Daily Chart Report ? Monday, October 19th, 2020
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Today’s Summary
Monday, October 19th, 2020
Indices: US Stocks kicked off the week on a sour note with the Dow Jones Industrial Average falling 411 points or 1.44%. The S&P 500 and Nasdaq dropped 1.63% and 1.65%, respectively. The Russell 2000 slightly outperformed but still closed lower by 1.24%.
Sectors: All 11 sectors closed lower. Utilities led but still slipped 0.84%. Energy lagged, falling 2.12%.
Commodities: Crude Oil futures inched lower by 0.15% to $41.06per barrel. Gold futures rose 0.28% to $1,912 per ounce.
Currencies: The US Dollar Index fell 0.32%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.769%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
S&P 500 15 Minute Chart update: Resistance is supposed to become support. ?#SPX500 #Stockmarket #Stocks pic.twitter.com/tqV1PcEZB1
— Mike Moses, CMT (@DominickMike) October 19, 2020
Today’s Chart of the Day was shared on Twitter by Mike Moses (@DominickMike). It’s a 15-minute candlestick chart of the S&P 500 over the past two months. One of the most basic concepts in Technical Analysis is the Principle of Polarity. This is the simple idea that former resistance tends to act as support. As you can see, price is currently retesting a former resistance level around 3425. This level acted as a ceiling for the majority of September, but we finally broke above it in early October. According to the Principle of Polarity, this former resistance level should act as support here. If it fails to hold, it would be a red flag that more downside lies ahead. Either way, the outcome from this retest will provide us with valuable information, so keep an eye on how price behaves around this key level throughout the week.
Quote of the Day
“The harder I work, the luckier I get.”
– Samuel Goldwyn
Top Links
Rocketing Restaurants – Bespoke
Bespoke points out that the S&P 1500 Restaurants Index is trading at record highs.
Bull Market Will Continue into 2021: Strategist – Fox Business
Ed Clissold of Ned Davis Research explains why he thinks the S&P 500 will hit a record high before year-end.
Stock Picker’s Market – Momentum Monday
Howard Lindzon, and Ivanhoff highlight the strongest stocks, trends, and themes across the markets.
Indecision – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major technical developments to be aware of right now.
Stocks Touch Session Low Amid Stimulus Uncertainty – Yahoo Finance
Ryan Detrick offers some valuable perspective on the market ahead of the US election.
Top Tweets
You’re all caught up now. Thanks for reading!