Daily Chart Report ? Monday, August 3rd, 2020
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Today’s Summary
Monday, August 3rd, 2020
Indices: US stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 236 points or 0.89%. The S&P 500 and Nasdaq rose 0.72% and 1.47%, respectively. Small-Caps outperformed with the Russell 2000 gaining 1.78%.
Sectors: Tech led for the third day in a row, gaining 2.46%. Real Estate lagged, falling 1.60%.
Commodities: Crude Oil futures moved higher by 1.84% to $41.01 per barrel. Gold futures were flat, and continue to trade around $1,993 per ounce.
Currencies: The US Dollar Index inched higher by 0.06%.
Interest Rates: The US 10-year Treasury yield rose to 0.554%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Ryan Detrick of LPL Financial Research (@RyanDetrick). With three months until Election Day, Ryan points out that the stock market has a pretty solid track record at predicting the outcome of US Presidental Elections. When the S&P 500's three-month performance has been positive heading into the election, the sitting President has historically been re-elected. On the other hand, when the three-month performance has been negative, the sitting President tends to get the boot. There have been three exceptions to this phenomenon in 1956, 1968, and 1980. But overall, the S&P 500's three-month performance has correctly predicted 20 of the past 23 elections since 1928, for an impressive 87% success rate. It's worked particularly well in recent decades, as it has been correct every single election since 1984. Will the S&P 500's performance over the next three months once again predict the winner? For more on this phenomenon, check out this note from LPL Financial Research.
Quote of the Day
“Today is the first day of the rest of your life.”
– Charles Dederich
Top Links
NASDAQ30 Notebook - Jotting on Charts
Grant Hawkridge shares his notes on the top 30 stocks in the Nasdaq.
Agricommodities Indicate Food Inflation - Sunsoft Analytics
Bhagyashree Urdhwareshe explains why she thinks Agricultural Commodities are poised to move higher.
Digital Dominance - Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon and Ivanhoff highlight some of the strongest stocks, trends, and themes across the markets.
The Close Knows - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major technical developments to be aware of right now.
Rare Earth Metals Break Out! - All Star Charts
JC Parets breaks down a chart of the Rare Earth Metals ETF, $REMX.