Daily Chart Report ? Monday, September 28th, 2020
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Today’s Summary
Monday, September 28th, 2020
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 410 points or 1.51%. The S&P 500 and Nasdaq rose 1.61% and 1.87%, respectively. Small-Caps outperformed, with the Russell 2000 gaining 2.40%.
Sectors: All 11 sectors closed higher. Financials led, rising 2.38%. Utilities lagged but still inched higher by 0.27%.
Commodities: Crude Oil futures gained 0.80% to $40.57 per barrel. Gold futures rose 1.06% to $1,886 per ounce.
Currencies: The US Dollar Index fell 0.33%.
Interest Rates: The US 10-year Treasury yield moved slightly lower to 0.653%.
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 Petr of Pivot Analytics (@pivotanalytics). It’s a seasonal composite of the S&P 500 that compiles data from 2000-2019. October has a reputation for being a troublesome month for Stocks, especially in election years. Most of the seasonality stats you see out there use data that goes back to the 1950s. We all learned in Statisticstics 101 that a larger sample size is always preferable. But when you look all the way back to 1950, you have outliers that skew the data, such as the crash in October 1987. Petr offers a unique perspective on seasonality by only looking at data from the past two decades. In a comment to The Chart Report, Petr said, “I typically only look at more recent data when it comes to seasonality because markets change all too frequently. The world is a different place now than it was in the ’50s or even ’80s.”
Quote of the Day
“History doesn’t repeat itself, but it often rhymes.”
– Mark Twain
Top Links
2020 Weekday Market Performance – Bespoke
Here’s an interesting read from Bespoke. They examine which day of the week has been the best for the S&P 500 so far in 2020. Spoiler Alert: it’s Tuesday.
Stock Picker’s Market – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff review dozens of charts to highlight the strongest stocks, trends, and themes across the markets.
Don’t Trust The Bounce in Cruise Stocks, Trader Say After Analysts Call ‘Inflection Point” – CNBC
Craig Johnson of Piper Jaffray tells viewers to avoid buying Cruise Line stocks until they close above their respective 200-day moving averages.
Weekly S&P 500 #ChartStorm – TopDown Charts
The team at Topdown Charts shares ten charts to help make sense of the current market environment.
Price Price Baby – The Weekly Trend
In this podcast, David Zarling and Ian McMillan at Adaptiv discuss some of the most significant technical developments to keep an eye on in the near-term.