Daily Chart Report ? Wednesday, October 20th, 2021
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Today’s Summary
Wednesday, October 20th, 2021
Indices: Dow +0.43% | S&P 500 +0.37% | Nasdaq -0.05% | Russell 2000 +0.61%
Sectors: 9 of the 11 sectors closed higher. Health Care led, rising 1.58%. Technology lagged, slipping 0.28%.
Commodities: Crude Oil futures rose 1.37% to a seven-year high of $83.57 per barrel. Gold futures gained 0.69% to $1,783 per ounce.
Currencies: The US Dollar Index fell 0.20%.
Interest Rates: The US 10-year Treasury yield rose to a five-month high of 1.659%.
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 Andrew Thrasher (@AndrewThrasher). The chart shows the two largest Cryptocurrencies, Ethereum (left) and Bitcoin (right). Bitcoin broke out to an all-time high today for the first time in six months. As of writing, it’s trading solidly above $66,000. Andrew points out that Bitcoin’s little brother, Ethereum, is attempting to do the same, as it flirts with the former highs around $4,300. Both Cryptocurrencies “corrected” more than 50% over the past six months, and they’ve both built solid bases to launch higher from. Previous breakouts to all-time highs for Bitcoin were followed by triple-digit percentage gains. In that context, Bitcoin $100,000 isn’t as unrealistic as it might sound, as that’s only 50% higher from here. Given that Bitcoin is the largest Cryptocurrency this move bodes well for the entire Crypto space. Keep an eye on Ethereum in the near term, and some of the smaller alt-coins like Solana and Cardano.
Quote of the Day
“Nothing so undermines your financial judgment as the sight of your neighbor getting rich.”
– J.P. Morgan
Top Links
9 Charts We’re Watching – LPL Financial Research
The team at LPL Financial Research shares 9 must-see charts.
The Bears Dropped the Ball – Potomac Fund Management
Dan Russo highlights some key points about the current market environment.
The Risk Revival – All Star Charts
The team at All Star Charts points out that risk appetite among market participants is alive and well.
Stocks in the S&P 500 Have Made a Stunning – SentimenTrader
Jason Goepfert shows that short-term breadth has improved dramatically.
Bitcoin; OMG Could It Really Reach $250,000 Level? – Kimble Charting Solutions
Chris Kimble explains that Bitcoin could climb as high as $250,000.
Top Tweets
You’re all caught up now. Thanks for reading!