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Today’s Summary
Thursday, September 16th, 2021
Indices: US Stocks were little changed in today’s session. The Dow inched lower by 63 points or 0.18%. The S&P 500 and Nasdaq changed 0.16% and 0.13%, respectively. The Russell 2000 was flat (0.07%)
Sectors: 3 of the 11 sectors closed higher. Consumer Discretionary led, gaining 0.48%. Energy lagged, falling 1.12%.
Commodities: Crude Oil futures were flat and continue to trade at $72.61 per barrel. Gold dropped 2.12% to $1,756 per ounce.
Currencies: The US Dollar Index rose 0.42%.
Interest Rates: The 10-year US Treasury yield rose to 1.339%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Everyone has a foot out the door.
AAII Sentiment plunged this week – among the fastest drops in history.
Spikes in pessimism are very rare – this time all it took was a 2% pullback.
This remains a "wall of worry" in full force – Follow the trend. pic.twitter.com/R5BuNRgtI6
— Macro Charts (@MacroCharts) September 16, 2021
Today’s Chart of the Day was shared by Macro Charts (@MacroCharts). The chart shows the S&P 500 over the past 14 years. The sentiment indicators in red show the weekly rate of change in the results of the AAII Sentiment Survey. Macro Charts points out that bullish sentiment plunged last week, as the S&P 500 pulled back a measly 2%. He adds that dramatic spikes in pessimism are rare, and usually seen after major corrections, rather than when we’re barely off record highs like we were last week. Sentiment is just one piece of the puzzle, but it’s bullish to see that traders remain skeptical of this rally. We’ll leave you with this quote from the legendary investor, Sir John Templeton – “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.”
Quote of the Day
“As contrarians, the only thing to fear
is the lack of fear itself”
– Bernie Schaeffer
Top Links
Large Drops in Bullish Sentiment – Bespoke
Bespoke examines the plunge in bullish sentiment from the lastest AAII Sentiment Survey.
How Long Can the Divergences Last? – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
Natural Gas ETF Breaks Out Fueled By Seasonal Strength – Kimble Charting Solutions
Chris Kimble takes a look at the recent surge in Natural Gas.
The Past 200 Days Are Just Like 2019 (and 2013, and…) – SentimenTrader
Jason Goepfert compares the current market environment to similar market environments from the past.
3 Energy Stocks With Potential Upside – See it Market
Larry Tentarelli offers up three Energy stocks that he thinks are poised to move higher.
Top Tweets
The 50-day MA has been support all year.
Will it continue? pic.twitter.com/mHOtp54Yok
— Ryan Detrick, CMT (@RyanDetrick) September 16, 2021
Every month but April this year has seen the S&P 500 test its 50-day average. pic.twitter.com/ZiPZGjCGiV
— Willie Delwiche (@WillieDelwiche) September 16, 2021
Russell 2000 now 8 months and waiting in a sideways range. Support at 2,131 is a HUGE level! The break, either way, will be aggressive, until then we wait zzzzzz………. pic.twitter.com/njzviTxMBK
— James Brodie CMT (@jamesrbrodie) September 16, 2021
Technology stocks have been the primary driver of the Nasdaq 100.$QQQ $QQXT pic.twitter.com/FiAngQZDkL
— Andrew Thrasher, CMT (@AndrewThrasher) September 16, 2021
No correction for S&P 500 this year but yes in following areas (month of occurrence):
NASDAQ (March)
S&P 500 Energy (several)
S&P 500 Materials (July)
S&P 500 Cons. Discr. (March) pic.twitter.com/kyNx7aBGbE— Liz Ann Sonders (@LizAnnSonders) September 16, 2021
High Yield Bonds about a point off their 2018 highs of 89 $HYG pic.twitter.com/BNkPQ8Rp5Z
— Steven Strazza (@sstrazza) September 16, 2021
New lows for $SPX low volatility relative to the S&P 500 $SPLV pic.twitter.com/yXBdxC4cRS
— Drew Wells, CMT, CIMA® (@DrewTheCharts) September 16, 2021
While Gold's -2% slide is turning heads, Silver is taking an even more significant -4% hit – its biggest drop in three months. That said, 22.50 is not a support level to be taken lightly for $XAGUSD pic.twitter.com/ZXbGJElXf6
— John Kicklighter (@JohnKicklighter) September 16, 2021
Uranium ETF hits a 7-year high, up 140% over the last year. $URA
Charting via @ycharts pic.twitter.com/SUv92qJJLd
— Charlie Bilello (@charliebilello) September 16, 2021
Yeah sex is cool but have you ever bought a radioactive material used in nukes and made 8% in a day? pic.twitter.com/yxafksRMUP
— Genevieve Roch-Decter, CFA (@GRDecter) September 16, 2021
You’re all caught up now. Thanks for reading!