Daily Chart Report ? Friday, September 3rd, 2021
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Today’s Summary
Friday, September 3rd, 2021
Indices: US Stocks were little changed ahead of the long weekend. The Dow inched lower by 74 points or 0.21%. The S&P 500 was flat (0.03%), while the Nasdaq rose 0.21% to a record high. The Russell 2000 underperformed, falling 0.52%.
Sectors: 2 of the 11 sectors closed higher. Tech led, gaining 0.40%. Utilities lagged, falling 0.83%.
Commodities: Crude Oil futures fell 1.00% to $69.29 per barrel. Gold futures moved higher by 1.23% to $1,834 per ounce.
Currencies: The US Dollar Index closed lower for the fourth consecutive day, by 0.11%.
Interest Rates: The 10-year US Treasury yield rose to 1.326%.
**Reminder: The US Stock Market and Bond Market will both be closed this Monday, September 6th, for Labor Day. Enjoy your long weekend!**
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 by David Zarling (@AdaptivCharts). It's a ratio chart of the two largest Cryptocurrencies - Ethereum vs. Bitcoin over the past five years. When the ratio is rising, it means Ethereum is outperforming Bitcoin and vice versa. Bitcoin gets a lot of attention, but Ethereum has been the better bet for a couple of years now. This year alone, Bitcoin is up about 70%, while Ethereum is up more than 400%! As David points out, that trend of outperformance is continuing in Ethereum's favor. On an absolute basis, $ETHUSD is flirting with all-time highs after forming a five-month base. It's still about 10% below the May highs, but it could get there in a matter of days. Keep an eye on how Ethereum behaves this weekend as it attempts to break out relative to both Bitcoin and the US Dollar.
Quote of the Day
“Don’t judge each day by the harvest you reap but by the seeds that you plant.”
- Robert Louis Stevenson
Top Links
Where Do We (Investors) Stand? - David Cox
In this quick video, David Cox highlights some important technical developments to be aware of.
Netflix (NFLX) Unbuffers - Bespoke
Bespoke points out that Netflix is breaking out of one the tightest ranges ever.
Is It “Time” For Natural Gas ETF To Head Much Higher?! - Kimble Charting Solutions
Chris Kimble points out that Natty Gas is breaking out of a downtrend while seasonality is bullish over the next month.
Stock Market Video Analysis for Week Ending 9/3/21 - Brian Shannon
Brian Shannon recaps this week's price action and lays out some levels to keep an eye on next week.
Mid-Week Update 09.02.21 - The Chart Report
In case you missed it, here's a conversation I had yesterday with Steve Strazza about seasonality, commodities, and more.
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Top Tweets
You’re all caught up now. Thanks for reading!