Daily Chart Report ? Monday, August 17th, 2020
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Today’s Summary
Monday, August 17th, 2020
Indices: US Stocks were mixed in today’s quiet session. The Dow Jones Industrial Average fell 86 points or 0.31%. The S&P 500 rose 0.27%. The Nasdaq gained 1.00% and closed at an all-time high. The Russell 2000 moved higher by 0.48%.
Sectors: Consumer Discretionary led, rising 1.29%. Financials lagged, falling 1.67%.
Commodities: Crude Oil futures moved higher by 2.09% to $42.89 per barrel. Gold futures jumped 2.51% to $1,999 per ounce.
Currencies: The US Dollar Index fell 0.29%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.690%.
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 Yuriy Matso (@yuriymatso). It’s a 15-minute candlestick chart of S&P 500 futures. Price has been flirting with all-time highs over the past week but has been unable to seal the deal on a closing basis. As Yuriy points out, the 3,380 level has acted as a brick wall of resistance, halting each breakout attempt. Think about what happens when you take a sledgehammer to a wall. You may not breakthrough on the first few attempts, but each time you hit the wall, it gets weaker and weaker until you finally smash through. We like to think of these resistance levels in a similar way. Each time price touches that level, the level gets weaker and weaker. Will the sixth time be the charm? Stay tuned…
Quote of the Day
“Many trading psychology problems come from fighting trends.”
– Dr. Brett Steenbarger
Top Links
Could Stocks and Bonds Peak at the Same Time? – Kimble Charting Solutions
Chris Kimble explains that it would be unusual to see the Stocks and Bonds peak together.
The Big are Getting Bigger – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff highlight the strongest stocks, trends, and themes across the markets.
So Much “Potential” Resistance for America – All Star Charts
JC Parets lays out some potential resistance levels on the major indices.
Grind Time – The Weekly Trend
In this podcast, Ian McMillan and David Zarling discuss some of the major technological developments to be aware of.
Fertilizer Names Look Fertile – StockCharts.com
Greg Schnell shares five agriculture stocks that are breaking out – $ADM, $BG, $CF $MOS, and $NTR.
Top Tweets
You’re all caught up now. Thanks for reading!