Daily Chart Report ? Wednesday, March 20th, 2019
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Today’s Summary
Wednesday, March 20th, 2019
Indices: US stocks were lower, with the Dow Jones Industrial Average closing down 142 points or 0.55%. The Nasdaq was able to eke out a small gain of 0.07%, while the Russell 2000 continued its recent underperformance closing down 0.76%.
Sectors: Communications led, with a gain of 0.90%, while Financials lagged, falling 2.06%.
Commodities: WTI Crude Oil futures closed above $60 for the first time since November, up 1.58%, to settle at $60.16 per barrel. Gold climbed 0.7% percent to $1,315 per ounce.
Currencies: The US Dollar Index fell 0.6% today, its worst day in over a month.
Interest Rates: The US 10-year Treasury yield sank to a new 52-week low at 2.524%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by @bostonchaahhts. It is a chart of the Nasdaq 100 index ETF ($QQQ), going back to 2015. The chart highlights a failed breakdown in the Nasdaq. A failed breakdown is a bullish signal that occurs when price breaks down below a support level but is able to get back above it. Technicians often say “out of failed moves come fast moves in the opposite direction.” The fact that price was able to regain the support level it broke in December, could suggest the index is headed for new all-time highs.
Quote of The Day
“Be tolerant with others and strict with yourself.”
– Marcus Aurelius (Roman Emperor)
On Tuesday, a Golden Cross occurred in the Dow Jones Industrial Index. A Golden Cross is a bullish signal that happens when the 50-day moving average crosses above the 200-day moving average. In this report, we asked some of the top technicians to weigh in on the Golden Cross.
Trucks. Trains Airplanes - Bruce Fraser
This article warns of the bearish Dow Theory signal that's happening right now in the Dow Transportation index. This happens when the Transports begin to diverge from the direction of the Dow Jones Industrial Average.
Why Chinese Stocks Might be Poised to Outperform the S&P 500 - Bloomberg
Technical Analyst, John Roque joined host Abigail Doolittle on Bloomberg's "Smart Charts" segment. Roque presents three important charts to watch right now.
Watch Out for End of March/Q1 Weakness - Jeffery Hirsch
In this brief blog post, seasonality expert Jeff Hirsch points out that the end of March has historically been bearish for stocks.
India's Banks Stocks are the World's Leaders - J.C. Parets - All Star Charts
In this post from All Star Charts, J.C. Parets explains that India's Bank Stock's are breaking out despite a lackluster performance from other nations financial sectors.