Daily Chart Report ? Friday, October 16th, 2020
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Today’s Summary
Friday, October 16th, 2020
Indices: US Stocks were mixed in today's session. The Dow Jones Industrial Average closed higher by 112 points or 0.39%. The S&P 500 was flat (0.01%), while the Nasdaq slipped 0.36%. The Russell 2000 moved lower by 0.31%.
Sectors: Utilities led, gaining 1.07%. Energy lagged, falling 2.27%.
Commodities: Crude Oil futures rose 0.39% to $41.12 per barrel. Gold futures slipped 0.13% to $1,906 per ounce.
Currencies: The US Dollar Index inched lower by 0.06%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.752%.
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 Rolando Santos (@TKPTrader). It's a daily candlestick chart of the Nasdaq 100 ETF, $QQQ, over the past year. Rolando offers us a unique way of visualizing momentum. The color of the candlesticks correspond with the current RSI reading. When the candles are white, like they are right now, it means momentum is in a bullish range (RSI above 50). On the other hand, Red candles mean momentum is in a bearish range (RSI below 50). Imagine if you were only long when RSI was in a bullish range above 50, and sold once it fell below. You would've been in the market during the strongest periods and out of the market during the weakest periods.
Quote of the Day
“Music always sounds better on Fridays.”
– Lou Brutus
Top Links
5 Charts We're Watching - LPL Financial Research
The team at LPL Financial shares five interesting charts that help make sense of the current market environment.
Once Again, Investment Managers Very Optimistic, Retail Less So But Bullish Enough - Hedgopia
Hedgopia examines the most recent sentiment surveys.
Where Do We (Investors) Stand - David Cox
In this video, David Cox highlights the most important technical developments to be aware of.
Healthcare Providers Lead XLV Higher - StockCharts.com
Legendary technician, John Murphy offers his perspective on the Health Care sector.
Innovating New Leadership - All Star Charts
Steve Strazza takes a look at a popular ETF that tracks innovative technology stocks - the Ark Next Generation Internet ETF, $ARKW.