Daily Chart Report ? Thursday, March 7th, 2019
Today’s Summary
Thursday, March 7th, 2019
Indices: US stocks fell for the fourth day in a row today, with the Dow Jones Industrial Average closing down 200 points or 0.78%. The Dow Transportation Average extended its rare losing streak to 10 consecutive days. The Nasdaq was the weakest among the major US averages down 1.13%.
Sectors: The Utility sector was the only sector to close positive with a gain of 0.33%, while the Consumer Discretionary sector was the weakest, down 1.26%.
Commodities: Crude Oil futures rose 0.78% to settle at $56.66 per barrel. Gold futures fell slightly by 0.15% to settle at $1,286 per ounce.
Currencies: The US Dollar Index broke out to new highs as the Euro sank to the lowest level versus the Dollar since mid-2017.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today's chart of the day was shared on Twitter by Mark Newton (@MarkNewtonCMT). It's a daily bar chart of the NYSE FANG index, an equally-weighted average of the most beloved tech/growth stocks. Newton's chart suggests that the group has further downside from here after failing to break out of its downward trendline.
Quote of The Day
"If what you did yesterday seems big, you haven't done anything today"
- Lou Holtz (American Football Head Coach)
Top Links
Bank of America's Chief Technical Strategist, Stephen Suttmeier was on CNBC yesterday to give his outlook for the market. This article highlights some of Suttmeier's key points.
Here's a post from All Star Chart's Tom Bruni where he presents some of the potential short setups on his radar right now.
[Video] Bloomberg Surveillance Podcast with Louise Yamada - Bloomberg
Legendary technician, Louise Yamada was interviewed on Bloomberg's morning podcast today. She urged listeners to be cautious of the market here and outlines the charts and levels that she's watching.
One Transports Stock is About to Tumble, One Technician Says - CNBC
The Dow Transportation Average has been especially weak in the past couple of weeks. Todd Gordon of Tradinganalysis.com breaks down one Transport stock, FedEx ($FDX), and why he's bearish.
[Video] MKM's O'Hara Says Sell S&P E-Minis if Below 10DMA - Bloomberg
Technical analyst, JC O'Hara of MKM Partners, joined host Abigail Doolittle to talk about some of the sell signals he's watching in the market right now.