Daily Chart Report ? Monday, February 22nd, 2021
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Today’s Summary
Monday, February 22nd, 2021
Indices: US Stocks closed lower in today's session. The Dow was pretty much flat (27 points or 0.09%). The S&P 500 fell 0.77% while the Nasdaq dropped 2.46%. The Russell 2000 slipped 0.69%.
Sectors: 6 of the 11 sectors closed higher. Energy led significantly, gaining 3.46%. Tech lagged, falling 2.21%.
Commodities: Crude Oil futures moved higher by 4.12% to $61.70 per barrel. Gold futures rose 1.74% to $1,808 per ounce.
Currencies: The US Dollar Index fell 0.32%.
Interest Rates: The 10-year US Treasury yield rose to 1.367%.
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 Nautilus Research (@NautilusCap). It's a weekly bar chart of the US 10-year Treasury yield over the past decade. Nautilus Research points out that the 10-year yield is currently testing a key level around 1.35%-1.45%. This level represents the 61.8% Fibonacci retracement of the 2018-2020 decline. It's also former support, which could potentially act as resistance now that we're testing it from below. On the other hand, the Copper/Gold ratio suggests the 10-year yield will move significantly higher from here. Will the Copper/Gold ratio be correct here? Or, will the 10-year yield bump its head on resistance and continue trending lower? Either way, we'll likely get an answer to these questions in the coming weeks, so keep an eye on this crucial level.
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Quote of the Day
"If it's obvious, it's obviously wrong."
– Joe Granville
Top Links
Alfonso Depablos examines the breakout in Financials.
Commodities Put the Pedal To The Metal - All Star Charts
Steve Strazza offers his take on Metals and other Commodities.
Inflation All Over the Tape - Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon and Ivanhoff highlight the hottest stocks, trends, and themes across the markets.
Calls On The Consumer - CNBC
Katie Stockton and Ari Wald share some of their favorite ways to play a recovery in consumer spending.
Happy Aniversary - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the technical developments on their radar right now.
Top Tweets
