Daily Chart Report ? Wednesday, September 30th, 2020
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Today’s Summary
Wednesday, September 30th, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average gaining 329 points or 1.20%. The S&P 500 and Nasdaq rose 0.83% and 0.74%, respectively. The Russell 2000 underperformed but still inched higher by 0.20%.
Sectors: Health Care led, gaining 1.60%. Energy lagged, slipping 0.30%.
Commodities: Crude Oil futures moved higher by 2.37% to $40.22 per barrel. Gold futures fell 0.64% to $1,886 per ounce.
Currencies: The US Dollar Index inched lower by 0.07%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.687%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared in a note by Frank Cappelleri of Instinet (@FrankCappelleri). It’s a daily candlestick chart of the S&P 500 over the past two months. September is now in the books! At the beginning of the month, we pointed out that September has historically been the worst month of the year for stocks. While it definitely wasn’t the worst month we’ve seen so far in 2020, this September still lived up to its rocky reputation. The S&P 500 fell about 4%, marking the end of a five-month winning streak. The index began pulling back right when the calendar flipped, and at one point, it was off its highs by more than 10%. The month ended on somewhat of a positive note today, with price reclaiming the notorious 50-day moving average. September’s weakness wasn’t all that shocking given the context. In the note, Frank explained, “The pullback occurred in the wake of August’s run-up, as the 3rd quarter concludes, and in front of the Presidential Election. In other words, it’s been a likely spot and time to pause.”
Quote of the Day
“October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February.”
– Mark Twain
Top Links
Gold Price Breakout Facing Critical New Support Test! – Kimble Charting Solutions
Chris Kimble points out that Gold is testing a confluence of two key support levels.
Mid-Week Thoughts | September 30, 2020 – Chaikin Analytics
Dan Russo offers his thoughts on this week’s choppy price action.
Snap Your Fingers Break The Highs – All Star Charts
Sean McLaughlin outlines a bullish options trade on Snap Inc ($SNAP).
Stock Market Video Analysis 9/30/20 – AlphaTrends.net
In this video, Brian Shannon highlights some of the key levels he’s watching right now.
How Will The Stock Market Be Affected By The 2020 Election With Ryan Detrick – Moneyline
Here’s a great interview with Ryan Detrick of LPL Financial Research. He explains why his outlook on the stock market remains optimistic despite economic and political uncertainty.