Daily Chart Report ? Friday, March 22nd, 2019
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Today’s Summary
Friday, March 22nd, 2019
Indices: US stocks closed lower today, with the Dow Jones Industrial Average falling 460 points or 1.77%. The Russell 2000 was the weakest of the major US indices falling 3.62%.
Sectors: Utilities was the only sector to close positive, with a gain of 0.72%. Materials lagged, falling 2.98%.
Commodities: WTI Crude Oil futures fell 1.6% to settle at $59.04 per barrel. Gold futures rose 0.38% to settle at $1,312 per ounce.
Currencies: The US Dollar Index rose 0.11%.
Interest Rates: The US 10-year Treasury yield closed at a new 52-week low at 2.437%. The 3-month to the 10-year section of the yield curve inverted for the first time in over a decade.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Charlie Bilello (@CharlieBiello). The chart shows the Financial Sector ETF ($XLF) in red. Below it in white is a chart of the US 10-year Treasury Yield minus the 3-month Treasury yield. This represents the section of the yield curve that inverted today for the first time in over a decade. This development is concerning, as an inverted yield curve has preceded all of the economic recessions in recent history. It’s important to keep in mind that on average, it takes months or even years for the economy to enter a recession after the curve inverts.
Quote of The Day
“Knowing yourself is the beginning of all wisdom”
– Aristotle (Greek Philosopher)
What to Make of the Yield Curve – The Chart Report
There was a lot of chatter about the yield curve today, as a closely watched part of the curve inverted for the first time in over a decade. In this report, we highlight what some of the smartest folks are saying about it right now.
Russell Falls Apart – Bespoke
This note from Bespoke spotlights the recent weakness from the Russell 2000. The charts they feature suggest that the pain isn’t yet over for the small-cap index.
Overnight Versus Day Performance in SPY: What It Might Mean for Your Trading – Dr. Brett Steenbarger
Trading psychologist, Dr. Brett Steenbarger discusses that fact that most of the S&P 500’s gains this year have come overnight. He talks about how traders should best adapt to this change.
Overbought or Flying to the Moon? – Greg Harmon
Here’s a post from Greg Harmon that takes a look at the Nasdaq 100. He explains the index is up 27%, despite all the bearish sentiment out there.
Bad AAPL – Dana Lyons
In this short post, Dana Lyons takes a look at what the technicals are suggesting for shares of AAPL. He offers up some key levels to watch for on the chart.
Top 10 Tweets