Daily Chart Report ? Wednesday, September 8th, 2021
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Today’s Summary
Wednesday, September 8th, 2021
Indices: US Stocks continued lower in today’s session with the Dow slipping 69 points or 0.20%. The S&P 500 inched lower by just 0.13%, while the Nasdaq fell 0.57%. The Russell 2000 underperformed by a wide margin, dropping 1.14%.
Sectors: 5 of the 11 sectors closed higher. Utilities led, gaining 1.79%. Energy lagged, falling 1.28%.
Commodities: Crude Oil futures rose 1.39% to $69.30 per barrel. Gold futures fell 0.28% to $1,794 per ounce.
Currencies: The US Dollar Index rose 0.19%.
Interest Rates: The 10-year US Treasury yield moved lower to 1.341%.
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 Deppe (@SJD10304). It’s a daily bar chart of Bitcoin over the past three months. Bitcoin tumbled as much as 18% in the past two days, however, buyers showed up at the 50-day moving average, keeping the uptrend intact for now. Steve jokes that 2021 is the year of the 50-day moving average because whether we’re talking about Stocks or Crypto, the 50-day moving average has been the one to watch recently. Take a look at how the S&P 500 has responded to its 50-day this year….it has successfully tested it about seven times. To be clear, this moving average won’t always act as support. But, it has done a great job of defining the intermediate-term trend and can help traders manage risk. Above the 50-day = the intermediate-term trend is bullish. Below the 50-day = the intermediate-term trend is bearish.
Quote of the Day
“You have to know the past
to understand the present.”
– Carl Sagan
Top Links
Mid-Week Update – The Chart Report
In this week’s video, Steve Strazza and I discuss the S&P 500, Stocks vs. Bonds, and global breadth expansion, and more.
Bitcoin Seasonality – Following a Different Parth – Bespoke
Bespoke examines Bitcoin’s seasonal pattern.
Trends Favor Large Caps & Growth – Potomac Fund Management
Dan Russo highlights some key takeaways from the current market environment.
The Cyclical Struggle Is Real – All Star Charts
JC Parets explains why he’s closely watching the cyclical sectors.
Bitcoin Enters Make-or-Break Mode Amid Sharp Sell-Off as Key Technical Levels Come Into Focus – Markets Insider
Katie Stockton offers her outlook on Bitcoin after yesterday’s bloodbath.
Top Tweets
You’re all caught up now. Thanks for reading!