Daily Chart Report ? Friday, February 19th, 2021
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Today’s Summary
Friday, February 19th, 2021
Indices: US Stocks were mixed in today's session. The Dow was completely unchanged. The S&P 500 inched lower by 0.19%, while the Nasdaq was flat (0.07%). The Russell 2000 significantly outperformed, gaining 2.18%.
Sectors: 2 of the 11 sectors closed higher. Materials led, rising 1.83%. Utilities lagged, falling 1.49%.
Commodities: Crude Oil futures fell 2.10% to $59.26 per barrel. Gold futures inched higher by 0.14% to $1,777 per ounce.
Currencies: The US Dollar Index slipped 0.28%.
Interest Rates: The 10-year US Treasury yield rose to 1.348%.
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 Shane Murphy (@murphycharts). It's a weekly candlestick chart of the Financial sector ETF, $XLF, over the past five years. The largest stocks in this ETF include Berkshire Hathaway, JP Morgan, Bank of America, Wells Fargo, and Citigroup. Financials were the talk of the town this week, as they broke out to all-time highs for the first time since the Great Financial Crisis. In a comment to The Chart Report, Shane said "The action we've seen in interest rates recently has been a nice tailwind for this sector. If rates continue to push higher, I think Financials will follow suit. It's hard to understate how bullish this is for the broader market picture. I don't think we've ever had a bull market in which Financials didn't participate. So, seeing Financials join the party is just another thing to check off the bull market checklist."
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Quote of the Day
"Tomorrow hopes we have learned something from yesterday."
– John Wayne
Top Links
Today marks the one-year anniversary of the infamous Q1 2020 market peak. In this piece, the team at LPL Financial Research shares three lessons to take away from price action over the past year.
A Medium-Term Breadth Indicator Waves the Caution Flag - StockCharts
Art Hill points out that a bearish breadth divergence has formed on the Nasdaq.
Yahoo Finance Discussion of BYND IBB and TSLA - Yahoo Finance
In this clip, Brian Shannon offers his technical perspective on Biotech stocks, Beyond Meat, and Tesla.
Where Do We (Investors) Stand - David Cox
David Cox highlights some noteworthy technical developments from this week's price action.
Is Alt Season Upon Us? - All Star Charts
Steve Strazza takes a look at the breakout in alternative cryptocurrencies.
Top Tweets
Still 3 hrs until closing but $NDX down 4 days in a row has led to poor R/R short term. Last 4 instances shown below. RSI has been thoroughly oversold at prior lows (top panel) pic.twitter.com/FTIdxVIIg8
— Urban Carmel (@ukarlewitz) February 19, 2021
