Daily Chart Report ? Wednesday, February 3rd, 2021

Today’s Summary
Wednesday, February 3rd, 2021

Indices: US Stocks were little changed in today’s session. The Dow Jones Industrial Average inched higher by just 36 points or 0.12%. The S&P 500 ticked up 0.10% while the Nasdaq ticked down just 0.02%. The Russell 2000 outperformed, rising 0.38%.

Sectors: 6 of the 11 sectors closed higher. Energy led significantly, gaining 4.27%. Health Care lagged, falling 0.71%.

Commodities: Crude Oil futures rose 0.45% to $55.69 per barrel. Gold futures were flat and continue to trade at $1,835 per ounce.

Currencies: The US Dollar Index slipped 0.11%.

Interest Rates: The 10-year US Treasury yield rose to 1.155%.

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 Greg Rieben (@gregrieben). It’s a weekly candlestick chart of the second-largest cryptocurrency, Ethereum ($ETHUSD). Ethereum continues to print fresh all-time highs. Why do we care about all-time highs? Because at all-time highs, there’s virtually no overhead supply to prevent price from moving significantly higher. When price is in uncharted territory like this, Fibonacci extensions are one of the only useful tools for figuring out a price target. In this case, the 161.8% Fibonacci extension is around $2,500, which represents more than 50% upside from the current price of $1,600.

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Quote of the Day

“He who wishes to be rich in a day will be hanged in a year.”

– Leonardo da Vinci