Daily Chart Report ? Tuesday, September 22nd, 2020
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Today’s Summary
Tuesday, September 22nd, 2020
Indices: US Stocks closed higher in today's session with the Dow Jones Industrial Average gaining 140 points or 0.52%. The S&P 500 and Nasdaq rose 1.05% and 1.71%, respectively. The Russell 2000 closed higher by 0.79%.
Sectors: Consumer Discretionary led, gaining 2.11%. Energy lagged, falling 1.03%.
Commodities: Crude Oil futures moved higher by 0.66% to $39.80 per barrel. Gold futures slipped 0.69% to $1,904 per ounce.
Currencies: The US Dollar Index rose 0.46%.
Interest Rates: The US 10-year Treasury yield inched higher to 0.672%.
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 Nautilus Research (@NautilusCap). The S&P 500 printed a bullish hammer candle on the daily chart yesterday. Hammer candles are formed when price falls significantly after the open, only to claw back those losses and close at the upper end of its range. They often mark a trend reversal. Nautilus points out that the forward returns for the S&P 500 have been positive when these hammer reversals occur above the 1-year moving average. According to their data, six months later, the S&P 500 was higher 87.5% of the time for an average gain of 8.56%. You know what they say - you need a hammer to nail in a bottom!
Quote of the Day
“Emotion is the enemy of rational argument.”
– Steven Levitt
Top Links
Is The Bottom In On The Nasdaq? - StockCharts.com
Tom Bowley offers his technical perspective on the market.
Silver (SLV) Slides Back Below Its 50-DMA - Bespoke
Bespoke points out that Silver's 94-day streak above the 50-day moving average has come to an end.
Is The Stock Market At A Bubbly Top? - Fidelity
Jurrien Timmer of Fidelity examines whether or not FANG stocks are in a bubble.
Adding Futures To Your Portfolio - Arun Chopra
In this podcast, Arun Chopra of Fusion Point Capital offers some insight into his investment process.
Banks Drop, and Oppenheimer Analyst Says The 'Weak Get Weaker' - CNBC
Ari Wald of Oppenheimer explains that Bank stocks look more vulnerable than Tech stocks right now.