Daily Chart Report ? Friday, March 15th, 2019
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Today’s Summary
Friday, March 15th, 2019
Indices: US stocks ended the week on a strong note, with the Dow Jones Industrial Average closing up 139 points or 0.54%. This marked the strongest week for the S&P 500 index since November. The Nasdaq led the rest of the major indices, finishing up 0.76%.
Sectors: Technology led, with a gain of 0.88%, while Real Estate lagged, falling 0.98%.
Commodities: WTI Crude Oil futures fell slightly, by 0.2% to settle at $58.42 per barrel. Gold futures gained 0.2% to settle just above the $1,300 level at $1,303 per ounce.
Currencies: The US Dollar Index fell 0.31%.
Interest Rates: The US 10-year Treasury yield fell to 2.591%, the lowest level so far in 2019.
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 research note, by Frank Cappelleri, Chief Market Technician at Instanet. It’s a candlestick chart of the S&P 500 with a momentum indicator (14-day RSI) below. In the note, Frank explains that RSI barely grazed its overbought level (>70) a few weeks ago, despite the sharp rally we’ve seen off the December lows. He points out one of the most important things here, is that RSI rebounded off the 50 level after grazing 70. He explains that this behavior is perfectly healthy and typical of uptrends.
Quote of The Day
“Choices are the hinges of destiny.”
– Edwin Markham (American Poet)
Top Links
Chris Verrone on Energy – The Chart Report
Chris Verrone, of Strategas Research, was on CNBC this week talking about the energy sector and some of the individual stocks he likes within the space. This report from The Chart Report highlights his best ideas.
Is the Safety Trade Here to Stay? – The Chart Report
This piece dives into the recent relative strength in Utilities and Real Estate as both made new all-time highs this week. The article begs the question of whether new highs for these defensive sectors is a bullish or bearish signal for the broader market.
All Star Charts Interviews Greg Harmon – Technical Analysis Radio
Here’s a great podcast from J.C. Parets featuring Greg Harmon, founder of Dragonfly Capital. They discuss his history in the industry and his approach to the markets.
Short-Term Top Soon – Carl Swenlin – Stockcharts.com
Here’s technician Carl Swenlin’s weekly market column on stockcharts.com. In this week’s note, he warns that the VIX is sending bearish signals to the overall market.
S&P 500 Knocking on the Door of a Breakout – Dan Russo
Here’s a Video from Market Strategist, Dan Russo, where he gives his thoughts on the market and offers some important levels to watch.