Daily Chart Report ? Friday, August 14th, 2020
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Today’s Summary
Friday, August 14th, 2020
Indices: US Stocks were little changed in today’s session. The Dow Jones Industrial Average inched higher by 34 points or 0.12%. The S&P 500 was flat (-0.02%), while the Nasdaq fell 0.21%. The Russell 2000 slipped 0.12%.
Sectors: Energy led, rising 0.95%. Utilities lagged, falling 0.87%.
Commodities: Crude Oil futures were flat and continue to trade at $42.23 per barrel. Gold futures moved lower by 0.85% to $1,954 per ounce.
Currencies: The US Dollar Index slipped 0.15%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.707%.
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 JC Parets (@allstarcharts). It’s a weekly candlestick chart of Bitcoin over the past five years. Remember Bitcoin Mania in 2017? The cryptocurrency surged more than 1,800% that year, from under $1,000 to a peak of about $19,000. JC points out that the 2.5 years since the peak can be viewed as consolidation within a primary uptrend. He adds that price is breaking out of a long-term base, signaling the start of a new leg higher. Bitcoin is currently trading at $11,775. As long as price remains above that key $10,000 level, the risk is to the upside.
Quote of the Day
“You know you’re doing what you love when Sunday nights feel the same as Friday nights.”
– Donny Deutsch
Top Links
Shifting Winds Suggest Volatility Poised to Pickup – Baird
Baird strategist, Willie Delwiche shares his outlook on the S&P 500.
Trading a Trending Market – TraderFeed
Here’s a great read from trading psychologist, Dr. Brett Steenbarger. He discusses the importance of identifying short-term trends within long-term trends.
When a Few Basis Points Packs a Punch – Bespoke
Bespoke takes a look at the recent weakness in Treasury Bonds.
Time for a Little Firmness in Bond Yields? – StockCharts.com
Respected technician, Martin Pring explains why he thinks Treasury yields will move higher.
Risk Managers Throw Caution to the Wind – Dana Lyons
Dana Lyons shares his thoughts on the results of the most recent NAAIM sentiment survey.
Top Tweets
You’re all caught up now. Thanks for reading!