Daily Chart Report ? Tuesday, October 20th, 2020
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Today’s Summary
Tuesday, October 20th, 2020
Indices: US Stocks closed higher in today's session with the Dow Jones Industrial Average gaining 113 points or 0.40%. The S&P 500 and Nasdaq rose 0.47% and 0.33%, respectively. The Russell 2000 underperformed but still inched higher by 0.25%.
Sectors: 10 of the 11 sectors closed higher. Energy led, gaining 1.18%. Consumer Staples was the only sector to close lower, slipping 0.11%.
Commodities: Crude Oil futures rose 1.56% to $41.70 per barrel. Gold futures inched higher by 0.19% to $1,915 per ounce.
Currencies: The US Dollar Index fell for the third day in a row, dropping 0.37%.
Interest Rates: The 10-year US Treasury yield moved higher for the fourth day in a row to 0.791%.
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 Matthew Timpane (@mtimpane). It's a chart of the Copper/Gold ratio over the past decade. Copper reached its highest level in over two years today, pushing the Copper/Gold ratio to the highest level since February. The Copper/Gold ratio is highly correlated to the 10-year US Treasury yield. Pull up a chart of the two overlayed, and you'll notice they pretty much move in lockstep. If this ratio continues to push above long-term resistance, it would be logical to see interest rates head higher as well. Stay tuned!
Quote of the Day
“Speech may be silver but silence is golden. Traders with the golden touch do not talk about their success.”
– Linda Bradford Raschke
Top Links
The Smart Money Hasn't Done This Since March - SentimenTrader
Jason Goepfert examines sentiment and positioning.
Favorite Trends - All Star Charts
Here's a great conversation between JC Parets and Howard Lindzon about spotting trends across the markets.
Will 2020 Mark Historic Low for Interest Rates? - Kimble Charting Solutions
Chris Kimble takes a look at a long-term chart of the 5-year US Treasury Yield.
Thoughts on Earnings Season and Interest Rates - Chaikin Analytics
In this quick video, Dan Russo offers his thoughts on some important developments he's watching in the near-term.
A BIG Bullish Breakout in Bitcoin Beckons - MacroOps
Alex Barrow shares a dozen insightful charts that speak to the current market environment.