Daily Chart Report ? Thursday, September 17th, 2020
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Today’s Summary
Thursday, September 17th, 2020
Indices: US Stocks closed lower in today's session with the Dow Jones Industrial Average slipping 130 points or 0.47%. The S&P 500 and Nasdaq dropped 0.84% and 1.27%, respectively. The Russell 2000 fell 0.63%.
Sectors: Materials led, gaining 0.74%. Real Estate lagged, dropping 2.21%.
Commodities: Crude Oil futures continued higher by 2.02% to $40.97 per barrel. Gold futures fell 0.87% to $1,950 per ounce.
Currencies: The US Dollar Index slipped 0.21%.
Interest Rates: The US 10-year Treasury yield inched 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 Elena Popina (@lena_popina). The chart shows the monthly % change in the spread between the equal-weight S&P 500 and the normal cap-weight S&P 500. September is far from over, but as Elena points out, equal-weight is having its best month relative to cap-weight since 2009. This is evidence of broadening participation in the S&P 500, which is bullish for the overall market. This probably doesn't feel very bullish if you've been overweight some of the largest stocks, like $AAPL, $MSFT, $AMZN, and $FB. All four of these market darlings are more than 10% off their September 2nd highs. However, it's hard to argue that this isn't a healthy development for the market longer-term. Especially considering that, prior to September, there was so much concern over the fact that a handful of Mega-Cap stocks were doing all the heavy lifting for the S&P 500.
Quote of the Day
"There are old traders and there are bold traders, but there are very few old, bold traders."
– Ed Seykota
Top Links
'So Far, This Looks Like a Healthy Correction': Baird Investment Strategist - Yahoo Finance
In this clip from Yahoo Finance, Willie Delwiche explains why he views the recent weakness as a 'healthy correction.'
September Conference Call: 5 Key Takeaways - All Star Charts
Steve Strazza of All Star Charts highlights five important technical developments to keep an eye on this month.
Is The Technology Sector at Risk? - StockCharts.com
Julius de Kempenaer examines the ongoing rotation out of the Technology sector.
Gold Breakout Triggers Buy Signal, Is $3,000 Next Target? - Kimble Charting Solutions
Chris Kimble reiterates his $3,000 price target for Gold.
Petition to Release Real-Time Short Interest Data to the Market - Change.org
Short interest data is extremely useful to identify potential short squeeze opportunities. The problem is, FINRA only releases this data twice per month! Our partners at TrendSpider are petitioning FINRA to release this data in real-time. Please consider signing this petition, thanks!
Top Tweets
I just tweeted about this, $BRK tends to also hibernate for awhile before making big moves. This one has been resting for about 2-3 years. pic.twitter.com/XWtIE2dBdr
— Goldie (@Goldie_CFA) September 17, 2020