Daily Chart Report ? Wednesday, September 11th, 2020
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Today’s Summary
Friday, September 11th, 2020
Indices: US Stocks were mixed in today’s session. The Dow Jones Industrial Average rose 131 points or 0.48%. The S&P 500 was flat, changing just 0.05%. The Nasdaq slipped 0.60%. The Russell 2000 underperformed, falling 0.70%.
Sectors: Industrials led, gaining 1.36%. Tech lagged, dropping 0.76%.
Commodities: Crude Oil futures were flat and continue to trade at 37.33 per barrel. Gold futures slipped 0.35% to $1,948 per ounce.
Currencies: The US Dollar Index inched lower by 0.09%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.664%.
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 Ian McMillan (@the_chart_life). It’s a ratio chart of Gold vs. the S&P 500 over the past thirteen years. There hasn’t been much to say about Gold in recent weeks. The yellow metal broke out to all-time highs in July and quickly climbed above $2,000 per ounce. Since then, Gold has been coiling into a tight range as it digests its early-summer gains. On a relative basis, Ian points out that Gold has been consolidating above support after breaking out of a multi-year base. If this consolidation resolves higher, it will mean Gold is reasserting its leadership over Stocks. Stocks often get all the attention, but let’s not forget that Gold has outperformed the S&P 500 by more than 2x over the past 12 months. After a month of consolidating its gains, could Gold be ready to step back into the spotlight?
Quote of the Day
“One of the worst days in America’s history saw some of the bravest acts in Americans’ history. We’ll always honor the heroes of 9/11.”
– George W. Bush
Top Links
The Most and Least Heavily Shorted Stocks in the Russell 1,000 – Bespoke
Bespoke takes a look at the most and least shorted stocks in the Russell 1,000.
Where Do We (Investors) Stand – David Cox
Portfolio Manager, David Cox highlights some of the most important technical developments to be aware of next week.
Stock Market Video Analysis for Week Ending 9/11/20 – AlphaTrends.net
In this video, Brian Shannon reviews this week’s price action and lays out some levels of interest to keep an eye on next week.
Dow Jones Industrials Could Be Topping After Filling Big Gap – See It Market
Chris Kimble points out that the Dow Jones Industrial Average failed to fill its February gap.
Crude Oil’s Slippery Slope – What The FICC?
In this week’s episode of What The FICC? Tom Bruni shares his thoughts on Crude Oil and Energy Stocks.
Top Tweets
You’re all caught up now. Thanks for reading!