Tuesday, October 12th, 2021
Indices: US Stocks closed slightly lower in today’s session with the Dow falling 118 points or 0.34%. The S&P 500 slipped 0.24%, while the Nasdaq inched lower by 0.14%. The Russell 2000 notably outperformed, gaining 0.61%.
Sectors: 6 of the 11 sectors closed higher. Real Estate led, gaining 1.34%. Communications lagged, falling 0.93%.
Commodities: Crude Oil futures inched up 0.15% to a seven-year high of $80.64 per barrel. Gold futures rose 0.21% to $1,759 per ounce.
Currencies: The US Dollar Index rose 0.16%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.580%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
It's been 27 trading days since we hit a new high on the S&P 500. The last time we went this long was…exactly this time last year. New highs happened on Sept 2nd, both years, before a pause. Weird. pic.twitter.com/aZu9jdcRxM
— Liz Young (@LizYoungStrat) October 12, 2021
Today’s Chart of the Day was shared by Liz Young (@LizYoungStrat). Liz points out that the last time the S&P 500 closed at an all-time high was on September 2nd, which was 27 trading days ago. This is the longest streak since last year when something very similar happened. The S&P 500 peaked on September 2nd, 2020, and went 51 trading days without an all-time high. That streak ended on November 13th, 2020. From there, the S&P 500 went on to rally nearly 5% until the end of the year. We all know that September through mid-October tends to be a challenging period for the S&P 500, but it’s still surprising to see history repeat so exactly. As of today’s close, we’re still more than 4% below an all-time high, so the current streak will likely continue. But, the good news is that seasonality flips from bearish to bullish in the back half of October.
Quote of the Day
“If youth knew; if age could.”
– Sigmund Freud
Technical Levels to Watch in SPX, TNX, BTC – TD Ameritrade Network
In this clip, Frank Cappelleri offers his perspective on Stocks, Interest Rates, and Bitcoin.
Quitters – Bespoke
Bespoke points out that the final hour of trading has been pretty disappointing recently.
Only 1/3rd of Investors are Bullish Stocks – All Star Charts
JC Parets points out that sentiment is starting to become a tailwind for Stocks.
Bounces Have Been Sold in Many Sectors as Upside Traction Remains Elusive – Potomac Fund Management
Dan Russo shares his weekly sector analysis.
Small-Cap Stocks Can Give the Market the “Firepower” Needed to Finish the Year Strong, Oppenheimer Analyst Says – CNBC
Ari Wald explains why he’s watching the Russell 2000 for the next move in the broader market.
$SPY is closing in the bottom 25% of its intraday range for the 4th day in a row.
That's tied for the 2nd-longest streak in its history.
14 of the 16 other 4-day streaks bounced over the next week.
— SentimenTrader (@sentimentrader) October 12, 2021
— Bespoke (@bespokeinvest) October 12, 2021
ES is coiling…
4400 and 4320 are the key pivots. pic.twitter.com/u978POAu5y
— Yuriy Matso (@yuriymatso) October 12, 2021
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 12, 2021
— Grant Hawkridge (@granthawkridge) October 12, 2021
Large-Cap Energy challenging a key resistance level.
— Alfonso Depablos (@AlfCharts) October 12, 2021
— conradseric, CMT, CAIA, CEFA (@conradseric) October 12, 2021
— Steven Strazza (@sstrazza) October 12, 2021
Qatar in the house pic.twitter.com/5DLnfbRBnv
— J.C. Parets (@allstarcharts) October 12, 2021
— David M. Borowsky (@dmborowsky) October 12, 2021
You’re all caught up now. Thanks for reading!