Daily Chart Report ? Thursday, October 8th, 2020
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Today’s Summary
Thursday, October 8th, 2020
Indices: US Stocks continued higher in today’s session with the Dow Jones Industrial Average gaining 122 points or 0.43%. The S&P 500 and Nasdaq rose 0.80% and 0.50%, respectively. Small-Caps led for the sixth straight day, with the Russell 2000 closing higher by 1.09%.
Sectors: All 11 sectors closed higher for the second day in a row. Energy led significantly, rising 3.75%. Health Care lagged but still gained 0.49%.
Commodities: Crude Oil futures moved higher by 3.10% to $41.19 per barrel. Gold futures rose 0.40% to $1,898 per ounce.
Currencies: The US Dollar Index was more or less flat, slipping just 0.04%.
Interest Rates: The US 10-year Treasury yield inched lower to 0.785%.
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 Chris Verrone of Strategas Research (@verrone_chris). Small-Caps have shown some notable signs of improvement over the past two weeks. The Small-Cap Russell 2000 index has outperformed the Dow, S&P, and Nasdaq for six straight days now. It’s not every day that you see the Russell up more than 12% in just 10-days like this. While some might view this as an overbought signal, Chris explains that these momentum surges have historically led to further gains for the Russell 2000. Small-Caps tend to be risker and more aggressive than their Large-Cap peers. So, the fact that they’ve begun to outperform recently demonstrates risk appetite for Stocks as a whole. It’s hard to view this development as anything but bullish for the broader market.
Quote of the Day
“Amateurs think about how much money they can make. Professionals think about how much money they could lose.”
– Jack Schwager
Top Links
The S&P 500 Could Surge 7% Based on This Bullish Technical Analysis Pattern, BofA Says – Business Insider
This article from Business Insider sums up Bank of America’s technical outlook on the S&P 500.
Dow Transports Break Out To All-Time Highs – All Star Charts
JC Parets weighs-in on all-time highs for the Dow Jones Transportation Average.
Monthly Charts – David Cox
Portfolio manager, David Cox highlights some of the big-picture trends that are in play right now.
Reversal In Silver/Gold Ratio Concerning For Precious Metals – Kimble Charting Solutions
Chris Kimble points out that the Silver/Gold ratio is testing a key level.
Andrew Thrasher Talks Dow Futures’ Rise on Stimulus Optimism – TD Ameritrade Network
In this clip, Andrew Thrasher offers his technical perspective on the current market environment.
Top Tweets
You’re all caught up now. Thanks for reading!