Daily Chart Report ? Monday, October 12th, 2020
Sponsored By:
Today’s Summary
Monday, October 12th, 2020
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 251 points or 0.88%. The S&P 500 and Nasdaq gained 1.64% and 2.56%, respectively. The Russell 2000 underperformed but still rose 0.70%.
Sectors: 10 of the 11 sectors closed higher. Technology led, rising 2.73%. Materials was the only sector to close lower, slipping 0.17%.
Commodities: Crude Oil futures fell 2.73% to $39.49 per barrel. Gold futures were flat and continue to trade around $1,927 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield was unchanged at 0.775%.
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 by JC Parets (@allstarcharts) in a note titled “It’s Déjà Vu All Over Again” for Bitcoin. In the note, JC classifies Bitcoin’s long-term price action into three phases – Uptrend, Consolidation, and Breakout. We’ve seen these three phases repeat over and over again throughout the past decade. After peaking in 2017, price has spent over two years consolidating. In the past few day’s price has broken above that key 10,000 level. Is it time for the Breakout/Uptrend phase to begin? In the note, JC explains, “If this were one of those tests you took in grade school where they ask you what’s next in this pattern, you would say Breakout and then Uptrend right? Yea that’s what I’m gonna go with. It hasn’t done much since breaking out above 10,000. But if we’re above that, this is a long for sure I think.”
Quote of the Day
“Successful tape reading is a study of Force; it requires the ability to judge which side has the greatest pulling power and one must have the courage to go with that side.”
– Richard Wyckoff
Top Links
“Meet the Nasdaq” – Bespoke
Bespoke points out that the majority of the Nasdaq’s gains this year have come on Mondays.
The Nasdaq 100 is Showing Some Strong Internal Buying Interest – SentimeTrader
Jason Goepfert discusses the recent improvements in market breadth.
Taking Breadth Thrusts to the Sector Level – Trend Investor Pro
Arthur Hill takes a look at the improvements in breadth at the sector level.
The Same Trends Keep Working – Momentum Monday
In their weekly video, Howard Lindzon and Ivanhoff highlight the strongest stocks, trends, and themes across the markets.
Halfway There and Back Again: Thoughts on Year-End and 2021 – MacroCharts
Here’s the latest report from MacroCharts. He offers an in-depth analysis of the current market environment.
Top Tweets
$ES_F at 3454. You can count 13 consecutive green up bars in a row on the 4 hour chart. That’s every bar since Tuesday’s low pic.twitter.com/CY6IdB8nkF
— Urban Carmel (@ukarlewitz) October 8, 2020