26, 2021
Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). It’s a daily candlestick chart of the Robotics & Artificial Intelligence ETF, $BOTZ, over the past four years. The top five weighted stocks in this ETF include NVIDIA ($NVDA), Keyence (6861), Intuitive Surgical ($ISRG), ABB Ltd. ($ABBN), and Upstart Holdings ($UPST). Alfonso points out that $BOTZ is attempting to break out of a 6-month consolidation within a strong uptrend. This healthy consolidation has taken place at a key Fibonacci level – the 1.618% extension of the 2018-2020 decline, around $35. Price hasn’t reached an all-time high just yet, but it closed less than 1% shy of one today. If $BOTZ does break out into blue-sky territory, the next major Fibonacci level is around $47, which is about 30% higher from here.
Quote of the Day
“You can have data without information, but you cannot have information without data.”
– Daniel Keys Moran
Top Links
Breadth Continues to Diverge With Price – Potomac Fund Management
Dan Russo shares his weekly look at market breadth.
Yet Another Breadth Thrust to Frustrate Shorts – SentimenTrader
Jason Goepfert takes a look at a bullish breadth signal.
Bulls Head in Separate Directions – Bespoke
Bespoke breaks down the results of the latest sentiment surveys.
Great Buy Point Coming for Stocks? – StockCharts.com
In this video, Larry Williams discusses why he thinks there will be a buying opportunity for stocks in October.
Price Rules Everything Around Me – Of Dollars and Data
Nick Maggiulli, explains that prices trump fundamentals in the short run.
Top Tweets
Remember 2017, when the S&P 500 didn't go through a pullback larger than 2.8% all year?
Good times.
— Callie Cox (@callieabost) August 26, 2021
Stupid 50 day moving average…$IWM $RUT pic.twitter.com/LqzJcBQhts
— Greg Rieben (@gregrieben) August 26, 2021
REITs was only sector in green today; while Financials retain lead YTD pic.twitter.com/RxugQsioxL
— Liz Ann Sonders (@LizAnnSonders) August 26, 2021
technology stocks vs. financial stocks on the daily chart… pic.twitter.com/aA8nryTjke
— David Cox, CMT, CFA (@DavidCoxWG) August 26, 2021
Airline Stocks and Treasury Yields are nearly identical in their percentage changes.$JETS $TLT pic.twitter.com/5OmvhK9lxm
— Jim Denholm, CMT (@denholm_jim) August 26, 2021
Holding pattern for commodities: That non-confirmation from the commodity-sensitive stocks ended up being an accurate signal that the inflation/reflation trade is on hold. pic.twitter.com/ESL13FqPy4
— Jurrien Timmer (@TimmerFidelity) August 26, 2021
$ZB_F Bonds have pushed up 3 times. Momentum is moving down. As we are stuck under resistance. pic.twitter.com/T98LsUxwY9
— Jason Perz (@JasonPerz138) August 26, 2021
When you have a basic knowledge of market structure, working "harder" rarely translates into more profits.
Higher profitability comes from getting outside your head and listening to the market pic.twitter.com/bHEpWkQwSU
— Brian Shannon, CMT (@alphatrends) August 26, 2021
You’re all caught up now. Thanks for reading!