Daily Chart Report ? Thursday, February 4th, 2021
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Today’s Summary
Thursday, February 4th, 2021
Indices: US Stocks continued higher in today’s session with the Dow Jones Industrial Average advancing 332 points or 1.08%. The S&P 500 and Nasdaq both closed at record highs, gaining 1.08% and 1.23%, respectively. The Russell 2000 outperformed, rising 1.98% to an all-time high.
Sectors: 10 of the 11 sectors closed higher. Financials led, gaining 2.22%. Materials lagged, slipping 0.36%.
Commodities: Crude Oil futures moved higher for the fourth consecutive day, rising 1.38% to $56.46 per barrel. Gold futures dropped 2.39% at $1,791 per ounce.
Currencies: The US Dollar Index gained 0.39%.
Interest Rates: The 10-year US Treasury yield moved slightly lower to 1.134%.
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 Adaptiv (@adaptiv). It’s a ratio chart of the Technology ETF, $IYW, vs. the S&P 500. The top holdings in $IYW include Apple, Microsoft, Google, Facebook, and NVIDIA. Tech is beginning to reassert its leadership. This is a bullish development for the broader market considering Tech is the largest sector of the S&P 500, representing more than 20% of the index. In a separate comment, Ian McMillan of Adaptiv said, “So, the most important sector for US stocks is breaking to fresh relative highs, and you want me to believe we are in store for a 3rd bear market in 3 years? I’m not so sure about that.”
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Quote of the Day
“The only thing I do know is that from chaos comes opportunity.”
– Dan Loeb
Top Links
Shorts Have Left The Market – SentimenTrader
Jason Goepfert points out that short interest on the average stock is at a 17-year low.
What History Can Tell Us About The S&P 500 in February and This Year: LPL Financial – CNBC
In this clip, Ryan Detrick shares his take on seasonality and the January Barometer.
Over a Quarter Eyeing a Correction – Bespoke
Bespoke breaks down the results of the latest sentiment surveys.
Dow Theory Has Equities on Breakdown Watch – See It Market
David Keller checks-up on Dow Theory.
Post-Election Februarys Have Been Even More Troublesome – Almanac Trader
Jeff Hirsch points out that post-election Februarys have a disappointing track record.
Top Tweets
