Daily Chart Report ? Tuesday, August 18th, 2020
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Today’s Summary
Tuesday, August 18th, 2020
Indices: US Stocks were mixed in today's session. The Dow Jones Industrial Average slipped 67 points or 0.24%. The S&P 500 rose 0.23% to close at an all-time high for the first time since February. The Nasdaq gained 0.73%, and also closed at a record high. Small-Caps underperformed with the Russell 2000 falling 0.99%.
Sectors: Communications led, rising 0.90%. Energy lagged, falling 1.26%.
Commodities: Crude Oil futures moved higher by 0.54% to the highest level in more than five months at $43.12 per barrel. Gold futures rose 0.72% to $2,013 per ounce.
Currencies: The US Dollar Index dropped 0.55% to the lowest level in over two years.
Interest Rates: The US 10-year Treasury yield moved lower to 0.664%.
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 Sarah Ponczek of Bloomberg (@SarahPonczek). It happened! Sarah points out that the S&P 500 closed at a record high for the first time since February 19th. This officially marks the end of one of the sharpest drawdowns in the history of the index. Price fell more than 30% in just 23 trading days, only to bounce back more than 51% over the following months. As we know, all-time highs are just about the most bullish thing that can happen. Price needs to hold above the February highs in the near-term, or else we could have a failed breakout on our hands. But at all-time highs, there is virtually no overhead supply to prevent the S&P 500 from making another leg higher.
Quote of the Day
"Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons."
– Warren Buffett
Top Links
One Streak Ends, A Longer One Continues - Bespoke
Bespoke points out that it only took 125 trading days for the S&P 500 to return to an all-time high. On the other hand, the Russell 2000 hasn't hit an all-time high in nearly 500 days.
Why The Stock Market Could Head Higher Into The Presidential Election - Yahoo Finance
Joe Fahmy shares his thoughts on Stocks as we move closer to the Presidential election.
A Brand New Bull Market For Stocks? - All Star Charts
JC Parets points out that the Nasdaq is breaking out relative to Bonds and Gold.
Twitter is Ruining the World. Buy it Anyway - The Rotation Report
Aaron Jackson lays out the bull case for Twitter, $TWTR.
Lumber's Stratospheric Rise Is Near Its End - Extract Analytics
Michael Sacchitello explains why the rally in Lumber Futures will likely run out of steam soon.
Top Tweets