Daily Chart Report ? Tuesday, August 17th, 2021
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Today’s Summary
Tuesday, August 17th, 2021
Indices: US Stocks closed lower in today's session, with the Dow falling 282 points or 0.79%. The S&P 500 and Nasdaq closed lower by 0.71% and 0.93%, respectively. The Russell 2000 underperformed for the fourth consecutive day, dropping 1.19%.
Sectors: 4 of the 11 sectors closed higher. Health Care led, gaining 1.18%. Consumer Discretionary lagged, dropping 2.37%.
Commodities: Crude Oil futures fell 1.04% to $66.59 per barrel. Gold futures inched lower by 0.11% to $1,788 per ounce.
Currencies: The US Dollar Index rose 0.56% to a four-month high.
Interest Rates: The 10-year US Treasury yield inched lower to 1.267%.
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Chart of the Day
Today’s Chart of the Day was shared by Ed Clissold (@edclissold). The S&P 500 hasn't had a pullback of 5% or more all year, which is unusual given that the average year sees about three. Not to mention, the index hasn't had a correction of 10% more (on a closing basis) since the March 2020 lows. To be more exact, Ed points out that it has been 200 days since the last 5% pullback, which is the longest stretch since 2017, and the 15th longest stretch since 1928. The good news is that a majority of those stretches took place within secular bull markets. In other words, the S&P 500 is seemingly overdue for a pullback by most historical measures, but any potential weakness could prove to be a buying opportunity within a longer-term bull market.
Quote of the Day
"There is a magic in graphs. The profile of a curve reveals in a flash a whole situation — the life history of an epidemic, a panic, or an era of prosperity. The curve informs the mind, awakens the imagination, convinces."
– Henry Hubbard
Top Links
Jason Goepfert points out that the NYSE Cumulative Advance/Decline Line hasn't made a new high in two months.
In this clip, Jonathan Krinsky offers his thoughts on the current market environment.Is The Emerging Markets ETF (EEM) About To Sink 12 Percent? - Kimble Charting Solutions
Chris Kimble shows that the Emerging Markets ETF, $EEM, is breaking a key long-term support level.
Which Symbols Hold the Key to the Next Market Run? - StockCharts
Mish Schneider takes a look at some of the most important industry groups in the market.
New 8-month Lows for Nasdaq A-D Line - All Star Charts
JC Parets shares his take on market breadth.
Top Tweets
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