Daily Chart Report ? Tuesday, September 7th, 2021
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Today’s Summary
Tuesday, September 7th, 2021
Indices: US Stocks closed lower to start the week, with the Dow falling 269 points or 0.76%. The S&P 500 slipped 0.34%, while the Nasdaq was pretty much flat (0.07%). The Russell 2000 closed lower by 0.72%.
Sectors: 3 of the 11 sectors closed higher. Consumer Discretionary led, gaining 0.29%. Industrials lagged, falling 1.73%.
Commodities: Crude Oil futures fell 1.36% to $68.35 per barrel. Gold futures dropped 1.92% to $1,799 per ounce.
Currencies: The US Dollar Index gained 0.34%.
Interest Rates: The 10-year US Treasury yield rose to a 1-month high of 1.377%.
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 Steve Strazza (@sstrazza). It’s a ratio chart of Stocks vs. Bonds (SPY/TLT), along with the Russell 2000 index over the past couple of years. As a reminder, when the ratio is rising, it means Stocks are outperforming Bonds and vice versa. Steve points out that this ratio broke out of a six-month consolidation in today’s session. In a comment to The Chart Report, Steve said ” It’s hard to argue that SPY/TLT resolving higher could be anything but bullish for risk assets and the broader stock market. Also, this breakout should bode well for Small-Caps given that the Russell 2000 has been trading in tandem with this ratio for a while now.”
Quote of the Day
“There are no good or bad stocks,
there are only rising and falling stocks.”
- Nicolas Darvas
Top Links
September 6: The Traditional Market Peak - Crossing Wall Street
Eddy Elfenbein points out that the Dow has historically peaked around September 6th (yesterday), until October 29th.
Bespoke's Weekly Equity/Crypto Sentiment Survey - Bespoke
Bespoke takes a look at sentiment for Crypto and Stocks.
Health Care is the Sector to Watch - Potomac Fund Management
Dan Russo shares his weekly sector analysis.
Rock On - The Weekly Trend Podcast
In this podcast, David Zarling and Ian McMillan discuss several important technical developments.
New Trend Signal for a Former High Flyer - StockCharts
Arthur Hill explains why he thinks the Clean Energy ETF, $QCLN, is poised to move higher again.
Top Tweets
You’re all caught up now. Thanks for reading!