Daily Chart Report ? Monday, August 24th, 2020
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Today’s Summary
Monday, August 24th, 2020
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 378 points or 1.35%. The S&P 500 and Nasdaq rose 1.00% and 0.60%, respectively. The Russell 2000 closed higher by 1.03%.
Sectors: Energy led, gaining 2.75%. Health Care lagged, falling 0.46%.
Commodities: Crude Oil futures inched higher by 0.12% to $42.39 per barrel. Gold futures fell 0.56% to $1,936 per ounce.
Currencies: The US Dollar Index moved higher by 0.11%.
Interest Rates: The US 10-year Treasury yield rose to 0.661%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Greg Rieben (@gregrieben). It’s a 4hr candlestick chart of the Financial Sector ETF ($XLF) over the past three months. The top holdings in this ETF include Berkshire Hathaway ($BRK.B), JP Morgan Chase ($JPM), Bank of America ($BAC), Citigroup ($C), and Blackrock ($BLK). Financials have been pretty lousy on both an absolute and relative basis. The sector hasn’t even been able to breach its June highs and is currently testing its uptrend line from May. So far, that trendline remains intact. Nevertheless, Financials are at a vulnerable spot here. Bulls want to see Financials join the party to the upside soon. If they fail to do so, it could spell trouble for the broader market. Keep an eye on this key sector in the near-term!
Quote of the Day
“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.”
– George Soros
Top Links
Rotation INTO The Dow Stocks! - All Star Charts
JC Parets explains why he thinks the Dow Jones Industrial Average will head higher.
Silver/ Gold Ratio Records Biggest Rally in 13-Years! Now What? - Kimble Charting Solutions
Chris Kimble examines what the Silver/Gold Ratio could be telling us about Precious Metals as a whole.
Will Breadth Divergences Matter This Time? - Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff highlight some of the strongest stocks, trends, and themes across the markets.
Come Sail Away With Me - The Weekly Trend
In this week's episode of The Weekly Trend Podcast, David Zarling and Ian McMillan discuss some of the noteworthy technical developments to be aware of.
Rotation Report I - The Rotation Report
Aaron Jackson lays out several charts that are worth keeping an eye on this week.
Top Tweets
$LUMBER pic.twitter.com/3fitBkAnTE
— Arun S. Chopra CFA CMT? (@FusionptCapital) August 24, 2020