Daily Chart Report ? Thursday, October 21st, 2021
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Today’s Summary
Thursday, October 21st, 2021
Indices: Dow -0.02% | S&P 500 +0.30% | Nasdaq +0.62% | Russell 2000 +0.28%
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, rising 1.47%. Energy lagged, falling 1.85%.
Commodities: Crude Oil futures fell 1.10% to $82.50 per barrel. Gold futures inched lower by 0.17% to $1,782 per ounce.
Currencies: The US Dollar Index rose 0.17%.
Interest Rates: The US 10-year Treasury yield continued higher to 1.704%.
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 Brandon Van Zee (@BrandonVanZee). It's a daily candlestick chart of the S&P 500 over the past six months. Brandon points out that the S&P 500 just closed at an all-time high for the first time in 33 trading days. This was the longest stretch without an all-time high that we've seen so far this year. Why do we care about all-time highs? Because when price enters blue sky territory like this, there's virtually no overhead supply to prevent it from moving higher. Keep in mind, seasonality is shifting from bearish to bullish. After a mild pullback, the world's most important index looks poised for new leg higher.
Quote of the Day
“When you talk, you are only repeating what you already know. But if you listen, you may learn something new.”
- Dalai Lama
Top Links
Late October is the Time to Buy Stocks - Almanac Trader
Seasonality expert, Jeff Hirsch points out that Small-Caps often begin to outperform Large-Caps at the end of October.
Breadth Was the Bear Case, Now It's Improving - Potomac Fund Management
Dan Russo takes a look at the recent improvement in breadth.
Sentiment Surge - Bespoke
Bespoke breaks down the results of the latest sentiment survey.
October Conference Call: 5 Key Takeaways - All Star Charts
The team at All Star Charts highlights five themes to watch this month.
Top Tweets
$SPX probably up 3 wks in a row after tomorrow. Doesn’t mean next week is also up but R/R strongly favors the long side ‘near term' pic.twitter.com/Jp8dUbfgZ2
— Urban Carmel (@ukarlewitz) October 21, 2021
You’re all caught up now. Thanks for reading!