Daily Chart Report ? Thursday, August 27th, 2020
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Today’s Summary
Thursday, August 27th, 2020
Indices: US Stocks were mixed in today’s session with the Dow Jones Industrial Average gaining 160 points or 0.57%. The S&P 500 inched higher by 0.17%, while the Nasdaq slipped 0.34%. The Russell 2000 moved higher by 0.28%.
Sectors: Financials led, rising 1.69%. Communications lagged, falling 1.22%.
Commodities: Crude Oil futures moved lower by 0.85% to $43.02 per barrel. Gold futures fell 0.83% to $1,936 per ounce.
Currencies: The US Dollar Index inched higher by 0.14%.
Interest Rates: The US 10-year Treasury yield jumped to 0.754% – the highest level since mid-June.
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 Linda Raschke (@LindaRaschke). It’s a weekly bar chart of the Dow Jones Industrial Average over the past year. Papa Dow led the rest of the major indices today, with help from the Financial sector waking up from a long nap. On the other hand, the Tech-heavy Nasdaq took the day off after what has been a relentless rally. Linda points out that the Dow is now attempting to fill the massive gap that was formed when price opened significantly lower on February 24th. The S&P 500 successfully filled its February gap a few weeks ago, before moving on to record highs. If the Dow can fill this gap, there will be very little overhead supply to prevent it from joining the other indices at all-time highs. Until then, this area remains a key test for the Dow, so mind the gap!
Quote of the Day
“The fishermen know that the sea is dangerous and the storm terrible, but they have never found these dangers sufficient reasons for remaining ashore.”
– Vincent Van Gogh
Top Links
Bespoke Morning Lineup – Bespoke
Bespoke points out that the S&P 500 is on pace to book its best monthly win rate (% positive days in a month).
Big Stocks Making Big Moves – Rieben Financial
Greg Rieben spotlights some of the mega-cap tech stocks that have broken out this week.
When to Worry About Volatility – The Rotation Report
Aaron Jackson discusses the potential signs of volatility that he’s watching for.
Who Is Telling The Truth, Doc Copper or The Bond Market? -Kimble Charting Solutions
Chris Kimble explains that Copper and US Treasury yields are telling two completely different stories right now.
Lumber’s Historic Rally – What the FICC?
In this week’s episode of What the FICC, Tom Bruni discusses the surge in Lumber prices and what to expect going forward.
Top Tweets
10-year Treasury yields now at the highest level since mid-June lol pic.twitter.com/9a4467OPRt
— Katherine Greifeld (@kgreifeld) August 27, 2020