Daily Chart Report ? Thursday, October 29th, 2020
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Today’s Summary
Thursday, October 29th, 2020
Indices: US Stocks moved higher in today's session with the Dow Jones Industrial Average gaining 139 points or 0.52%. The S&P 500 and Russell 2000 both rose 1.19%. The Nasdaq outperformed, gaining 1.64%.
Sectors: 9 of the 11 sectors closed higher. Energy led, rising 3.07%. Health Care lagged, slipping 0.82%.
Commodities: Crude Oil futures dropped 3.26% to a four-month low of $36.17 per barrel. Gold futures fell 0.60% to $1,868 per ounce.
Currencies: The US Dollar Index rose 0.56%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.826%.
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 Chris Verrone of Strategas Research Partners (@verrone_chris). We all know there's plenty of fear and uncertainty in the air right now. Take your to pick - The Election, virus-related lockdowns, stimulus, etc. Despite all these concerns and recent weakness in the broader market, Chris points out that several economic barometers are telling a more optimistic story. He explains, "Discretionary vs. Staples not confirming the 'recovery is faltering' headlines just yet...even this week, has held up remarkably well (along with rates, curve, copper/gold, etc.)."
Quote of the Day
“Progress happens too slowly to notice, setbacks happen too fast to ignore.”
– Morgan Housel
Top Links
Three Must-See Charts on S&P 500, VIX, Crude - Bloomberg
Katie Stockton of Fairlead Strategies offers her technical perspective on the S&P 500, VIX, and Crude Oil.
Is the Nasdaq About to Fall 25 Percent? - Kimble Charting Solutions
Chris Kimble points out that the Nasdaq Composite is forming a large bearish reversal pattern at a key Fibonacci level.
Calling a Top in Tech - Marea Market Musings
Dan Russo disputes claims that Tech stocks are in a bubble.
Breakout or Breakdown - Gold Silver & Bitcoin - Rieben Financial
Greg Rieben breaks down the charts of Gold, Silver, and Bitcoin.
Options Traders are Pricing in Fear, While Others Bet Against It - SentimenTrader
Jason Goepfert takes a look at the VIX Put/Call Ratio.
Top Tweets
meanwhile could argue $VIX at the old pivot zone. Guess we'll know more tomorrow pic.twitter.com/R510Qq4QAx
— ATMbiotechCharts (@ATMcharts) October 29, 2020