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Today’s Summary
Friday, September 10th, 2021
Indices: US Stocks continued lower for the fifth straight day, with the Dow falling 272 points or 0.78%. The S&P 500 and Nasdaq closed lower by 0.77% and 0.87%, respectively. The Russell 2000 underperformed, dropping 0.96%.
Sectors: All 11 sectors closed lower. Materials led, closing flat (0.02%). Utilities lagged, falling 1.40%.
Commodities: Crude Oil futures moved higher by 2.30% to $69.71 per barrel. Gold futures fell 0.66% to $1,788 per ounce.
Currencies: The US Dollar Index rose 0.13%.
Interest Rates: The 10-year US Treasury yield moved higher to 1.344%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Plenty of back and forth in the market overall of late. For $URA (making a new high today), it's been mostly forth over the past couple of weeks. pic.twitter.com/11AVf2jdgF
— Willie Delwiche (@WillieDelwiche) September 10, 2021
Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). It’s a daily candlestick chart of the Global X Uranium ETF, $URA, over the past year. This ETF provides exposure to Uranium prices by holding companies that are involved in the Uranium industry including, Cameco Corp. ($CCJ), JSC National Atomic Co. ($KAP), NexGen Energy ($NXE), Paladin Energy ($PDN), Denison Mines Corp. ($DNN), and more. Uranium prices are at their highest level in nearly seven years. Not surprisingly, this ETF is also breaking out to multi-year highs on both an absolute and relative basis. In a comment to The Chart Report, Willie said, “There are plenty of areas in the market where investors are trying to anticipate resolution. This is one area where we are already seeing it – and it’s to the upside.”
Quote of the Day
“Millionaires don’t use astrology,
but billionaires do.”
– John Pierpont Morgan
Top Links
The Most Important (Technical) Chart in the World – LPL Financial Research
The team at LPL Financial Research explains why Transportation stocks could hold the answer to the broader market’s next move.
What You Need to Know About September Weakness – StockCharts
Tom Bowley examines how the S&P 500 has historically behaved around September options expiration.
Fill the Gap Podcast Episode 9: Chris Verrone, CMT – The CMT Association
Here’s a good podcast with Chris Verrone of Strategas Research, in which he discusses his career, process, and more.
Where Do We (Investors) Stand – David Cox
In this quick video, David Cox highlights some noteworthy technical developments to be aware of.
Stock Market & Bitcoin Analysis September 10, 2021 – Brian Shannon
Brian Shannon breaks down this week’s price action and lays out a few levels to keep an eye on next week.
Top Tweets
Two sides to every story.
S&P 500 down 5 days in a row, oh the horror!
S&P 500 down only 1.4% during those 5 days.
That is the smallest 5-day losing streak loss since Halloween 2016.
There have been 15 other worse 5-day losing streaks in between with an avg drop was 4.6%
— Ryan Detrick, CMT (@RyanDetrick) September 10, 2021
Ran-dumb:
The S&P 500 hasn't declined 5 days in a row immediately following an ATH daily close all that often but here we are.
Outlier adjusted, there's nothing but normal price action the fwd 20 days.
Outlier included, I still can't believe that happened last year. pic.twitter.com/iI3YlRF8tw
— Steve Deppe, CMT (@SJD10304) September 10, 2021
Yesterday was just the 16th time in the post WWII period that the S&P 500 was down four days in a row but still within 1% of a record closing high. https://t.co/NGGTjVQaA1 pic.twitter.com/EfCHT9Pck1
— Bespoke (@bespokeinvest) September 10, 2021
Lots of comparisons between this year’s market ‘calmness’ to performance following 2016 election (orange); though current climb has been stronger, both look tranquil, given worst drawdown S&P 500 saw in 2017 was -2.8%
[Past performance is no guarantee of future results] pic.twitter.com/iRnkWErmZ6— Liz Ann Sonders (@LizAnnSonders) September 10, 2021
The Dow closed below its 100-day moving average this past session. That is the first time in 215 trading days that we have closed below this trailing average. $DJIA pic.twitter.com/X8fZLPl0jH
— John Kicklighter (@JohnKicklighter) September 10, 2021
$DIA transports and industrials both confirm their move lower pic.twitter.com/ZKxQbqDd8A
— Bailey.Baxter2020 (@BBaxter2020) September 10, 2021
A little over a month ago China was at lows not seen in almost 9-months
Today it's pressing toward its highest level since 2015 $SSEC pic.twitter.com/cxMR12mNzY
— Steven Strazza (@sstrazza) September 10, 2021
Natural Gas rises to its highest level in over 7 years, up 235% from its low in 2020. pic.twitter.com/LYGkzgqD8s
— Charlie Bilello (@charliebilello) September 10, 2021
Nickel and broad Base Metals pushing to new highs so far today…$DBB $JJN pic.twitter.com/0xa91Wgp7G
— Ian McMillan, CMT (@the_chart_life) September 10, 2021
Take a look at this big rounding bottom in uranium stocks relative to broader market.$URA / $SPY pic.twitter.com/hQpN5GzLUt
— Alfonso Depablos (@AlfCharts) September 10, 2021
Everyone's too busy chasing crypto to care.#uraniumsqueeze$CCJ pic.twitter.com/cCYOiKGaFr
— Greg Rieben (@gregrieben) September 10, 2021
You’re all caught up now. Thanks for reading!