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Today’s Summary
Monday, September 14th, 2020
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average rising 328 points or 1.18%. The S&P 500 and Nasdaq gained 1.27% and 1.87%, respectively. Small-Caps outperformed by a decent margin, with the Russell 2000 closing higher by 2.65%.
Sectors: All 11 sectors closed higher. Real Estate led, gaining 2.45%. Communications lagged, but still moved higher by 0.38%.
Commodities: Crude Oil futures inched lower by 0.19% to 37.26 per barrel. Gold futures moved higher by 0.88% to $1,965 per ounce.
Currencies: The US Dollar Index slipped 0.23%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.674%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Gold and Silver (and the miners) sure do look ready go to…
Will this week be the start of their next leg higher?
Let me know what you think pic.twitter.com/0d5aqxciZp
— Tom Bruni, CPA, CMT (@BruniCharting) September 14, 2020
Today’s Chart of the Day was shared on Twitter by Tom Bruni (@BruniCharting). Tom shows the daily candlestick charts of Silver (top) and Gold (bottom), over the past eight months. Tom points out that Precious Metals are starting to look interesting once again. Both metals surged in July and have been consolidating into tight ranges for over a month. Will these consolidations resolve to the upside? If so, we could see Gold, Silver, and Miners make another meaningful leg higher. Keep an eye on Gold and Silver in the near term, as we could see prices resolve out of these consolidations in the coming days/weeks. For more on this, check out Tom’s latest blog post, in which he lays out some specific levels of interest for Gold and Silver.
Quote of the Day
“When the facts change, I change my mind. What do you do, sir?”
– John Maynard Keynes
Top Links
Gold and Bitcoin Bounce Off Support – Bespoke
Bespoke examines the outlook for Gold and Bitcoin.
Subtle, But Important Changes – The Rotation Report
Aaron Jackson shares some of the charts he’s watching this week.
Some Leaders Under Pressure – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff highlight the strongest stocks, trends, and themes across the markets.
Banks are About to Send One of the Most Important Messages in Years! – Kimble Charting Solutions
Chris Kimble points out that the Bank Index, $BKX, is at a key inflection point.
Mixed Signals – The Weekly Trend
In this podcast, David Zarling and Ian McMillan weigh-in on some of the most important technical developments to keep an eye on.
Top Tweets
S&P 500 back above that Feb. 19 high pic.twitter.com/dcGcUomVBG
— Sarah Ponczek (@SarahPonczek) September 14, 2020
First green Heikin Ashi daily candlestick since 9/2.$SPX $SPY $ES_F pic.twitter.com/Xffp0cwBNv
— Shane C. Murphy (@murphycharts) September 14, 2020
Curious late price action. Rus2k hangs in there… pic.twitter.com/JODSMFse9F
— Michael Antonelli (@BullandBaird) September 14, 2020
Selloffs happen, even in normal markets. We don’t know for sure if this is a big one or not, but right now, it looks AND feels like a typical 5-10% drop.
We’ve seen those about twice a year since 1950. pic.twitter.com/l9Ao6nCiEi
— Callie Cox (@callieabost) September 14, 2020
market is turning more neutral now that it it is above the flat/adv 5 DMA (orange)
likely to ping pong btwn VWAP from high (red) and last wk low (green)
I have sketched in possible bullish scenario (not prediction) on this $SPY chart 15 minute timeframe pic.twitter.com/iRCZj6nsjQ
— Brian Shannon, CMT (@alphatrends) September 14, 2020
Hard to make the case that market weakness is a reflection of pending economic weakness when EW cyclical sectors like materials, industrials and discretionary are making relative strength highs…..materials below: pic.twitter.com/pz9Sae3PQF
— RenMac: Renaissance Macro Research (@RenMacLLC) September 13, 2020
As with a number of asset allocation charts, gold is testing an ascending 50-day moving average. Which charts will hold this key support and which will fail and move on to lower lows? Expecting gold to retest August highs. $GLD $GOLD pic.twitter.com/jX0nELHTRI
— David Keller, CMT (@DKellerCMT) September 14, 2020
$MYOK Base breakout in an uptrend with new closing ATHs. Attractive risk-reward here above 122 pic.twitter.com/oLxFeNzURm
— Pratyush Tulsian (@PrattyCharts) September 14, 2020
$DKNG ripping to fresh all-time highs on breaking news of deal w/ @espn to be their "Exclusive Daily Fantasy Sports Provider" pic.twitter.com/HZyqypwVXF
— Steven Strazza (@sstrazza) September 14, 2020
$DKNG doing it's best $AMD and $PENN impersonation.
(Yes, you can own $PENN & $DKNG) pic.twitter.com/RNr8DstZTy
— Steve Deppe, CMT (@SJD10304) September 14, 2020