Daily Chart Report ? Tuesday, March 12th, 2019
Today’s Summary
Tuesday, March 12th, 2019
Indices: US stocks were mixed today, with the Dow Jones Industrial Average falling 96 points or 0.38%. On the other hand, The S&P500 and Nasdaq advanced 0.30% and 0.44% respectively. The Dow was weighed down by its largest component, Boeing ($BA), which fell over 6%.
Sectors: The Healthcare sector led with a gain of 0.73%, while Industrials lagged, down 0.83%.
Commodities: WTI Crude Oil futures inched up 0.14% to settle at $56.79 per barrel. Gold futures rose 0.6% to settle at $1,299 per ounce.
Currencies: The US Dollar Index fell slightly by 0.24%.
Interest Rates: Yields moved lower as the US 10-year note fell to 2.60%, its lowest level since January.
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 John Roque (@daChartLife) The chart shows the benchmark US 10-year Treasury yield over the past year. Price is in a downtrend, below both the 50 and 200-day moving averages. Today, the 10-year yield closed at 2.60%, its lowest level since January. Despite this weakness, the US still offers the highest yielding 10-year note among the G7 countries. Roque has been pounding the table for months now on the idea that interest rates in the US can't continue to rise in an environment where rates around the world remain relatively low.
Quote of The Day
"Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria"
- Sir John Templeton (American-British Investor)
Top Links
Is Canada's Decade of Underperformance Over? - JC Parets - All Star Charts
JC Parets presents a ratio chart of the TSX Composite Index vs the S&P 500 to show that Canada may be ready to outperform the US for the first time in years.
Is the Stock Market Losing Momentum Here?! - Chris Kimble
Here's a short post from Chris Kimble warning readers of the important resistance levels to watch for in the Bank Index as well as the S&P 500.
About the Transports - Greg Harmon
The Dow Transports are coming off one of their longest losing streaks in decades. Greg Harmon argues this was a healthy consolidation and thinks the index could be getting ready for a new leg higher.
Pre-Election-Year March Historically Stronger - Almanac Trader
Seasonality expert, Jeff Hirsch points out that March has historically been a bullish month for stocks, especially in pre-election years like 2019. So far March hasn't performed as well as usual, but Hirsch remains bullish.
Market Rallies but Yield Spread Continues too Hurt Banks - Stockcharts.com
Tom Bowley, of Stockcharts.com, warns readers of the potential problems with a stock market rally without an accompanying rise in Treasury yields.