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Daily Chart Report ? Friday, October 9th, 2020

October 9, 2020

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Today’s Summary
Friday, October 9th, 2020

Indices: US Stocks ended the week on a positive note with the Dow Jones Industrial Average closing up 161 points or 0.57%. The S&P 500 and Nasdaq rose 0.88% and 1.39%, respectively. The Russell 2000 ended a six-day streak of outperformance but still gained 0.55%.

Sectors: Technology led, rising 1.53%. Energy lagged, falling 1.60%.

Commodities: Crude Oil futures fell 1.43% to $40.60 per barrel. Gold futures moved higher by 1.47% to $1,926 per ounce.

Currencies: The US Dollar Index dropped 0.55%.

Interest Rates: The US 10-year Treasury yield inched lower to 0.780%.

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 Ed Clissold of Ned Davis Research (@edclissold). There were quite a few bullish technical developments this week. We saw fresh all-time highs from bellwether industry groups including Transports, Semiconductors, and Home Builders. More notably, market internals improved dramatically. The Advance/Decline line hit an all-time high, and we saw several positive breadth thrusts. Ed points out that one of those breadth thrust signals occurred today when the percentage of S&P 500 stocks above their 10-day moving averages rose above 90% (after falling to at least 10% first). As you can see from the arrows on the chart, these signals are typically associated with lows. Take a look at the statistics in the top left corner. The S&P 500 has historically seen above-average returns in both the short and long-term after this signal has fired.

Quote of the Day

“It’s not what you look at that matters, it’s what you see.”

– Henry David Thoreau

Top Links

The Market’s Sleight of Hand – Macro Ops
Alex Barrow analyzes sentiment and positioning within the stock market right now.

Transportation Stocks are Confirming More Bullish Action Ahead – StockCharts.com
Tom Bowley explains that the recent action in Transportation stocks is bullish for the broader market.

Stock Market Video Analysis for Week Ending 10/9/20 – AlphaTrends.net
Brian Shannon gives a quick recap of this week’s price action and highlights some levels of interest to keep an eye on next week.

Buyers Have Come for the Little Guys – SentimenTrader
Jason Goepfert of SentimenTrader weighs-in on the recent strength in Small-Cap stocks.

New High for Net New Highs – Bespoke
Bespoke points out that there has been a significant uptick in the net percentage of new 52-week highs.

Top Tweets

You’re all caught up now. Thanks for reading!