Tuesday, September 21st, 2021
Indices: US Stocks were little changed in today’s session. The Dow inched lower by 50 points or 0.15%. The S&P 500 was pretty flat (0.08%), The Nasdaq outperformed, gaining 0.22%. The Russell 2000, inched higher by 0.18%.
Sectors: 5 of the 11 sectors closed higher. Energy led, rising 0.23%. Industrials lagged, falling 0.53%.
Commodities: Crude Oil futures rose 0.50% to $70.49 per barrel. Gold futures gained 0.82% to $1,778 per ounce.
Currencies: The US Dollar Index was flat (0.02%).
Interest Rates: The 10-year US Treasury yield ticked higher to 1.324%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
The % of $SPX components above their 10 dma is currently 12%. It's rarely gotten below 20 over the past 5 yrs. 30 days out the final return was up 83% of the time. Median return was 4.6%, including Covid crash.https://t.co/F31Soein4k via @MarketCharts pic.twitter.com/iKdq0qgdGx
— Jonathan Harrier, CMT (@jonathanharrier) September 21, 2021
Today’s Chart of the Day was shared by Jonathan Harrier (@jonathanharrier). The chart shows the percentage of S&P 500 stocks that are trading above their 10-day moving average. Jonathan points out that short-term breadth has gotten extremely oversold amid the recent pullback, with just 12% of stocks in the S&P 500 trading above their 10-day moving average. in the past 5-years, we’ve had 18 readings below 20%. A month later, the S&P 500 has historically been higher 83% of the time for an average gain of 3.06%, and a median gain of 4.61%. For more on this, check out the full backtest results here.
Quote of the Day
“The stock market is never obvious. It is designed to fool most of the people, most of the time.”
– Jesse Livermore
There Goes the 50-day Moving Average – LPL Finacial Research
The team at LPL Financial Research puts the recent pullback into perspective.
Why Aren’t Defensive Groups Showing Stronger Leadership? – Potomac Fund Management
Dan Russo shares his weekly sector analysis.
September Confreence Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five charts to keep an eye on in the coming weeks.
CAC 40 Index Sends Ominous Sell Signal to French Equity Investors – Kimble Charting Solutions
Chris Kimble points out that France’s CAC 40 index is stalling at resistance from the 2000 highs.
Here’s How Wall Street Has Reacted To The Fed The Last 10 Meetings – StockCharts
With the Fed announcement tomorrow, Tom Bowley examines how the S&P 500 has reacted to recent Fed meetings.
Spooky time? One thing history teaches us is that some of the more alarming declines in the stock market have occurred in the September-October time frame. Small wonder Wall Street often has an early Halloween vibe this time of year. pic.twitter.com/uIQ4RGTJHD
— Jurrien Timmer (@TimmerFidelity) September 21, 2021
— Ian McMillan, CMT (@the_chart_life) September 21, 2021
One of *many* signs of a historic Panic yesterday:
SPY Put Volume spiked to the 9th highest of all time.
Prior spikes marked capitulation selling – Stocks bottomed within 0-3 days with only one exception (Feb 2020).
Is this time different – Or is the bad news mostly priced in? pic.twitter.com/omUda50jL7
— Macro Charts (@MacroCharts) September 21, 2021
$IWM seven-month sideways: Which adage?
The bigger the top, the bigger the drop
The bigger the base, the higher in space
Presuming the latter, as primary trend remains bullish. pic.twitter.com/sqKPCYIPfB
— Mark Ungewitter (@mark_ungewitter) September 21, 2021
When $VIX spikes >40% over 2-day period…
Forward $SPX 1-month returns avg. +2.3% with positive returns 75% of the time.
💰3-month return 6%+ with 81% positive return rate
💰6-month return 10%+ with 87% positive return rate pic.twitter.com/tPJbd22T6S
— Seth Golden (@SethCL) September 21, 2021
No surprise that short end of vol is dropping today but $VIX9D seems to have some lingering concerns. Fed meeting still in focus. pic.twitter.com/lv1Z95GyZf
— Jim Carroll (@vixologist) September 21, 2021
— Aksel Kibar, CMT (@TechCharts) September 21, 2021
— Greg Rieben (@gregrieben) September 21, 2021
Silver – the mother of all bear traps? We will know for sure tomorrow! (basis Dec contract) pic.twitter.com/TFIH5jsgJc
— Linda Raschke (@LindaRaschke) September 21, 2021
— jeroen blokland (@jsblokland) September 21, 2021
#Bitcoin hasn’t proven to be much of a short-term hedge when S&P 500 has dipped this year … mixed result was mid-February, when Bitcoin initially popped but then fell back down sharply
[Past performance is no guarantee of future results pic.twitter.com/yzzpFJbV8C
— Liz Ann Sonders (@LizAnnSonders) September 21, 2021
Crypto, % below Sep high..
Bitcoin $BTC: -24%
Ethereum $ETH: -32%
Polkadot $DOT: -32%
Cardano $ADA: -36%
Litecoin $LTC: -36%
BitcoinCash $BCH: -36%
Binance $BNB: -36%
Stellar $XLM: -38%
Dogecoin $DOGE: -38%
Uniswap $UNI: -39%
XRP $XRP: -39%
Chainlink $LINK: -41%
Solana $SOL: -44%
— Charlie Bilello (@charliebilello) September 21, 2021
You’re all caught up now. Thanks for reading!