Daily Chart Report ? Wednesday, March 27th, 2019
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Today’s Summary
Wednesday, March 27th, 2019
Indices: US stocks closed lower, with the Dow Jones Industrial Average slipping 32 points or 0.13%. The S&P 500 underperformed the rest of the major indices, falling 0.46%.
Sectors: Industrials were the only sector to close positive, with a gain of 0.11%. Healthcare was the laggard, falling 0.83%.
Commodities: WTI Crude Oil futures fell 0.89% to close at $59.29 per barrel. Gold futures fell 0.35% to settle at $1,310 per ounce.
Currencies: The US Dollar Index gained 0.22%.
Interest Rates: The US 10-year Treasury yield continued to fall to its lowest level since 2017 at 2.381%.
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 Liz Ann Sonders (@LizAnnSonders). There’s been an overwhelming amount of chatter about the yield curve ever since the front end inverted last Friday, but we think this chart offers a valuable perspective. It shows today’s US Treasury yield curve in pink, with the yield curve from the last time it inverted in 2007 in blue. The big difference between the two is that in 2007, the long end of the curve (30yr yields) was much lower than the front end. It’s also important to note that today’s yield curve isn’t even fully inverted yet. There are many out there citing the recent yield curve inversion as a reason to get bearish, but for now it might be best to keep an eye on the long end of the curve.
Quote of The Day
“A bank is a place that will lend you money if you can prove you don’t need it ”
– Bob Hope (Comedian)
A Fibonacci Trading Strategy Explained – Steve Burns
This article is a great introduction to Fibonacci and how it’s used in technical analysis. The author covers everything from Fibonacci retracements to Fibonacci Fans.
Mystery Chart 2-27-19 – Tom Bruni – All Star Charts
Take a look at this week’s “Mystery Chart” from All Star Charts. Technician, Tom Bruni does this exercise weekly and emphasizes that the objective is not to simply guess the chart symbol but instead, ask yourself how you’d trade the chart (buy, sell, do nothing).
Crude Oil, Energy Lead Wall Street Higher – Tom Bowley – StockCharts.com
Tom Bowley of StockCharts.com gives his market outlook here. He explains that the Crude oil seems to have led the market higher, so far in 2019, but warns that it’s testing a key Fibonacci retracement level.
Is DJIA-Nasdaq Monthly Divergence Bearish or Bullish? – Jeff Hirsch
Here’s a short note from Jeff Hirsch that takes a look at the divergence that’s forming between the Dow Jones and the Nasdaq. He points out that as of yesterdays close, the Dow was down 1.00% in March while the Nasdaq is up 2.11%.
Top Technician Says These High Yielding Stocks are About to Breakout – CNBC
Chris Verrone of Strategas Research made an appearance on CNBC today. He discussed the carnage in Treasury yields and offers three high dividend yielding stocks that have attractive chart setups.
Top 10 Tweets