Daily Chart Report ? Tuesday, September 28th, 2021

Today’s Summary
Tuesday, September 28th, 2021

Indices: US Stocks closed lower in today’s session with the Dow falling 569 points or 1.63%. The S&P 500 and Nasdaq dropped 2.04% and 2.83%, respectively. The Russell 2000 fell 2.25%.

Sectors: 10 of the 11 sectors closed lower. Energy was the only sector to close higher, rising 0.34%. Tech lagged, dropping 2.96%.

Commodities: Crude Oil futures inched lower by 0.21% to $75.29 per barrel. Gold futures fell 0.83% $1,738 per ounce.

Currencies: The US Dollar Index rose 0.34% to an 11-month high.

Interest Rates: The 10-year US Treasury yield continued higher for the fourth straight day to 1.541%.

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 Wyckoff Analytics (@WyckoffAnalysis). On top, is Russell 2000 vs. the Nasdaq ($IWM/$QQQ) over the past two years, with the 10 year US Treasury yield below. Interest rates continue to move higher, with the 10-year yield rising for the fourth consecutive day today. This spike in yields has been driving a lot of the action we’re seeing in the major equity indices this week. Over the past 5-days, the Russell 2000 is up 1.73%, while the Nasdaq 100 is down 1.71%. As you can see, $IWM/$QQQ moves nearly in lockstep with the 10-year yield. It wouldn’t be surprising to see yields pause in the very near term given the four-day winning streak, but if yields do continue higher, expect the Russell 2000 to outperform the Nasdaq.

Quote of the Day

“A person watching the tide coming in and who wishes to know the exact spot which marks the high tide sets a stick in the sand at the points reached by the incoming waves until the stick reaches a position where the waves do not come up to it, and finally recede enough to show that the tide has turned. This method holds good in watching and determining the flood tide of the stock market.”

– Charles H. Dow