Daily Chart Report ? Thursday, August 20th, 2020
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Today’s Summary
Thursday, August 20th, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average inching up 47 points or 0.17%. The S&P 500 and Nasdaq rose 0.32% and 1.06%, respectively. Small-Caps underperformed with the Russell 2000 falling 0.49%.
Sectors: Technology led, gaining 1.33%. Energy lagged, falling 2.16%.
Commodities: Crude Oil futures moved lower by 0.67% to $42.82 per barrel. Gold futures rose 0.64% to $1,947 per ounce.
Currencies: The US Dollar Index fell 0.28%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.649%.
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 Ian McMillan (@the_chart_life). The chart shows the FANG+ ETF, $FNGS, relative to the Nasdaq 100. $FNGS is comprised of 10 of the most beloved stocks in the market including, $TWTR, $TSLA, $AAPL, $FB, GOOGL, $BABA, $NFLX, $AMZN, $BIDU and $NVDA. Ian points out that $FNGS is breaking out of a 1-month base relative to the Nasdaq 100. Many seem to be fixated on the bearish narrative that these stocks have become ‘too big.’ However, Ian explains that it’s not bearish to see the strongest players on the team scoring the majority of the points. In a comment, Ian said, “If the strongest (and most important) stocks in the strongest index are outperforming, do you see how it’s hard for me to believe that said index is close to changing trend?”
Quote of the Day
“There are no happy endings in history, only crisis points that pass.”
– Issac Asimov
Top Links
The Bull Market Top Checklist: What Would Change My Mind? – StockCharts.com
David Keller shares five potential developments that would signal a bearish a trend reversal.
The Other 94% – The Irrelevant Investor
Michael Batnick weighs-in on market breadth.
Silver Bulls Should Be Very Concerned If This Takes Place!!! – Kimble Charting Solutions
Chris Kimble points out that the Silver Miners ETF, $SIL, is attempting to break out of an 8-year trading range.
August Conference Call: 5 Key Takeaways
The team at All-Star Charts highlights five of the most important charts they’re watching right now.
September Almanac: Only Modest Improvements in Election Years – Almanac Trader
Seasonality expert, Jeff Hirsch shows that September has historically been a lousy month for Stocks, even in election years.
Top Tweets
You’re all caught up now. Thanks for reading!