Daily Chart Report ? Thursday, August 6th, 2020
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Today’s Summary
Thursday, August 6th, 2020
Indices: US Stocks continued higher in today’s session with the Dow Jones Industrial Average gaining 185 points or 0.68%. The S&P 500 and Nasdaq rose 0.64% and 1.00%, respectively. Small-Caps underperformed, slipping 0.10%.
Sectors: Communications led, gaining 2.63%. Energy lagged, falling 0.80%.
Commodities: Crude Oil futures slipped 0.57% to $41.95 per barrel. Gold futures rose 0.98% to a record high of $2,069 per ounce.
Currencies: The US Dollar Index moved slightly lower by 0.04%.
Interest Rates: The US 10-year Treasury yield fell to 0.537%.
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 Aaron Jackson @ATMcharts. It’s a daily candlestick chart of the S&P 500 over the past year. Aaron points out that price closed the February 24th gap today. A couple of weeks ago, we noted that this gap was pretty much the final level of potential resistance standing in the way of all-time highs. Why do we care about all-time highs? For starters, it’s the single most bullish thing that can happen to an asset. Once price reaches new highs, there’s virtually no overhead supply, or price memory to prevent it from making another leg higher. If you don’t believe me, just take a look at what Gold has done since it broke out a few weeks ago. Without getting too ahead of ourselves, the S&P 500 is still about 1% away from an all-time high. But, now that the massive gap from February 24th has been filled, what’s left to stop this proverbial rocketship from blasting through the atmosphere? **knocks on wood**
Quote of the Day
“You’re never going to beat the market if you don’t own the things that are beating the market.”
– Ian McMillan
Top Links
Ari Wald Breaks Down Sector Dispersion – TD Ameritrade Network
Ari Wald of Oppenheimer discusses the wide sector dispersion going on right now and what it means for the broader market.
Break from “Pennant” Targets $500 for AAPL – StockCharts.com
Julius de Kempenaer explains why he thinks Apple Inc. ($AAPL) will hit $500.
More Art Than Science – Futures Radio
In this podcast, Anthony Crudele interviews technician, Ian McMillan. They discusses the importance of relative strength and more.
Silver Takes the Gold – Bespoke
Gold’s rally has been nothing short of impressive, however, Bespoke shows that Silver has been the real show stopper.
Trend Following Turtle Tails (and Tales) with Jerry Parker – The Derivative
Here’s a good conversation on trend following with legendary futures trader, Jerry Parker.
Top Tweets
You’re all caught up now. Thanks for reading!