Daily Chart Report ? Thursday, October 15th, 2020
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Today’s Summary
Thursday, October 15th, 2020
Indices: US Stocks closed mostly lower in today's session. The Dow Jones Industrial Average ended more or less flat, changing just 19 points or 0.07%. The S&P 500 and Nasdaq slipped 0.15% and 0.47%, respectively. Small-Caps noticeably outperformed with the Russell 2000 gaining 1.06%.
Sectors: Energy led, gaining 1.21%. Communications lagged for the second day in a row, falling 0.77%.
Commodities: Crude Oil futures slipped 0.36% to $40.96 per barrel. Gold futures inched higher by just 0.08% to $1,909 per ounce.
Currencies: The US Dollar Index rose 0.40%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.734%.
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 Adam Koos (@AdamKoos). It's a daily candlestick chart of the S&P 500 ETF, $SPY, year-to-date. The S&P 500 started the week off strong but was quickly rejected at the September highs. Adam highlights two potential levels of support to be aware of. The first is a confluence of support from the 50-day moving average, and the February highs around $338. If that level fails to hold, the next level of support is around $323, which coincides with the June highs and the September lows. Both of these levels have marked key inflection points over the past year. If we're above both, the bias remains to the upside, and all-time highs are the next price objective.
Quote of the Day
“The crowd is bargain hunting in what was; the knowing are buying what will be.”
– Justin Mamis
Top Links
Last Week's 1600+ Breakout on Russell 2000 Major Victory for Bulls, Bigger One Awaits Should They Defend Imminent Retest - Hedgopia
Hedgopia explains that short covering could propel the Russell 2000 higher in the near-term.
Market Outlook - 10/15/20 - Market Scholars
Brandon Van Zee recaps the noteworthy takeaways from today's price action.
Year-to-Date 2020 Dow Jones Industrial Average Returns - Bespoke
Bespoke breaks down the best/worst performing stocks in the Dow Jones Industrial Average so far this year.
Auto Strength Resuming, These Two Leaders Breaking Out - StockCharts.com
Tom Bowley takes a look at the ongoing breakout in Automobile stocks.
Deep Dive on Market Breadth - The Final Bar
In this episode of The Final Bar, David Keller offers his take on market breadth.