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Today’s Summary
Monday, September 23rd, 2019
Indices: US stocks were little changed in today’s session with the Dow Jones Industrial Average gaining 15 points or 0.06%. The S&P 500 changed just 0.01% and the Nasdaq inched lower by 0.06%.
Sectors: Consumer Staples led, gaining 0.40%. Health Care lagged, falling 0.53%.
Commodities: Crude Oil futures rose 0.77% to $58.64 per barrel. Gold futures rallied 1.09% to $1,531 per ounce.
Currencies: The US Dollar Index inched higher by 0.12%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.723%.
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 our very own Steve Strazza (@sstrazza) It’s a chart of the Silver/Gold ratio. This is a popular risk-on/risk-off gauge for Precious Metals. When the line is rising, it means Silver is outperforming Gold. Silver is perceived to be more volatile and aggressive than Gold. Therefore, when Silver is outperforming Gold, it indicates risk appetite for Precious Metals. Gold and Silver screamed higher today. Gold futures rallied 1.09%, and Silver futures surged 4.85%. Steve points out that this ratio is “ripping higher from a failed breakdown.” This is exactly how Silver should act when Precious Metals are in a bull market.
Quote of The Day
Top Links
Seasonal Headwinds – The Chart Report
In this report, we focus on seasonality and point out that we’re entering a historically weak period for the S&P 500.
Momentum Monday – Flip a Coin and More on IPO’s – Howard Lindzon
In this video, Howard Lindzon and Ivanhoff flip through dozens of charts to identify some of the strongest trends and momentum stocks.
Has the Up Trend for Growth vs Value Stocks Ended? – Andrew Thrasher
Andrew Thrasher explains why the recent shift from Growth to Value is likely temporary.
Consumer Staples to Signal a New Bull Market – All Star Charts
JC Parets of All Star Charts examines the relative performance of the Consumer Staples sector and what it means for the direction of the broader market.
Stocks May Be Poised for Dramatic Surge, Technical Analysts Say – CNBC
In this piece from CNBC, several respected Technicians share their thoughts on the current market environment.
Top 10 Tweets
A #CyclicalBullMarket’s job is to keep as many people as possible as skeptical as possible for as long as possible. This creates the proverbial #WallOfWorry for the bull market to climb up as skeptics are slowly converted to bulls and fuel further gains.
— Walter Deemer (@WalterDeemer) September 22, 2019
$ES_F 30m chart. Nothing new here. We are still stuck in this range. Bulls successfully defended 2985 fourth time in a row. pic.twitter.com/FQpIZrrCtn
— Yuriy Matso (@yuriymatso) September 23, 2019
Pre-election years see the S&P 500 tend to peak about now and don't bottom until Thanksgiving. pic.twitter.com/71Q1pIUVg0
— Ryan Detrick, CMT (@RyanDetrick) September 23, 2019
If this line ($SPY vs $ACWI) continues to go down, more and more US-based investors may be caught underweight global markets… pic.twitter.com/iOu94R80GC
— David Keller, CMT (@DKellerCMT) September 23, 2019
$SPX Growth/Value Ratio holding 200dma while MACD tests region where it bottomed multiple times in this Bull market.
Wouldn't be the first time all the rotation chatter became a huge pundit fake-out.
Monitor for turn to indicate new upswing in Growth relative performance. pic.twitter.com/S9uVIHtTMS
— Macro Charts (@MacroCharts) September 23, 2019
Frontier Markets with pretty solid stakes in the ground $FM pic.twitter.com/VwaGttKIIm
— Aaron (@ATMcharts) September 23, 2019
#Gold still looks good to me. Looking at the monthly chart of the gold ETF $GLD, it looks like we have a multi-year base breakout in progress.
Obviously it could fail, but at the moment it looks like it has some volume behind it. We'll check back on this chart in 6-months or so. pic.twitter.com/lOdasC7YyQ
— Jack Damn ♻️ (@JackDamn) September 23, 2019
$MSFT over the LT.$XLK $FDN pic.twitter.com/7KB17XDVKI
— Arun S. Chopra CFA CMT? (@FusionptCapital) September 23, 2019
$NFLX heading towards last Christmas lows while price targets seem to be unchanged.https://t.co/Y1FCdFNyKb pic.twitter.com/8m1mD3wTI4
— Rich Meatto (@koyfinTrader) September 23, 2019
$WORK new low list today. It's been a slacker. pic.twitter.com/zC7JSX5rq1
— Tom Hearden (@followtheh) September 23, 2019
You’re all caught up now. Thanks for reading!