Daily Chart Report ? Thursday, January 7th, 2021
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Today’s Summary
Thursday, January 7th, 2021
Indices: US Stocks closed higher in today's session with the Dow Jones Industrial Average advancing 212 points or 0.69%. The S&P 500 and Nasdaq rose 1.48% and 2.56%, respectively. The Russell 2000 gained 1.48%.
Sectors: 9 of the 11 sectors closed higher. Tech led, rising 2.70%. Utilities lagged, falling 1.31%.
Commodities: Crude Oil futures moved higher by 0.57% to $50.92 per barrel. Gold futures rose 0.26% to $1,914 per ounce.
Currencies: The US Dollar Index gained 0.32%.
Interest Rates: The 10-year US Treasury yield rose to 1.083%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Mark Ungewitter (@mark_ungewitter). It’s a chart of the US 10-year Treasury yield. The 10-year yield broke above 1% yesterday for the first time since March. As Mark points out, the next area of resistance is around 1.40%. This level acted as support for about 8-years. As Mark notes, these key levels often act as magnets. The longer-term trend is still lower, but as long as we’re above 1%, there’s no reason to think yields won’t test 1.40%. Keep an eye on this development as higher yields will impact every other asset class.
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Quote of the Day
"Opportunities multiply as they are seized."
– Sun Tzu
Top Links
Asset Class Performance to Start 2021 - Bespoke
In this note, Bespoke breaks down YTD asset class performance. It's still very early in the year, but several areas of the markets are already off to a hot start in 2021.
Commodities are Breaking Out in 2021 - The Compound
Josh Brown and JC Parets highlight some of the major long-term trends that are in play right now.
Financial Will Benefit From a Steeper Yield Curve in 2021: Technical Analyst - BNN Bloomberg
In this clip, Chris Verrone of Strategas Research offers his thoughts on the steepening yield curve.
Bonds Break - Cully Charts
Ian Cully examines the weakness in Treasury Bonds.
10 Things I'll be Watching Closely in 2021 - The Irrelevant Investor
Here's a good read from Michael Batnick on the 10 themes he's watching this year.
