Daily Chart Report ? Wednesday, August 12th, 2020
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Today’s Summary
Wednesday, August 12th, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 290 points or 1.05%. The S&P 500 and Nasdaq gained 1.40% and 2.13%, respectively. The Russell 2000 underperformed but still rose 0.52%.
Sectors: 10 of the 11 sectors closed higher. Technology led, rising 2.27%. Financials was the only sector to close lower, slipping 0.28%.
Commodities: Crude Oil futures moved higher by 2.55% to $42.67 per barrel. Gold futures inched higher by 0.23% to $1,926 per ounce.
Currencies: The US Dollar Index slipped 0.23%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.691%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Larry Tentarelli (@LMT978). The S&P 500 flirted with all-time closing highs today but was unable to seal the deal. Nevertheless, Larry gives the bulls something to smile about. He points out that economically sensitive areas of the market, like Semiconductors ($SOX), Railroads ($DJUSRR), Trucking ($DJUSTK), and Housing ($ITB) have already hit all-time highs this week. In a comment to The Chart Report, Larry told us, “These four signal a bullish technical trend for markets and forward-looking economic expectations, as they are leading cyclical groups.”
Quote of the Day
“The ability to ride a trend is a very important skill in trading.”
– Steve Burns
Top Links
The S&P 500 is About to Hit Record Levels, and That Could Be The Start of Another Big Move Higher – CNBC
In this article from CNBC, several respected technicians weigh-in the S&P 500 as the index approaches all-time highs.
4 Charts That Will Amaze You – LPL Financial Research
The team at LPL Financial Research puts this bear-market recovery into perspective.
New Highs in Sight – Bespoke
It’s been 121 trading days since the S&P 500 closed at an all-time high. In this post, Bespoke compares the current streak to past streaks without a record high.
The Most Important Charts in EM – All Star Charts
Tom Bruni highlights the charts to watch within Emerging Markets.
How Stocks Tend to Perform After Stock Splits – Schaeffer’s Investment Research
With stock splits back in vouge, Rocky White examines weather or not splits impact a stock’s performance.
Top Tweets
Still holding the ATH break…
But the more important level is ~$100 lower.$GLD $XAU $IAU $GDX pic.twitter.com/mMQnN4CiXK
— J4 (@J4_doji) August 11, 2020
You’re all caught up now. Thanks for reading!