Top 5 Charts of the Day – October 20th 2020

The ratio between the Renaissance IPO Index and the Russell 3000 rose 76% through Monday from a low on March 18, according to data compiled by Bloomberg. pic.twitter.com/SfA7MUMKWu

— Christophe Barraud (@C_Barraud) October 20, 2020

$NDX peaked early Sep after a massive & historic UP streak ended.

Stocks didn't always collapse from these extremes – but at a *minimum*, spent months chopping violently.

1) NO one is ready for such a scenario.
2) IF history repeats, this gauge is a very long way from oversold. pic.twitter.com/2snaRbAwZg

— Macro Charts (@MacroCharts) October 20, 2020

Added to the growing list of imbalances:$VIX Speculators are the most Short since JAN, and one of the biggest in history.

In recent years, $SPX corrected & VIX spiked after similar imbalances – the *key* risk remains: any adverse price action could trigger broad deleveraging. pic.twitter.com/DuLSntILR9

— Macro Charts (@MacroCharts) October 19, 2020

Commodities have moved back into overbought territory (14D RSI>70). While commodities are not as OB as they were in early Aug (RSI of 82/most OB since Feb ‘08), net spec. long positioning as a % of open interest remains near record lvls. Something to keep an eye on. pic.twitter.com/Qz8QxBScJK

— Julien Bittel, CFA (@BittelJulien) October 20, 2020

Several high-frequency indicators suggest #economic activity is slowing as #stimulus has run its course. pic.twitter.com/XKMq2ylUUF

— Lance Roberts (@LanceRoberts) October 20, 2020