Daily Chart Report ? Friday, August 28th, 2020
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Today’s Summary
Friday, August 28th, 2020
Indices: US Stocks ended the week on a positive note with the Dow Jones Industrial Average advancing 162 points or 0.57%. The S&P 500 and Nasdaq continued higher by 0.67% and 0.60%, respectively. Small-Caps outperformed with the Russell 2000 gaining 0.88%.
Sectors: All 11 sectors closed higher. Energy led, rising 1.79%. Health Care lagged but still inched up 0.22%.
Commodities: Crude Oil futures slipped just 0.16% to $42.97 per barrel. Gold futures moved higher by 2.00% to $1,975 per ounce.
Currencies: The US Dollar Index dropped 0.75%.
Interest Rates: The US 10-year Treasury yield fell to 0.731%.
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 Eddy Elfenbein (@EddyElfenbein). It was a perfect week for the bulls. The S&P 500 closed at an all-time high every single day this week, for a gain of 3.35%. In a separate comment, Eddy pointed out that the worst day this week was a gain of 0.17%. The index first broke out to all-time highs on August 18th. It’s risen 7 out of the 8 days since. This is why we get so excited when price breaks out to all-time highs. As we’ve said many times – when price reaches all-time highs there’s little to no overhead supply to prevent it from moving higher. The top callers are getting louder and louder at these levels. To be fair, there are plenty of signs that we could be due for a pullback in the near-term. However, the trend is innocent until proven guilty, and at this point, the trend is unequivocally higher.
Quote of the Day
“The best thing about the future is that it comes one day at a time.”
– Abraham Lincoln
Top Links
Why The Dow’s Revamp Could Propel It To New Highs – All Star Charts
Steve Strazza weighs-in on the recent changes being made to the Dow Jones Industrial Average.
Homebuilders Up Huge – Bespoke
Bespoke takes a look at the surge in Homebuilder stocks.
Volatility Dispersion Narrows Once Again – Andrew Thrasher
Andrew Thrasher points out that conditions are developing for a spike in volatility.
Where Do We (Investors) Stand? – David Cox
In this quick video, Portfolio Manager, David Cox highlights the most noteworthy technical developments to be aware of.
Light Volume Does Not Mean Stock Market Top! – David Keller
David Keller explains that light trading volume ≠ market top.
Top Tweets
You’re all caught up now. Thanks for reading!