Sponsored By:
Today’s Summary
Thursday, October 15th, 2020
Indices: US Stocks closed mostly lower in today’s session. The Dow Jones Industrial Average ended more or less flat, changing just 19 points or 0.07%. The S&P 500 and Nasdaq slipped 0.15% and 0.47%, respectively. Small-Caps noticeably outperformed with the Russell 2000 gaining 1.06%.
Sectors: Energy led, gaining 1.21%. Communications lagged for the second day in a row, falling 0.77%.
Commodities: Crude Oil futures slipped 0.36% to $40.96 per barrel. Gold futures inched higher by just 0.08% to $1,909 per ounce.
Currencies: The US Dollar Index rose 0.40%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.734%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
The 50-day moving average on the S&P500 is converging w/ levels representing the Feb highs, which should offer support if this market is to remain in a bullish configuration.
Last ditch = The Sept Lows, which correspond w/ the June Highs. Could be a shake-out level.$SPX $SPY pic.twitter.com/zmA8vovKNS
— Adam D. Koós, CFP®, CMT, CEPA (@AdamKoos) October 15, 2020
Today’s Chart of the Day was shared on Twitter by Adam Koos (@AdamKoos). It’s a daily candlestick chart of the S&P 500 ETF, $SPY, year-to-date. The S&P 500 started the week off strong but was quickly rejected at the September highs. Adam highlights two potential levels of support to be aware of. The first is a confluence of support from the 50-day moving average, and the February highs around $338. If that level fails to hold, the next level of support is around $323, which coincides with the June highs and the September lows. Both of these levels have marked key inflection points over the past year. If we’re above both, the bias remains to the upside, and all-time highs are the next price objective.
Quote of the Day
“The crowd is bargain hunting in what was; the knowing are buying what will be.”
– Justin Mamis
Top Links
Last Week’s 1600+ Breakout on Russell 2000 Major Victory for Bulls, Bigger One Awaits Should They Defend Imminent Retest – Hedgopia
Hedgopia explains that short covering could propel the Russell 2000 higher in the near-term.
Market Outlook – 10/15/20 – Market Scholars
Brandon Van Zee recaps the noteworthy takeaways from today’s price action.
Year-to-Date 2020 Dow Jones Industrial Average Returns – Bespoke
Bespoke breaks down the best/worst performing stocks in the Dow Jones Industrial Average so far this year.
Auto Strength Resuming, These Two Leaders Breaking Out – StockCharts.com
Tom Bowley takes a look at the ongoing breakout in Automobile stocks.
Deep Dive on Market Breadth – The Final Bar
In this episode of The Final Bar, David Keller offers his take on market breadth.
Top Tweets
Not a bad hold thus far $SPY pic.twitter.com/41cAcUNiwa
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 15, 2020
~3400-3430 still appears to be the "line in the sand" for the $SPX. Above there I'll have a positive bias, below there negative bias for now. $SPY pic.twitter.com/Ualt9AV26d
— Andrew Adams CFA, CMT (@DayTraderGator) October 15, 2020
$IWM taking back the 160 level after gapping below it. Good bounce in Small Caps today. pic.twitter.com/M183PgcDi3
— Keith ? (@JackDamn) October 15, 2020
$IWM small caps didn't want to go back in that range today pic.twitter.com/VnYqQnmyZl
— Gregory Krupinski (@G_krupins) October 15, 2020
$SPX monthly – without comment pic.twitter.com/wNQyrKft5l
— BostonCharts (@bostonchaahhts) October 15, 2020
Just over 60% of world markets are above their 50-day averages. In a bit of no man's land: Over the past 40 years all of the net gains in US stocks have come when this has been above 41%, but over past years none of the net gains in US stocks have come when this is below 71%. pic.twitter.com/DZK2JjmBIH
— Willie Delwiche, CMT, CFA (@WillieDelwiche) October 15, 2020
A number of big banks have reported much better than expected results, both in terms of loan quality and trading.
But investors basically just care about the macro. XLF/SPY is basically the same chart as the 10-year pic.twitter.com/R82VLWg4Q9
— Joe Weisenthal (@TheStalwart) October 15, 2020
Copper seasonality $FCX pic.twitter.com/6n98kq5UZ6
— Pivot Analytics ? (@pivotanalytics) October 15, 2020
Another bullish flag in the gold miners $GDX. $GLD pic.twitter.com/AXstQlu6Zb
— Greg Rieben (@gregrieben) October 15, 2020
nice triple stack combo (price, momentum, moving average) in $DKNG pic.twitter.com/QjT7YpLdIn
— ATMbiotechCharts (@ATMcharts) October 15, 2020
Wanna see an absolutely bonkers chart?
U.S.-based IPO volume this year is poised to blow every other year since 1990 out of the water, EVEN with part of the year in recession. pic.twitter.com/LTjTeZMpI4
— Callie Cox (@callieabost) October 15, 2020