Daily Chart Report ? Monday, September 20th, 2021
Sponsored By:
Today’s Summary
Monday, September 20th, 2021
Indices: US Stocks kicked off the week on a sour note, with the Dow falling 614 points or 1.78%. The S&P 500 and Nasdaq closed lower by 1.70% and 2.19%, respectively. The Russell 2000 underperformed, dropping 2.44%.
Sectors: All 11 sectors closed lower. Utilities led, but still fell 0.93%. Energy lagged, dropping 4.22%.
Commodities: Crude Oil futures fell 1.94% $70.43 per barrel. Gold futures rose 0.76% to $1,765 per ounce.
Currencies: The US Dollar Index was flat (0.03%).
Interest Rates: The 10-year US Treasury yield moved lower to 1.312%.
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 Michael Antonelli (@BullandBaird). The S&P 500 fell 1.70% today, marking the fifth-worst day so far this year. The current drawdown is 3.95% on a closing basis, which as Michael points out, makes this the third-largest pullback we've seen in 2021. The largest pullback this year took place in early March with the S&P 500 falling as much as 4.23%. The average year sees about three pullbacks of 5% or more. So, it has been unusually calm so far this year, and a pullback of this magnitude is completely normal. It's also important to keep in mind that this is happening during a seasonally weak time of year. Not only is this historically one of the worst months for the S&P 500, but it's also one of the worst weeks as well.
Quote of the Day
"Only when the tide goes out do you discover who's been swimming naked."
- Warren Buffett
Top Links
Ugly Day Comes to a Close - Crossing Wall Street
Eddy Elfenbein sums up today's volatile price action.
Should Investors Be Spooked by Fall Seasonality? - Schaeffer's Investment Research
Matthew Timpane offers his perspective on September/October seasonality.
Seasonal Weakness is Almost Over - All Star Charts
JC Parets points out that seasonal cycles flip from bearish to bullish soon.
Wear You Out - The Weekly Trend
In this podcast, David Zarling and Ian McMillan highlight the most important technical developments they're watching.
Doc Copper Sending a Historically Bearish Message To Stocks? - Kimble Charting Solutions
Chris Kimble points out that Copper is forming a bearish descending triangle pattern.
Top Tweets
You’re all caught up now. Thanks for reading!