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Today’s Summary
Monday, September 21st, 2020
Indices: US Stocks closed lower to start the week. The Dow Jones Industrial Average dropped 510 points or 1.84%. The S&P 500 fell 1.16%, while the Nasdaq managed to close nearly flat on the day (0.13%). Small-caps underperformed significantly, with the Russell 2000 sliding 3.35%.
Sectors: Tech was the only sector to close higher, gaining 0.61%. Energy lagged, dropping 4.88%.
Commodities: Crude Oil futures fell 4.31% to $39.54 per barrel. Gold futures dropped 2.27% to $1,918 per ounce.
Currencies: The US Dollar Index rose 0.59%.
Interest Rates: The US 10-year Treasury yield slipped to 0.666%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$DXY US Dollar Index 1D
Price says 94 is a significant zone
200 EMA is currently at 96.29… pic.twitter.com/oDLtu5Imm5
— Shane C. Murphy (@murphycharts) September 21, 2020
Today’s Chart of the Day was shared by Shane Murphy (@murphycharts). It’s a daily candlestick chart of the US Dollar index over the past year. The US Dollar continues to be one of the more important charts to keep an eye on right now. As Shane points out, $DXY is attempting to break a key resistance level around 94. This level has been a brick wall for two months now, and it also coincides with the 50-day EMA. In a comment to The Chart Report, Shane told us, “Keep an eye on that 94 level this week. If we break above it in the near-term, we could see the Dollar mean revert towards the 200-day EMA, which could spell trouble for several other asset classes.”
Quote of the Day
“Are you long because you like it – Or do you like it because you’re long?”
– Larry McCarthy
Top Links
Bearish Engulfing Patterns in The Nasdaq 100 – Andrew Thrasher
Andrew Thrasher examines a bearish candlestick pattern that formed on the chart of the Nasdaq 100 last week.
Intraday Selling – Bespoke
Bespoke points out that most of $SPY’s gains in September have come during regular trading hours, rather than after-hours.
Where Do We Go From Here? – The Weekly Trend
In its podcast, David Zarling and Ian McMillan discuss some of the most significant technical developments that they’re watching this week.
Pockets of Strength in a Weak Market – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon and Ivanhoff highlight the hottest stocks, themes, and trends across the markets.
Election Anxiety Weighs on October Market Performance – Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how Stocks have historically performed throughout October in election years.
Top Tweets
That, my friends, was the Nasdaq 100’s biggest turnaround to close green since March 23 (and sixth-biggest since late 2008).
— Callie Cox (@callieabost) September 21, 2020
During an election year the S&P 500 peaks today (Sept 21) and bottoms the last week of October.
The calendar very well could be the biggest issue if you are bullish right now. pic.twitter.com/QARx39vENl
— Ryan Detrick, CMT (@RyanDetrick) September 21, 2020
Speculators have locked in their most bearish bets on NASDAQ 100 since 2008 @CFTC @Bloomberg pic.twitter.com/quFwAnnFBS
— Liz Ann Sonders (@LizAnnSonders) September 21, 2020
Value has outperformed growth in the month of September, but at this point it looks similar to previous attempts in May/June and July. A sustained move to lower lows and lower highs would represent a scenario investors have not seen late 2018 or even 2016. $IWF $IWD $RLG $RLV pic.twitter.com/BLoP6QlZiN
— David Keller, CMT (@DKellerCMT) September 21, 2020
Nice comeback for $XLK the S&P 500 Technology sector ETF. It was down -2% today, but came ripping back in the last our to close green. pic.twitter.com/Pi08GD9yIt
— Keith (@JackDamn) September 21, 2020
Lots of focus on techs for relative strength but check out some of these homebuilders! pic.twitter.com/FHLV56RZzE
— Linda Raschke (@LindaRaschke) September 21, 2020
It’s early, but oof! Could be a quick move back to $1800 for gold. #GC_F pic.twitter.com/kZY1ieiFR3
— Michael Turvey (@MikeTurvey_TDA) September 21, 2020
Silver$SLV $GLD pic.twitter.com/MSxRJBuNWR
— Bhagyashree Urdhwareshe, CMT (@sunsofttech) September 21, 2020
Biggest down day for Natural Gas since November 2018.
Oof! $NG_F pic.twitter.com/2BBZh9zI4X
— Matthew Timpane, CMT (@mtimpane) September 21, 2020
The price of Lumber is down 48% from its high in late August, now flat on the year. $LUMBER pic.twitter.com/4M4uvxUmWL
— Charlie Bilello (@charliebilello) September 21, 2020