Daily Chart Report ?Tuesday, February 26th, 2019
Yesterday’s Summary
Tuesday, February 26th, 2019
US stocks finished higher in yesterday's session with the Dow Jones Industrial Average closing higher by 60 points or 0.23%.
As for the individual sectors of the S&P 500, the Materials sector was the best performing sector yesterday closing up 0.65%. On the other hand, Real Estate was the worst performing sector finishing down 0.83%.
Crude Oil fell 3.1% yesterday to settle at $55.48 a barrel. Gold was relatively unchanged and is trading around $1,329 per ounce. Palladium continues to soar, hitting new all-time highs, and is currently testing the $1,500 level.
Here are some of the best charts, articles, and ideas being shared on the web today. Enjoy!
Chart of the Day
Today's chart of the day was shared by @commander10 on Twitter. It's a daily candlestick chart of the small-cap Russell 2000 index. The chart highlights the shooting star candle that everyone is talking about right now. This is a potentially bearish pattern, especially considering the sharp rally that preceded it. In addition, it's occurring at resistance from the October 2018 highs and the 200-day moving average. Here's an article from The Chart Report explaining the significance of this candlestick formation and what chart-watchers are saying about it.
Quote of The Day
"Great minds discuss ideas, average minds discuss events, small minds discuss people."
-Elenor Roosevelt (Former First Lady of the United States)
Top Links
Howard Lindzon is an avid chart-watcher and trend follower. He puts out a weekly video, called Momentum Monday, where he presents the stocks he's currently watching. This week, he notes the bullish run stocks have had recently, but anticipates some short-term weakness.
All of the major US stock indices printed a "shooting star" candle on the daily chart yesterday. This article explains why this candlestick formation is raising concern among technicians.
Here's a quick read from seasonality expert, Jeff Hirsch. He focuses on the fact that the Dow is on a nine-week winning streak and points out that the index has only accomplished this 13 times since 1901.
Chart Summit 2019 That's a Rap - All Star Charts
Last weekend, a group of the most respected names in technical analysis got together in the small ski-town of Breckenridge, Colorado. The event was hosted by J.C. Parets and Brian Shannon. This post from J.C. highlights some of the best moments of the event.
The Last Time GE's Stock Did This, it Tanked 45% - Mark Newton - CNBC
Shares of General Electric ($GE) have been decimated over the past few years, but have managed to rally along with the rest of the market so far in 2019. In this video clip from CNBC, Mark Newton warns that the stock is due for a pullback in the short-term.
