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Today’s Summary
Wednesday, September 8th, 2021
Indices: US Stocks continued lower in today’s session with the Dow slipping 69 points or 0.20%. The S&P 500 inched lower by just 0.13%, while the Nasdaq fell 0.57%. The Russell 2000 underperformed by a wide margin, dropping 1.14%.
Sectors: 5 of the 11 sectors closed higher. Utilities led, gaining 1.79%. Energy lagged, falling 1.28%.
Commodities: Crude Oil futures rose 1.39% to $69.30 per barrel. Gold futures fell 0.28% to $1,794 per ounce.
Currencies: The US Dollar Index rose 0.19%.
Interest Rates: The 10-year US Treasury yield moved lower to 1.341%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
If yesterday/today's low holds for $BTC, I'm officially titling 2021 the year of the "50-day simple moving average".
Between the S&P 500, and now Bitcoin, it's like paying the average price over the last 50 days is the greatest entry the universe can offer you. pic.twitter.com/hmLgJkiRun
— Steve Deppe, CMT (@SJD10304) September 8, 2021
Today’s Chart of the Day was shared by Steve Deppe (@SJD10304). It’s a daily bar chart of Bitcoin over the past three months. Bitcoin tumbled as much as 18% in the past two days, however, buyers showed up at the 50-day moving average, keeping the uptrend intact for now. Steve jokes that 2021 is the year of the 50-day moving average because whether we’re talking about Stocks or Crypto, the 50-day moving average has been the one to watch recently. Take a look at how the S&P 500 has responded to its 50-day this year….it has successfully tested it about seven times. To be clear, this moving average won’t always act as support. But, it has done a great job of defining the intermediate-term trend and can help traders manage risk. Above the 50-day = the intermediate-term trend is bullish. Below the 50-day = the intermediate-term trend is bearish.
Quote of the Day
“You have to know the past
to understand the present.”
– Carl Sagan
Top Links
Mid-Week Update – The Chart Report
In this week’s video, Steve Strazza and I discuss the S&P 500, Stocks vs. Bonds, and global breadth expansion, and more.
Bitcoin Seasonality – Following a Different Parth – Bespoke
Bespoke examines Bitcoin’s seasonal pattern.
Trends Favor Large Caps & Growth – Potomac Fund Management
Dan Russo highlights some key takeaways from the current market environment.
The Cyclical Struggle Is Real – All Star Charts
JC Parets explains why he’s closely watching the cyclical sectors.
Bitcoin Enters Make-or-Break Mode Amid Sharp Sell-Off as Key Technical Levels Come Into Focus – Markets Insider
Katie Stockton offers her outlook on Bitcoin after yesterday’s bloodbath.
Top Tweets
#ES_F, 1h
4500 acted as support today.
This level will play a major role in what happens next:
– if it continues to act as support during the next several sessions, we'll see new highs in Sept
– if ES drops below 4500 and especially below 4464, a deeper correction will follow pic.twitter.com/Lm9qVgOeQE— Yuriy Matso (@yuriymatso) September 8, 2021
The 307-day streak without a 5%+ drop for the S&P 500 currently ranks as the 13th longest on record… https://t.co/Wd1SmLVptE pic.twitter.com/NbjyXooToa
— Bespoke (@bespokeinvest) September 8, 2021
Updating what may well be the most important chart in the market right now: pic.twitter.com/3fQkmP0JOb
— Walter Deemer (@WalterDeemer) September 8, 2021
Standard breakout retest + MA compression. Likely a Buy/Add given positioning pic.twitter.com/NJLgAZ8Gac
— Macro Charts (@MacroCharts) September 8, 2021
Are small caps in the middle of fumbling the ball after a late-August push? Still in the range, still underperforming…noting has changed! pic.twitter.com/niwPmcPBf0
— Dan Russo, CMT (@DanRusso_CMT) September 8, 2021
Breadth has rolled over again for all 3 major indexes pic.twitter.com/RHWqLiGE1Q
— Liz Ann Sonders (@LizAnnSonders) September 8, 2021
We are still not seeing any indication in $IEI: HYG spread that would suggest we are in risk off mode. pic.twitter.com/DW9ysRHiKt
— Bailey.Baxter2020 (@BBaxter2020) September 8, 2021
Major non-U.S. segments continue relative-strength downtrends, pending higher lows & higher highs. $VGK $VPL $VWO pic.twitter.com/waJMiU4BSV
— Mark Ungewitter (@mark_ungewitter) September 8, 2021
Let's see if these two indices are capable of making a sustained breakout above their June highs.$EFA $EMXC pic.twitter.com/0Y87mHcFzj
— Alfonso Depablos (@AlfCharts) September 8, 2021
Japanese stocks retesting and bouncing off the 61.8% retracement of their 1989-2009 drawdown around the ~27000 level on the Nikkei… pic.twitter.com/kzx1iCecUN
— Ian McMillan, CMT (@the_chart_life) September 8, 2021
Do svidaniya! $ERUS pic.twitter.com/eXxTdzNXhI
— Drew Wells, CMT, CIMA® (@DrewTheCharts) September 8, 2021
You’re all caught up now. Thanks for reading!