Daily Chart Report ? Tuesday, March 19th, 2019
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Today’s Summary
Tuesday, March 19th, 2019
Indices: US stocks were mixed in today’s session, with the Dow Jones Industrial Average closing down 27 points or 0.10%. The S&P 500 closed flat while the Nasdaq was able to squeeze out a gain of 0.12%. The Russell 2000 was especially weak down 0.57%.
Sectors: Health Care led, with a gain of 0.79%, while Utilities lagged, falling 1.14%.
Commodities: WTI Crude Oil futures fell slightly by 0.15%, to settle at $59.19 per barrel. Gold futures were higher by 0.38%, to settle at $1,306 per ounce. Palladium hit a fresh all-time high in today’s session and is trading around $1,552 per ounce.
Currencies: The US Dollar Index fell by 0.12%.
Interest Rates: The US 10-year Treasury yield rose to 2.609%.
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 The Bear Traps Report (@BearTrapsReport), an investment research publication founded by Larry McDonald. The chart shows the S&P 500 in green with the Dow Jones Transportation index in white. Notice how these two indices have begun to diverge recently. This chart should concern anyone who’s studied Dow Theory. One of the most important concepts of Dow Theory is that for a bull market to be confirmed, the companies that ship the goods (Transportation Index) should be trending in the same direction as the companies that make the goods (S&P500 index). A divergence between these two indices could be a sign of a potential economic slowdown and has preceded bear markets.
Quote of The Day
“An investment in knowledge pays the best interest.”
– Benjamin Franklin
Top Links
Steven Suttimier, of Bank of America Merrill Lynch, joined host Abigail Doolittle on Bloomberg yesterday to discuss what the options market is signaling about the outlook for the market.Rising Tide on Both Side of the Atlantic – Bespoke
In this morning note from Bespoke, they feature a great chart of the S&P 500 over the last 10 years. The chart shows how many days it has historically taken to get back to new highs after a significant drawdown.
S&P 500 Moving Out of the Range – Greg Harmon
In this piece, Greg Harmon shares his thoughts on the market right now. He lays out some valid reasons for why the rally in US stocks could keep going.
Real Leadership: Relative Strength vs. New Highs – The Chart Report
Here’s a quick read from The Chart Report where we highlight some of the hottest areas of the US equity market right now.
This Little Known Indicator Helps Traders Stay Ahead of the Market – Nasdaq
Nasdaq put out this piece yesterday about a relatively unknown indicator developed by Christopher Hendrix, CMT. The indicator is called the Momentum of Comparative Strength or MoCS for short.