Daily Chart Report ? Monday, March 4th, 2019
Today’s Summary
Monday, March 4th, 2019
US stocks began the week on a sour note, with the Dow Jones Industrial Average falling just over 200 points or 0.79%. The Nasdaq performed slightly better than the rest of the major indices but still finished down 0.23%. The S&P 500 closed below the closely watched 2800 level.
As for the individual sectors of the S&P 500, Materials were the leader closing up 0.5%. On the other hand, Healthcare was the laggard falling 1.4%.
Crude Oil rose 1.4% to settle at $56.59 per barrel.
It was another weak day for Gold. It fell 0.42% to settle around $1,287 per ounce. The precious metal has completely erased the gains it had made earlier this year.
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 on Twitter by Bloomberg's Abigail Doolittle (@TheChartress.) It's a daily bar chart of the S&P 500 index with the yellow lines representing the key resistance levels that everyone was watching this year, 2600 & 2800. The S&P 500 was rejected by the 2800 resistance level today and has fallen off the uptrend that had formed off the December 2018 lows. The failure for the index to close above the 2800 level signals that the stocks may be in for some more sideways, range-bound trading in the near-term.
Quote of The Day
“The desire to perform all the time is usually a barrier to performing over time”
-Robert Olstein, (Portfolio Manager)
Top Links
Gold began 2019 on a strong note but has managed to erase all of its year-to-date gains over the past two weeks. This article highlights why technicians are turning bearish on Gold.
Noting Some Near-Term Risks - Tom Bruni - All Star Charts
In this article, Tom Bruni of All Star Charts presents the charts that pose the biggest risk to the overall market. While Bruni is not suggesting to aggressively short, he sees some risks that "could put a damper on risk appetite in the short-term."
May the Odds be Ever in your Favor - Josh Brown
Here's a blog post from Josh Brown, where he discusses the test of the 2800 resistance level that we've failed at three times in the past. He brings up the fact that historically, a strong Jan./Feb. signals a positive year for the market 87% of the time.
New Bull Market: Who Dis - Dr. Brett Steenbarger
Trading Psychologist, Dr. Brett Steenbarger put out this blog post over the weekend. He explains that nobody is expecting all-time highs for stocks in the near-term, despite healthy looking market internals.
Typical March Trading: Mid-Month Surge and Flat - Jeff Hirsch
Jeff Hirsch, seasonality expert and author of the Stock Traders Almanac, put out this short blog post summarizing how the month of March performs on average.
Top 10 Tweets
