Daily Chart Report ? Monday, August 10th, 2020

Today’s Summary
Monday, August 10th, 2020

Indices: US Stocks were mixed in today's session. The Dow Jones Industrial Average advanced 358 points or 1.30%. The S&P 500 closed higher for the seventh day in a row, rising 0.27%. The Nasdaq underperformed, slipping 0.39%. The Russell 2000 gained 0.99%.

Sectors: Energy led, rising 3.09%. Health Care lagged, falling 0.34%.

Commodities: Crude Oil futures moved higher by 1.75% to $41.94 per barrel. Gold futures rose 0.46% to $2,037 per ounce.

Currencies: The US Dollar Index gained 0.23%.

Interest Rates: The US 10-year Treasury yield moved higher to 0.581%.

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  Jurrien Timmer of Fidelity (@TimmerFidelity). As of today's close, the S&P 500 is up 50% from the March 23rd low and within 1% of an all-time high. Jurrien points out that this recovery rally looks very similar to the recovery from the March 2009 low, in terms of both price and breadth. As we discussed on Friday, the fact that price and breadth have begun to diverge has caused some concern that we're due for a decline. As you can see, breadth was also diverging in 2009, and yet price ultimately resolved higher. Analog charts like this can be tricky because we know history doesn't repeat exactly. But it's worth noting that a breadth divergence following a major cyclical low is not always the bearish signal that some think.

Quote of the Day