Daily Chart Report ? Monday, August 23rd, 2021

Today’s Summary
Monday, August 23rd, 2021

Indices: US Stocks kicked off the new week on a positive note, with the Dow rising 216 points or 0.61%. The S&P 500 rose 0.85%, closing just a hair shy of a record high. The Nasdaq, on the other hand, did close at an all-time high, gaining 1.55%. The Russell 2000 outperformed, rising 1.88%.

Sectors: 8 of the 11 closed higher. Energy led by a wide margin, gaining 3.75%. Utilities lagged falling 1.29%.

Commodities: Crude Oil futures snapped an eight-day losing streak, jumping 5.63% to $65.64 per barrel. Gold futures rebounded 1.25% to $1,806 per ounce.

Currencies: The US Dollar Index dropped 0.52%.

Interest Rates: The 10-year US Treasury yield ticked lower to 1.255%.

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 by Mike Zaccardi (@MikeZaccardi). it’s a daily candlestick chart of the US Dollar index over the past year. The Dollar raised some eyebrows last week as it broke out to a nine-month high. Dollar strength tends to be a headwind for risk assets. So, last week’s breakout was a potential concern. However, the Dollar gave back a lot of last week’s gains in today’s session, and it’s trading back below the March highs. As Mike points out, this appears to be a failed breakout, and you know what they say about failed breakouts…“from failed moves come fast moves in the opposite direction.” If the Dollar continues lower, it would likely be positive for some of the things that have struggled this Summer like Emerging Markets, Precious Metals, Crude Oil, and even Crypto.

Quote of the Day

“The best time to plant a tree was 20 years ago. The second best time is now.”

– Chinese Proverb