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Today’s Summary
Thursday, September 2nd, 2021
Indices: US Stocks closed higher in today’s session with the Dow advancing 131 points or 0.37%. The S&P 500 and Nasdaq both closed at all-time highs, rising 0.28% and 0.14%, respectively. The Russell 2000 outperformed, gaining 0.74%.
Sectors: 8 of the 11 sectors closed higher. Energy led by a wide margin, rising 2.54%. Communications lagged, falling 0.67%.
Commodities: Crude Oil futures rose 2.04% to $69.99 per barrel. Gold futures slipped 0.25% to $1,812 per ounce.
Currencies: The US Dollar Index continued lower by 0.31%.
Interest Rates: The 10-year US Treasury yield fell to 1.285%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$ARKX Space Exploration and Innovation. New highs for this new @ARKInvest ETF. Excited to see where they can take this. pic.twitter.com/VaC7LI1qUs
— Pratyush Tulsian (@PrattyCharts) September 2, 2021
Today’s Chart of the Day was shared by Pratyush Tulsian (@PrattyCharts). It’s a chart of the Ark Space Exploration and Innovation ETF, $ARKX, since its inception six months ago. The top-weighted holdings in this ETF include $TRMB, $PRNT, $IRDM, $KTOS, and $LHX. Pratty points out that this ETF is breaking out to all-time highs. With very little price history, it’s tough to say where this ETF will eventually find resistance. But one thing is for sure, all-time highs are certainly not bearish for this young ETF.
Quote of the Day
“Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.”
– Charles Dow
Top Links
Mid-Week Update 09.02.21 – The Chart Report
In this quick video, Steve Strazza and I discuss several hot topics including seasonality, transportation stocks, commodities, and more.
Don’t Look Now But Breadth is Improving – Potomac Fund Management
Dan Russo checks up on market breadth.
Bullish Sentiment Finally Rises in Back to Back Weeks – Bespoke
Bespoke analyzes the results of the latest sentiment surveys.
How to Find Existing Trends & Tradeable Opportunities – TD Ameritrade Network
Respected trader, Jerry Parker offers his thoughts on the current market environment.
Bank Index Teetering Near Financial Crisis Highs??? – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Bank Index, $BKX.
Top Tweets
As we all know by now, September is the worst month of the year for the S&P 500.
Down 0.5% on average since 1950.
But if it makes a new ATH at any point during the month, the average return jumps to 1.4%, with a median return of 2.2%.
Made a new high today.
— Ryan Detrick, CMT (@RyanDetrick) September 2, 2021
S&P 500 closes at an all-time high for the 54th time this year. $SPX pic.twitter.com/KAfBSDHahC
— Charlie Bilello (@charliebilello) September 2, 2021
The great Wayne Whaley also shared an interesting quirk into year end this past weekend.
When the $FTSE finishes August up 1.5% or more for the year, the S&P 500 is undefeated over the final 4 months of the year.
Sept-Dec 18-0 for average returns of 8.36%. pic.twitter.com/3ghzQYHtUd
— Steve Deppe, CMT (@SJD10304) September 2, 2021
$SPY and $RSP (equal weight SPY) both hitting new highs, illustrating the underlying participation in the grind higher. pic.twitter.com/jELAWiI9Zf
— Bailey.Baxter2020 (@BBaxter2020) September 2, 2021
Breadth Is Better Abroad:
"Our breadth metrics support and confirm the recent price action on a global scale"@allstarcharts $ACWI $EEM $VEAhttps://t.co/WJ7olRFOnD pic.twitter.com/UUsBFs0J0G
— Grant Hawkridge (@granthawkridge) September 2, 2021
Japan continuing higher out of its consolidation. $EWJ pic.twitter.com/B0wj6VqtFo
— Tom Bruni, CMT (@BruniCharting) September 2, 2021
Mexico is retesting its recent breakout, and if it can hold, it could move towards the 161.8% Fibonacci level that coincides with considerable resistance levels from 2007, 2008, and 2011. $EWW pic.twitter.com/p4EAAoRJ0q
— Matthew Timpane, CMT (@mtimpane) September 2, 2021
Crude #oil back above USD 70! pic.twitter.com/85QeSrjGU0
— jeroen blokland (@jsblokland) September 2, 2021
?️Not all Energy stocks are faltering. $LNG breaking out to all-time highs this morning. pic.twitter.com/J9Qwfdr6YT
— ??????? ??? ??? (@BrandonVanZee) September 2, 2021
Global coal prices … clean breakout pic.twitter.com/M6cwB7UZEd
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 2, 2021
Bitcoin is back above $50, but Ethereum has more than doubled since its 7/21 low. It's price relative to bitcoin isn't far from record highs. https://t.co/bpJjbES4jj pic.twitter.com/05AiXOZx6z
— Bespoke (@bespokeinvest) September 2, 2021
This is what can happen with a relatively stable stock near all-time highs, with high short interest. $IRM has 19 days to cover and short % of float of 13%. No resistance above holding it back. pic.twitter.com/slsSEM5MI0
— Jonathan Harrier, CMT (@jonathanharrier) September 2, 2021
Rain in Central Park (by day) pic.twitter.com/Vf9KgVK4nR
— Michael McDonough (@M_McDonough) September 2, 2021
You’re all caught up now. Thanks for reading!