Daily Chart Report ? Friday, September 25th, 2020
Sponsored By:
Today’s Summary
Friday, September 25th, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 359 points or 1.34%. The S&P 500 and Nasdaq rose 1.60% and 2.26%, respectively. The Russell 2000 moved higher by 1.59%.
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining 1.95%. Energy was the only sector to close lower, slipping just 0.07%.
Commodities: Crude Oil futures inched lower by 0.15% to $40.25 per barrel. Gold futures fell 0.56% to $1,866 per ounce.
Currencies: The US Dollar Index rose 0.26%.
Interest Rates: The US 10-year Treasury yield inched lower to 0.663%.
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 R. Alfanso Depablos (@AlfCharts). It’s a daily chart of the Technology sector ETF, $XLK. The five heaviest components in this ETF are Apple, Microsoft, Visa, Nvidia, and MasterCard. All eyes have been on Tech lately, and rightfully so. It’s by far the largest sector in the S&P 500, making its performance highly influential to the broader market. $XLK first ran into problems earlier this month at a key Fibonacci level – the 1.618% extension of the Feb-March crash. Alfonso points out that $XLK recently found support at former resistance from the July highs around $110. Interestingly, Tech was the strongest sector this week. At this point, Tech is about 10% off its all-time highs and resting at its 50-day moving average. After a much-needed correction, could everyone’s favorite sector be ready to lead the market higher once again?
Quote of the Day
“Be tolerant with others and strict with yourself.”
– Marcus Aurelius
Top Links
September Bears Strike Again – LPL Financial Research
The team at LPL Financial Research attributes some of the recent weakness to seasonality.
Where Do We (Investors) Stand? – David Cox
Portfolio Manager, David Cox highlights a few noteworthy technical developments across the markets.
Opto Sessions: Andrew Thrasher’s Hot Take – Opto Trading Intelligence
In this podcast, Andrew Thrasher shares his thoughts on the recent correction and what to expect moving forwards.
Interesting Level in Lumber – All Star Charts
Tom Bruni offers his outlook on Lumber futures.
Stock Market Video Analysis for Week Ending 9/25/20 – AlphaTrend.net
In this video, Brian Shannon lays out some key levels of interest to keep an eye on next week.
Top Tweets
You’re all caught up now. Thanks for reading!