Daily Chart Report ? Wednesday, February 17th, 2021

Today’s Summary
Wednesday, February 17th, 2021

Indices: US Stocks were mixed in today's session. The Dow Jones Industrial Average rose 90 points or 0.29%. The S&P 500 was flat (0.03%), while the Nasdaq slipped 0.58%. The Russell 2000 underperformed, falling 0.74%.

Sectors: 8 of the 11 sectors closed higher. Energy led for the third straight day, gaining 1.49%. Tech lagged, falling 0.88%.

Commodities: Crude Oil futures rose 1.82% to a new 52-week high of $61.14 per barrel. Gold futures fell for the fourth consecutive day, slipping 1.46% to $1,773 per ounce.

Currencies: The US Dollar Index gained 0.45%.

Interest Rates: The 10-year US Treasury yield fell to 1.275%.

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 Macro Charts (@MacroCharts). It's a chart of the MSCI World Index over the past three decades. Macro Charts points out that global breadth is extremely strong right now. The indicator on the chart shows that nearly all global stock markets are in uptrends, as defined by a rising 200-day moving average. We can add this to the long list of indicators that are "overbought" right now, but let's not forget, overbought readings are often bullish long-term signals. Especially in the case of this particular indicator. Could we get a 5% or 10% correction in the near-term? Sure! But as Macro Charts notes, these global breadth thrusts have historically been observed at the start of bull markets, not at the end. Risk management is always important, but top-calling seems futile in the context of some of these long-term bullish developments.

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Quote of the Day

"Markets change minute-by-minute. Human nature barely changes millennium-by-millennium. There's your edge."

– Jim O'Shaughnessy