Daily Chart Report ? Thursday, September 10th, 2020
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Today’s Summary
Thursday, September 10th, 2020
Indices: US Stocks closed lower in today’s session with the Dow Jones Industrial Average dropping 406 points or 1.45%. The S&P 500 and Nasdaq fell 1.76% and 1.99%, respectively. Small-Caps slightly outperformed, but still moved lower by 1.23%.
Sectors: All 11 sectors closed lower. Materials led, but still slipped 0.94%. Energy lagged, dropping 3.67%.
Commodities: Crude Oil futures fell 1.97% to 37.30 per barrel. Gold futures were unchanged at $1,955 per ounce.
Currencies: The US Dollar Index rose 0.12%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.684%.
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 Gregory Krupinski (@G_krupins). It’s a daily bar chart of the S&P 500 ETF, $SPY, over the past year. The S&P 500 is at a precarious spot heading into the end of the week. Greg points out that $SPY closed below the February highs today. Bulls will need price to reclaim those former highs soon, or else we could have a failed breakout on our hands. As we know, failed breakouts often lead to sharp moves lower. The index has already violated its uptrend line from June but is still trading above its 50-day moving average (not shown). Tomorrow’s price action should give us a better indication of the direction of the intermediate trend. It will be a big victory for the bears if we close the week below the February highs. Stay tuned!
Quote of the Day
“It’s okay to be wrong; it’s unforgivable to stay wrong.”
– Martin Zweig
Top Links
Gap Between Market Cap and Equalweight Shrinks a Bit – Bespoke
Bespoke takes a look at the narrowing spread between the S&P 500 and the S&P 500 equal-weight.
Traders Rush Back Into Hedges – Dana Lyons
Dana Lyons points out that traders have rushed into inverse ETFs amid the recent volatility.
Are Junk Bonds Suggesting A Stock Market Top is Near? – Kimble Charting Solutions
Chris Kimble says he’s closely watching Junk Bonds here for evidence of risk appetite.
Why a Fall to Remember May Be Ahead – Bloomberg
In this short clip, Abigail Doolittle highlights some ominous action in the SKEW index.
As Investors Slap Down Lululemon, Another Athleisure Stocks is Flashing a Buy Signal – CNBC
Ari Wald of Oppenhiemer makes the bull case for shares of Nike, $NKE.
Top Tweets
2020 so far
Fastest bear market
Highest % down days
Fastest bull market
Shortest bear market
Highest % up days
Best 5 month gain
Fastest correction4 months left. Good luck
— ukarlewitz (@ukarlewitz) September 9, 2020
You’re all caught up now. Thanks for reading!