Daily Chart Report ? Thursday, September 14th, 2020
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Today’s Summary
Monday, September 14th, 2020
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average rising 328 points or 1.18%. The S&P 500 and Nasdaq gained 1.27% and 1.87%, respectively. Small-Caps outperformed by a decent margin, with the Russell 2000 closing higher by 2.65%.
Sectors: All 11 sectors closed higher. Real Estate led, gaining 2.45%. Communications lagged, but still moved higher by 0.38%.
Commodities: Crude Oil futures inched lower by 0.19% to 37.26 per barrel. Gold futures moved higher by 0.88% to $1,965 per ounce.
Currencies: The US Dollar Index slipped 0.23%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.674%.
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 Tom Bruni (@BruniCharting). Tom shows the daily candlestick charts of Silver (top) and Gold (bottom), over the past eight months. Tom points out that Precious Metals are starting to look interesting once again. Both metals surged in July and have been consolidating into tight ranges for over a month. Will these consolidations resolve to the upside? If so, we could see Gold, Silver, and Miners make another meaningful leg higher. Keep an eye on Gold and Silver in the near term, as we could see prices resolve out of these consolidations in the coming days/weeks. For more on this, check out Tom’s latest blog post, in which he lays out some specific levels of interest for Gold and Silver.
Quote of the Day
"When the facts change, I change my mind. What do you do, sir?"
– John Maynard Keynes
Top Links
Gold and Bitcoin Bounce Off Support - Bespoke
Bespoke examines the outlook for Gold and Bitcoin.
Subtle, But Important Changes - The Rotation Report
Aaron Jackson shares some of the charts he's watching this week.
Some Leaders Under Pressure - Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff highlight the strongest stocks, trends, and themes across the markets.
Banks are About to Send One of the Most Important Messages in Years! - Kimble Charting Solutions
Chris Kimble points out that the Bank Index, $BKX, is at a key inflection point.
Mixed Signals - The Weekly Trend
In this podcast, David Zarling and Ian McMillan weigh-in on some of the most important technical developments to keep an eye on.
Top Tweets
Selloffs happen, even in normal markets. We don't know for sure if this is a big one or not, but right now, it looks AND feels like a typical 5-10% drop.
We've seen those about twice a year since 1950. pic.twitter.com/l9Ao6nCiEi
— Callie Cox (@callieabost) September 14, 2020