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Today’s Summary
Wednesday, September 15th, 2021
Indices: US Stocks closed higher in today’s session with the Dow rebounding 237 points or 0.68%. The S&P 500 and Nasdaq rose 0.85% and 0.82%, respectively. The Russell 2000 outperformed, gaining 1.11%.
Sectors: 10 of the 11 sectors closed higher. Energy was the clear leader, jumping 3.73%. Utilities was the only sector to close lower, slipping just 0.15%.
Commodities: Crude Oil futures moved higher by 3.09% to $72.64 per barrel. Gold futures fell 0.66% to $1,795 per ounce.
Currencies: The US Dollar Index slipped 0.19%.
Interest Rates: The 10-year US Treasury yield rose to 1.304%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
https://twitter.com/yuriymatso/status/1438181471731150852
Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). It’s a 15-minute candlestick chart of Nasdaq futures since Friday. The major indices closed at a precarious spot yesterday, but buyers showed up exactly where they needed to today. Yuriy points out that Nasdaq futures have formed a bear trap. A bear trap, or failed breakdown as it’s also called, is when price briefly undercuts a clear support level, and then quickly reclaims it. These formations often lead to explosive moves in the opposite direction of the breakdown, which in this case means a reversal higher. It’s often said that “from failed moves come fast moves in the opposite direction.” The bears had their chance this morning, but the bulls fought back, keeping the uptrend intact for now.
Quote of the Day
“Blessed is he who expects nothing,
for he shall never be disappointed.”
– Alexander Pope
Top Links
One More Chance for the “Buy the Dip” Crowd? – Potomac Fund Management
Dan Russo highlights some key takeaways from the current market environment.
The 4th Longest Momentum Streak Since 1928 Just Ended – SentimenTrader
Jason Goepfert points out that the S&P 500 just ended a historically long streak in which the percentage of stocks was persistantly above 75%.
Natural Gas Prices Explode Higher – Bespoke
Bespoke examines the recent surge in Natural Gas.
We Can See More Than “Just” Sector Rotation on Relative Rotation Graphs – StockCharts
Julius de Kempenaer analyzes rotation within Commodities.
It’s Do or Die for Gold & Silver – Rieben Financial
Greg Rieben lays out some key levels to watch for Gold and Silver.
Top Tweets
While September-October often produces the worst declines for US equities, they are often followed by the best recoveries. (THREAD)
— Jurrien Timmer (@TimmerFidelity) September 15, 2021
One of the worst parts of the year for stocks historically is the last part of September.
2021 has laughed at most of these seasonal warnings, but worth at least knowing. pic.twitter.com/ntOFmpHY9R
— Ryan Detrick, CMT (@RyanDetrick) September 15, 2021
Patience Grasshopper. As expected, the $SPX found support just above the 50-day SMA today. Let me say this again, “Bargain hunting during pullbacks can be a tricky game. It's generally best to wait for 2 consecutive solid up days before adding exposure”. https://t.co/maIeV4Rfa2 pic.twitter.com/ONCLQfmJQR
— Randy Frederick (@RandyAFrederick) September 15, 2021
8th bounce from 50 day moving average or this time is different? $SPY $QQQ $ES_F $NQ_F pic.twitter.com/jbgEnp2Jgp
— TA Plot (@TaPlot) September 15, 2021
Broad participation any which way you slice it today with A/D lines nicely positive and Equal Weight outpacing Cap Weight $SPY
Not typical of a "dead cat bounce" pic.twitter.com/OmkP8fmShU
— Seth Golden (@SethCL) September 15, 2021
buyers regained control of the near term trend in #Bitcoin as it moved back above the ⚓️VWAP from the September high (blue) yesterday pic.twitter.com/2fS5ad5huF
— Brian Shannon, CMT (@alphatrends) September 15, 2021
New high today in $DBC suggests commodity bull market is still intact. Gold $GLD not joining the party. pic.twitter.com/eXzm3EsNHq
— Willie Delwiche (@WillieDelwiche) September 15, 2021
Near the halfway point of the week it's all about energy stocks, 4.3% gain for the sector so far with crude up almost 3% today. #CL_F pic.twitter.com/SfWq0niiK8
— Michael Turvey (@MikeTurvey_TDA) September 15, 2021
Natty ripping straight higher past 4wks $NG_F $UNG pic.twitter.com/6GtouJlWMr
— Steven Strazza (@sstrazza) September 15, 2021
This might be a breakout for nat gas, but don’t chase it. Prices are now the most stretched from the 200-dma since October 2005. What happened next? Less than 10% more upside before prices fell 70% over 9 months pic.twitter.com/wK40lkbJgD
— Scott Brown, CMT (@scottcharts) September 15, 2021
A triple off the 2020 lows followed by 3.5 months of consolidation.
Looks like Soybean Oil is setting up for another attempt at its 2008 highs tested earlier this summer. $ZL_F pic.twitter.com/ofLrQini36
— Tom Bruni, CMT (@BruniCharting) September 15, 2021
Oats – going to start to get expensive to feed the horses…not far from all-time highs. Anyone paying attention??? https://t.co/WaEyxrcDWR pic.twitter.com/xMx3Tq51OB
— Linda Raschke (@LindaRaschke) September 15, 2021
You’re all caught up now. Thanks for reading!