Daily Chart Report ? Thursday, September 23rd, 2021
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Today’s Summary
Thursday, September 23rd, 2021
Indices: US Stocks continued to rebound in today’s session. The Dow closed higher by 507 points or 1.48%. The S&P 500 and Nasdaq rose 1.21% and 1.04%, respectively. The Russell 2000 outperformed, gaining 1.82%.
Sectors: 9 of the 11 sectors closed higher. Energy led by a wide margin, rising 3.50%. Utilities lagged, falling 0.53%, marking an 11-day losing streak for the sector.
Commodities: Crude Oil futures moved higher by 1.48% to $73.30 per barrel. Gold futures dropped 1.63% to $1,750 per ounce.
Currencies: The US Dollar Index fell 0.36%.
Interest Rates: The 10-year US Treasury yield jumped to a two-month high of 1.432%.
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 Matt Weller (@MWellerFX). It’s a daily candlestick chart of the US 10-year Treasury yield over the past six months. The 10-year yield broke out to its highest level in more than two months today, and it’s now back above the widely watched 1.40% level. Stocks don’t have to fall just because yields are rising, but rising rates will likely influence which areas of the market outperform. Cyclical sectors like Financials, Energy, and Industrials are likely to benefit from higher rates. On the other hand, it could prove to be a headwind for bond-proxy sectors like Utilities and Real Estate, and growth-oriented sectors like Tech. Watch for follow-through over the next few days to confirm this breakout. But as of today, the market is telling us that yields want to resolve higher.
Quote of the Day
“Education is the ability to listen to almost anything without losing your temper or your self-confidence.”
– Robert Frost
Top Links
Mid Week Update – The Chart Report
Steve Strazza and Patrick Dunuwila discuss the recent pullback in Stocks and the breakout in Treasury yields.
Wake Me Up When the Data Changes – Potomac Fund Management
Dan Russo checks up on market breadth.
Market Trend Analysis: Bearish or Bullish – TD Ameritrade Network
In this clip, David Keller shares his thoughts on the current market environment.
Individual Investor Sentiment Bounces Back – Bespoke
Bespoke breaks down the results of the latest sentiment surveys.
Bitcoin’s Bear Trap – All Star Charts
Louis Sykes takes a look at a potential failed breakdown in Bitcoin.
Top Tweets
You’re all caught up now. Thanks for reading!