Daily Chart Report ? Wednesday, March 13th, 2019
Today’s Summary
Wednesday, March 13th, 2019
Indices: US stocks closed higher, with the Dow Jones Industrial average gaining 148 points or 0.58%, marking the highest close for the index so far this year.
Sectors: All 11 sectors of the S&P 500 finished positive. The Healthcare sector led for the second day in a row, with a gain of 1.08%. Utilities lagged but still managed a gain of 0.10%.
Commodities: WTI Crude Oil futures jumped 2.4% to settle at $58.26 per barrel. Gold futures rose 0.86% to settle over the $1,300 level at $1,309 per ounce.
Currencies: The US Dollar Index fell 0.46%, while the British Pound surged to its highest level versus the dollar so far this year.
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 in a thread on Twitter by JC Parets, (@allstarcharts). It's a daily candlestick chart of the S&P 500 with two key resistance levels in grey. In a tweet before, JC explains: "a lot of smart people I talk to are pointing to this 2810 - 2820 area in the S&P as important resistance."He calls the chart a mess because of its flat 200-day moving average, telling us there is no clear trend, up or down. In these trendless environments, the only thing one can expect is choppy, sideways price action, in other words...a mess.
Quote of The Day
"The future belongs to those who see possibilities before they become obvious"
- John Scully (Former CEO of Apple Computers)
Top Links
Is the Reversal for Real - The Chart Report
The market has staged an impressive comeback since the December 2018 lows. In this post, we feature technician, Dan Russo and share what he thinks of the S&P 500 as it tests a key resistance level.
[VIDEO] Apple Shares Bottoming as Tech Stocks Outperform - Todd Sohn - Bloomberg
Technical analyst, Todd Sohn of Strategas Research joined host Abigail Doolittle this afternoon on Bloomberg. He breaks down the technology sector and presents some of the charts he likes the most.
A Disciplined Approach to Technical Analysis - David Keller - Stockcharts.com
David Keller is a respected technician and behavioral finance expert. He's also a pilot and aeronautics enthusiast. He emphasizes that having a systematic checklist is vital in flying as well as technical analysis.
The S&P 500 is a Hot Mess - All Star Charts
JC Parets of All Star Charts explains that a lot of technicians are seeing the 2810 - 2820 level as key resistance for the S&P 500. He thinks it's not so simple and is more concerned with the flat 200-day moving average.
Boeing Still on Top of the DJIA - Bespoke
Its been a rough week for Boeing ($BA) with some pretty scary headlines. This short note from Bespoke highlights the fact that Boeing is still the best performing Dow component by a wide margin.