Daily Chart Report ?Monday, March 11th, 2019
Today’s Summary
Monday, March 11th, 2019
Indices: US stocks snapped a five-day losing streak today, with the Dow Jones Industrial Average closing higher by 200 points or 0.79%. The Nasdaq was the strongest of the major US averages, jumping 2.02%. The Dow Transports were also higher by 1.89%, to end the longest losing streak for the index in decades.
Sectors: All 11 sectors of the S&P 500 closed positive in today's session. Technology led with a gain of 2.19%. Utilities lagged but still gained 0.73%.
Commodities: WTI Crude Oil futures rose 1.3% to settle at $56.79 per barrel. Gold futures fell 0.63% to settle at $1,291 per ounce.
Currencies: The US Dollar Index fell slightly by 0.15%, while the British Pound jumped 1.02% against the Dollar.
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 Adam Mancini (@AdamMancini4). It's a daily chart of the popular US Treasury Bond ETF, $TLT. Bonds ripped higher at the end of 2018 as stocks sold off. Since then, stocks have rebounded, while bonds have chopped around in a sideways range. Adam calls this formation a bullish flag and suggests that another leg higher for $TLT could spell trouble for US stocks.
Quote of The Day
"Genius is the ability to put into effect what is on your mind"
- F. Scott Fitzgerald (American Writer)
Top Links
Terms like "overbought" and "oversold" are tossed around a lot, however, most people incorrectly interpret these readings. This article highlights a piece from Michael Kahn, where he explains the correct way to think about overbought/oversold RSI readings.
Greg Schnell on the US Dollar - The Chart Report
In this article, we break down what technician Greg Schnell is saying about the US Dollar right now and the implications it could have on Stocks.
Bird's-Eye View of Boeing - The Chart Report
Boeing was off to hot start in 2019 until today when it gapped down over 10% at the open. This article from The Chart Report discusses why today's move needs to be thought of in a longer-term context and reminds readers, "when in doubt, zoom out."
Andrew Thrasher's "Most Important Chart" - The Chart Report
This article recaps an interesting piece that Andrew Thrasher put out today, where he offered up some of the charts that he's watching right now.
What is Wrong With Cash - JC Parets - All Star Charts
JC Parets of All Star Charts argues that sometimes cash is the best position to be in, especially in trendless, choppy markets like the one he's currently seeing.
Top 10 Tweet