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Today’s Summary
Friday, October 2nd, 2020
Indices: US Stocks were mostly lower in today’s session. The Dow Jones Industrial Average fell 134 points or 0.48%. The S&P 500 and Nasdaq dropped 0.96% and 2.22%, respectively. Small-Caps outperformed and managed to close higher with the Russell 2000 gaining 0.53%.
Sectors: Real Estate led for the second day in a row, gaining 1.59%. Tech lagged falling 2.54%.
Commodities: Crude Oil futures continued lower by 4.42% to $37.01 per barrel. Gold futures slipped 0.21% to $1,908 per ounce.
Currencies: The US Dollar Index inched higher by 0.09%.
Interest Rates: The US 10-year Treasury yield rose to 0.692%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Weekly $SPX update: a decent 2% bounce for the start of Q4. Despite the news, equal weight S&P up today along with Russell 2000, while Nasdaq-100 down over 2%. $SPXEW $RUT $NDX pic.twitter.com/h6IQuGBGEH
— Michael Turvey (@MikeTurvey_TDA) October 2, 2020
Today’s Chart of the Day was shared on Twitter by Michael Turvey of TD Ameritrade (@MikeTurvey_TDA). It’s a weekly candlestick chart of the S&P 500 over the past two years. The Dow, S&P, and Nasdaq all closed lower today. Despite the weakness in the major indices, Michael points out that there were some bullish aspects of today’s price action. The Russell 2000 and equal-weight S&P 500 both closed higher on the day. In fact, both outperformed the major indices throughout the week. This is evidence of healthy risk appetite and broadening participation, both of which support the bull case. There is a lot of noise out there right now, and it’s likely to get louder as we approach the election. Rather than trying to interpret how headlines will impact price, just listen to what the market is telling you through price action. Price is the only truth in the markets. The rest is just opinions, stories, or noise. If the information is material enough, price will discount it, and it will show up on the chart. So please, put down your TV remote and pull up a chart.
Quote of the Day
“Human beings are poor examiners, subject to superstition, bias, prejudice, and a profound tendency to see what they want to see rather than what is really there.”
– M. Scott Peck
Top Links
Mind the Gap in SPY – StockCharts.com
Arthur Hill offers his analysis of the S&P 500 ETF, $SPY.
Make Up Your !@#$%^&* Mind! – Bespoke
Bespoke examines the tug-of-war between Growth and Value.
Where Do We (Investors) Stand? – David Cox
Portfolio manager, David Cox breaks down some of the most significant technical developments to be aware of.
Is The Near Term Bottom In For Metals? – Fibonacci.com
Tarek Saab takes a look at the most important charts in the Precious Metals space.
Stock Market Video Analysis for Week Ending 10/2/20 – AlphaTrends.Net
Brian Shannon reviews this week’s price action and highlights some key levels to keep an eye on next week.
Top Tweets
#SPX $SPY The levels are well defined… and we might be stuck between these levels for a little while… who knows! pic.twitter.com/cgHpGVQ1A3
— Grant Hawkridge (@granthawkridge) October 2, 2020
$QQQ This setback was to be expected after such a big run-up from last Friday regardless of the #Trumphascovid news. $SPY $SPX pic.twitter.com/eZmsbzBq1a
— Greg Rieben (@gregrieben) October 2, 2020
Despite today's volatility, the $SPY is holding up well. 320 on the daily chart is what many people are watching since it's a major swing low.
IMO, a re-test of 320 is fine by me. If it's taken out on volume, then that sets up short-term downtrend & maybe a test of the 200-MA.☕️ pic.twitter.com/vZvsDRehR1
— Keith ? (@JackDamn) October 2, 2020
Sometimes simple is best…
Here's a chart of the S&P500 with lines that represent potential "floors" of support and "ceilings" of resistance.
Higher-highs + higher-lows = Uptrend
I like that the $SPX is holding the Sept lows, which also coincide with the June highs. pic.twitter.com/T9y3Dnj2IJ
— Adam D. Koós, CFP®, CMT (@AdamKoos) October 2, 2020
Homebuilders ETF $XHB resolving this base to the upside ? pic.twitter.com/WOIob8kNTt
— R. Alfonso Depablos (@AlfCharts) October 2, 2020
1yr: $ICLN clean energy +81%$XOP oil & gas -49% pic.twitter.com/gupblbRpXS
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 2, 2020
$BOTZ Robotics & Artificial Intelligence ETF looking strong $SPY pic.twitter.com/0vB9xSq2xb
— Drew Wells, CMT, CIMA® (@DrewTheCharts) October 2, 2020
Brent crude contracts fell to the lowest since May. https://t.co/78AKBYke3m pic.twitter.com/K9GuwWVgrz
— Lisa Abramowicz (@lisaabramowicz1) October 2, 2020
Copper futures seeing a timely bounce so far today. $HG_F pic.twitter.com/IjxothULdX
— Ian McMillan, CMT (@the_chart_life) October 2, 2020
The Eisenhower Heart Attack market: September 26, 1955 pic.twitter.com/zM8BDqT6zG
— Walter Deemer (@WalterDeemer) October 2, 2020