Daily Chart Report ? Wednesday, August 26th, 2020
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Today’s Summary
Wednesday, August 26th, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 80 points or 0.30%. The S&P 500 and Nasdaq rose 1.02% and 1.73%, respectively. Small-Caps notably underperformed with the Russell 2000 falling 0.70%.
Sectors: Communications led for the second day in a row, jumping 3.42%. Energy lagged for the second day in a row, falling 2.11%.
Commodities: Crude Oil futures were little changed, inching up just 0.09% to $43.39 per barrel. Gold futures moved higher by 1.53% to $1,953 per ounce.
Currencies: The US Dollar Index slipped 0.13%.
Interest Rates: The US 10-year Treasury yield was unchanged at 0.688%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by David Keller (@DKellerCMT). It’s a daily bar chart of the Semiconductor ETF ($SMH) over the past year. The top five holdings in this ETF include Taiwan Semiconductor Manufacturing ($TSM), Nvidia ($NVDA), Intel ($INTC), Advanced Micro Devices ($AMD), and Qualcomm ($QCOM). Semiconductors are the chips that power virtually every electronic device. Due to their widespread use, Semiconductor stocks are often thought of as a bellwether for the broader market and economy. David explains that it’s tough to be aggressively bearish on Stocks in an environment where Semiconductors are printing fresh all-time highs. He adds that momentum has been in a bullish range (RSI above 50) since April. Price action from this key industry group continues to favor the bull case for the broader stock market.
Quote of the Day
“Learn every day, but especially from the experiences of others. It’s cheaper!”
– Jack Bogle
Top Links
Which Bull Will It Be? – LPL Financial Research
The team at LPL Financial Research compares the current rally to others that ended major bear markets.
Equity Market Minute – Bloomberg
Bloomberg’s Chief Equity Strategist, Gina Martin Adams explains that breadth is healthier than some suggest.
It’s Do or Die Time For The US Dollar – All Star Charts
Tom Bruni of All Star Charts examines the outlook for the US Dollar.
How I am Thinking About Sentiment and Positioning – Chaikin Analytics
In this video, Dan Russo of Chaikin Analytics offers his thoughts on sentiment.
Charts to Watch – The Rotation Report
Aaron Jackson shares five charts that are worth keeping an eye on.
Top Tweets
You’re all caught up now. Thanks for reading!