Daily Chart Report ? Monday, August 30th, 2021
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Today’s Summary
Monday, August 30th, 2021
Indices: US Stocks were mixed to start the week. The Dow inched lower by 56 points or 0.16%. The S&P 500 and Nasdaq both closed at record highs, rising 0.43% and 0.90%, respectively. The Russell 2000 underperformed, slipping 0.49%.
Sectors: 7 of the 11 sectors closed higher. Real Estate led, gaining 1.22%. Financials lagged, falling 1.41%.
Commodities: Crude Oil futures moved higher by 0.68% to $69.21 per barrel. Gold futures fell 0.40% to $1,812 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The 10-year US Treasury yield fell to 1.282%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day comes from EquityClock.com (@EquityClock). It's a seasonality chart showing the average performance of the S&P 500 throughout the year, using 20 years of data. September has historically been the worst month for the S&P 500, with an average loss of 0.80%. Assuming we don't get some sort of epic sell-off tomorrow, the S&P 500 will likely close higher for the seventh straight month. As we start the new month, it's important to keep this seasonal headwind in mind. Will it be enough to end the S&P 500's monthly winning streak? To be fair, seasonality has been a headwind since May, and it hasn't stopped the S&P 500 from rising nearly 8%. That sort of resilience is a testament to how strong the underlying trend is at the moment. It's also important to consider that the calendar flips bullish for about six months after September (around mid-October). So, any potential weakness in September could prove to be a buying opportunity if history is any guide.
Quote of the Day
"An idiot with a plan can beat a genius without a plan."
- Warren Buffett
Top Links
Three Reasons I'm a Little Less Bearish - StockCharts
David Keller highlights some bullish developments for the stock market.
What Type of Environment is This? - All Star Charts
JC Parets shares a few thoughts on the current market environment.
Good Day - The Weekly Trend
In this podcast, David Zarling and Ian McMillian discuss some of the most important technical developments they're watching.
US Small Cap Equity Fund Flows: Capitulation - Top Down Charts
Mike Zaccardi takes a look at the recent reversal in Small-Cap stocks.
September's First Trading Day Bullishness Waning - Almanac Trader
Seasonality expert, Jef Hirsch examines how stocks have historically performed on the first trading day of September.
Top Tweets
Equal-weight $SPX is up 24% this year and nearly 50% in the past 2 years. It has made a new ATH every month in the past year. The average stock is doing just fine pic.twitter.com/Rfhh69Nx15
— Urban Carmel (@ukarlewitz) August 29, 2021
You’re all caught up now. Thanks for reading!