Daily Chart Report ? Wednesday, February 10th, 2021
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Today’s Summary
Wednesday, February 10th, 2021
Indices: US Stocks were mixed in today's session. The Dow Jones Industrial Average rose 62 points or 0.20%. The S&P 500 was flat (0.03%) while the Nasdaq slipped 0.25%. The Russell 2000 underperformed, falling 0.72%.
Sectors: 5 of the 11 sectors closed higher. Energy led, rising 1.91%. Consumer Discretionary lagged, falling 0.99%.
Commodities: Crude Oil futures moved higher for the eighth consecutive day, gaining 0.55% to $58.68 per barrel. Gold futures rose 0.28% to $1,843 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The 10-year US Treasury yield moved lower to 1.124%.
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 Grant Hawkridge (@granthawkridge). Grant points out that the US Dollar Index has resumed its structural downtrend this week. In mid-January, we explained that a potential move higher in the Dollar would likely be a headwind for risk assets including Stocks, Commodities, and Cryptocurrencies. In the following weeks, the Dollar did in fact move higher, but risk assets were completely unaffected. Instead of feeling pressure from the Dollar's bounce, we saw new highs across the board in Stocks, Commodities, and Cryptocurrencies. The Dollar's recent move higher did nothing to slow the rally in risk assets. If anything, it just created more room for the Dollar to trend lower, which should only help risk-assets.
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Quote of the Day
"I recognize that I may be wrong. This makes me insecure. My sense of insecurity keeps me alert, always ready to correct my errors.”
– George Soros
Top Links
Market's Technical Signals - CNBC
Katie Stockton offers her technical perspective on the current market environment.
Short Interest Update - Bespoke
Bespoke analyzes the most recent short interest data.
The Best Momentum in 7 Years - SentimenTrader
Jason Goepfert shares some interesting insights on market breadth.
Weekly Town Hall Meeting - All Star Charts Plus
Willie Delwiche and JC Parets discuss trend, breadth, and sentiment.
Why Bulls Will Like The Year of the Ox - LPL Financial Research
With the Chinese New Year around the corner, the team at LPL Financial Research takes a look at how the S&P 500 has historically fared in the year of the Ox. Try not to read too far into this one folks!
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