Daily Chart Report ? Friday, September 4th, 2020
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Today’s Summary
Friday, September 4th, 2020
Indices: US Stocks closed lower in today’s session with the Dow Jones Industrial Average falling 159 points 0.56%. The S&P 500 and Nasdaq dropped 0.81% and 1.27%, respectively. The Russell 2000 moved lower by 0.61%.
Sectors: Financials led, rising 0.76%. Communications lagged, falling 1.83%.
Commodities: Crude Oil futures slid 3.87% to $39.77 per barrel. Gold futures inched lower by 0.18% to $1,934 per ounce.
Currencies: The US Dollar Index rose 0.21%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.721%.
**Reminder: the US Stock Market and Bond Market will both be closed on Monday, September 7th, in observance of Labor Day.**
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 Alan Cohen (@al_xdpg). It’s a daily candlestick chart of the Nasdaq 100 ETF, $QQQ, year-to-date. $QQQ closed lower by 1.33% today, after dropping more than 5% yesterday. Despite the continued weakness, Alan explains that today’s price action was actually quite bullish. The index fell this morning, but quickly found buyers at a confluence of support from the 50-day moving average and the uptrend line. Alan adds that momentum, as measured by RSI, remains in a bullish range above 50. Lastly, price closed above the 21-day moving average, which has been an important moving average for most of the rally off of the March lows. At one point today, $QQQ was more than 10% below Wednesday’s all-time highs. These corrections are necessary and healthy, as they help to reset sentiment and shake out the weak hands. After a couple of turbulent sessions, bulls can rest easy over the long weekend, knowing that the uptrend remains intact.
Quote of the Day
“If you love life, don’t waste time, for time is what life is made up of.”
– Bruce Lee
Top Links
Steve Strazza points out that Crude Oil just broke down after consolidating for months.
Crypto’s Lack of Unity – What The FICC?
In this week’s episode of What The FICC?, Tom Bruni offers his technical perspective on the Cryptocurrency space.
What Now? – The Rotation Report
After yesterday’s sell-off, Aaron Jackson takes a look at a few important charts and price levels to keep an eye on.
Is This The End of the Bull Market or Just Another Correction? – Financial Sense
In this podcast, Art Wald of Oppenheimer discusses sector dispersion and the outlook for Stocks.
Portfolio Manager, David Cox highlights a few noteworthy technical developments across the markets.
Top Tweets
Nasdaq-100 ($NDX) has had a nice run, up ~50% in the past year and ~150% in the past 5 years.
Into the 2000 top, it rose ~1000% in the last 5 years topped by ~120% in the last year alone.
This isn’t 2000
— ukarlewitz (@ukarlewitz) September 4, 2020
Tesla shares have lost a quarter of their value since the beginning of the week. But they’re still up 352% year to date. pic.twitter.com/3pEbhSnUEQ
— Lisa Abramowicz (@lisaabramowicz1) September 4, 2020