Wednesday, October 6th, 2021
Indices: US Stocks closed higher in today’s session with the Dow rising 102 points or 0.30%. The S&P 500 and Nasdaq gained 0.41% and 0.47%, respectively. The Russell 2000 underperformed, falling 0.60%.
Sectors: 8 of the 11 sectors closed higher. Utilities led, gaining 1.55%. Energy lagged, falling 1.05%.
Commodities: Crude Oil futures snapped a four-day winning streak, falling 1.90% to $77.43 per barrel. Gold futures were flat (0.05%) and continue to trade at $1,762 per ounce.
Currencies: The US Dollar Index rose 0.27%.
Interest Rates: The 10-year US Treasury yield inched lower to 1.524%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Russell 3000 – which presents essentially all equities – up 2 days in a row. It hasn’t been up more than that since August 25. Happens all the time in uptrends (shading). Also a chance for RSI to get back above neutral (top panel). Looking at you Mr Thursday pic.twitter.com/ne0Rvmat5R
— Urban Carmel (@ukarlewitz) October 6, 2021
Today’s Chart of the Day was shared by Urban Carmel (@ukarlewitz). It’s a daily candlestick chart of the Russell 3000 ($IWV) over the past nine months. The Russell 3000 is one of the broadest stock market indices, as it represents 98% of all investable US Equities. As of today’s close, the index is up two days in a row, but it hasn’t been up three days in a row since the end of August. As Urban points out, three-day winning streaks are almost exclusively found during uptrends. The index has been trending lower for more than a month now, but one more up day tomorrow would be a sign that the index is attempting to make a new leg higher.
Quote of the Day
“Big movements take time to develop.”
– Jesse Livermore
The Most Important Chart In The World – LPL Financial Research
The team at LPL Finacial Research puts the recent pullback into perspective.
Energy Crisis Brewing? Crude Oil & Natty Gas Price Breakouts Stir Worries – Kimble Charting Solutions
Chris Kimble examines the surge in Nat Gas and Crude Oil prices.
Target This Bubbling Oil Stock in October – Schaeffer’s Investment Research
The team at Schaeffer’s Investment Research points out that Marathon Petroleum Corp. ($MPC), has a 90% win rate in October over the past decade.
Stock Market Analysis October 6, 2021 – AlphaTrends
In this quick video, Brian Shannon analyzes recent price action and lays out a few key levels to watch in the near term.
Will the Dollar Fall in Line – All Star Charts
The team at All Star Charts takes a look at the relationship between Commodities and the US Dollar.
— Alfonso Depablos (@AlfCharts) October 6, 2021
Sometimes it is this simple. Rotations happen on the way down. Breadth in other sectors are improving. This put in a higher low on the equal weight SPX. pic.twitter.com/0LjqRRkIrw
— Jason (Perz) Boyd (@JasonBoyd138) October 6, 2021
$SPY S&P 500 Index 130min
Bullish RSI divergence, on top of significant S/R zone. Let's see how this shakes out… pic.twitter.com/yBqj2lRFFp
— Shane C. Murphy (@murphycharts) October 6, 2021
— David Cox, CMT, CFA (@DavidCoxWG) October 6, 2021
Here's another $IWM study looking at when the 14 day Money Flow Index (volume-weighted RSI) falls below 20, then rises back above 35 within 30 days. Results out 90 days are substantial. Last triggered mid-August. More info here:https://t.co/aRGP2lpiBh via @MarketCharts pic.twitter.com/rHkrUqlUxU
— Jonathan Harrier, CMT (@jonathanharrier) October 6, 2021
— David Zarling, CMT (@AdaptivCharts) October 6, 2021
— Richard Bernstein (@RBAdvisors) October 6, 2021
— Charlie Bilello (@charliebilello) October 6, 2021
— jeroen blokland (@jsblokland) October 6, 2021
— Louis Sykes (@haumicharts) October 6, 2021
You’re all caught up now. Thanks for reading!