Daily Chart Report ? Thursday, March 21st, 2019
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Today’s Summary
Thursday, March 21st, 2019
Indices: US stocks closed higher today, with the Dow Jones Industrial Average rallying 217 points or 0.84%. The Nasdaq led the rest of the major indices for the second day in a row, finishing up 1.42%.
Sectors: Technology led, with a gain of 2.42%, while Financials lagged for the second day in a row, falling 0.33%.
Commodities: WTI Crude Oil futures fell 0.5% to settle just under the $60 level at$59.98 per barrel. Gold was slightly higher, by 0.15% to settle at $1,307 per ounce.
Currencies: The US Dollar Index fell 0.68%.
Interest Rates: The US 10-year Treasury yield hit a new intra-day 52-week low, but stabilized throughout the day to 2.537%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by technician, Walter Deemer(@WalterDeemer). It’s a daily chart of the Financial Sector ETF ($XLF) with its performance relative to the S&P 500 below it in green. You can see it’s nearing new lows on a relative basis. Financials have been the worst performing sector for the past two days as interest rates continue to fall. They represent the third largest sector of the S&P 500 and the largest sector of the Russell 2000. Continued weakness from this sector could be a problem for the overall market
Quote of The Day
“I’m not predicting. I’m observing.”
– George Soros (Hedge Fund Titan)
The Three Charts John Roque is Watching - The Chart Report
Growing Number of Potential "Oopsies" - Tom Bruni - All Star Charts
Here's a good read from Tom Bruni, pointing out the growing number of potential "Failed Breakdowns" he's seeing on the charts right now.
JP Morgan and Goldman Sachs - Drifting Down - Howard Lindzon
Howard Lindzon wrote this blog post today highlighting the underperformance of Bank stocks. He shares a chart of Goldman Sachs ($GS) to illustrate its relative weakness.
Chart Analysts Like Chances of for a Big Rally, After S&P 500 Forms Bullish Inverse Head & Shoulders Pattern - Frank Cappelleri - CNBC
The S&P 500 has formed an inverse head & shoulders pattern over the past three weeks. Frank Cappelleri of Instanet explains to CNBC why this is a bullish development for US stocks.
Two Sectors Telling Two Very Different Stories - Bespoke
Semi Conductors and Transports are two industry groups that market participants look at to gauge the underlying strength of the economy. Bespoke points out that the two groups are currently sending mixed signals.
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