Daily Chart Report ? Friday, April 12th, 2019
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Today’s Summary
Friday, April 12th, 2019
Indices: US stocks ended the week on a positive note, with the Dow Jones Industrial Average gaining 269 points or 1.03%. The small-cap Russell 2000 was the weakest among the major indices but still advanced 0.33%. Today marked the third weekly gain for the S&P 500.
Stocks: Shares of Disney ($DIS) had their strongest day in nearly a decade, jumping 11.54% and breaking above multi-year resistance to close at all-time highs.
Sectors: All 11 sectors of the S&P 500 were positive with the exception of Healthcare, which fell 0.89%. Financials led throughout the day and closed up 1.82%.
Commodities: WTI Crude Oil futures were higher by 0.38% to settle at $63.82 per barrel. Gold futures were relatively flat, moving just 0.05% to settle a $1,294 per ounce.
Currencies: The US Dollar Index was fell by 0.24%.
Interest Rates: The US 10-year Treasury yield rose to 2.562%.
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 in a research note from Frank Cappelleri of Instinet, (@FrankCapelleri). It’s a daily bar chart of the High Yield Corporate Bond ETF, $HYG. High Yield or Junk Bonds as they’re often called, broke out to new 52-week highs today. The fact that investors are flocking to the lowest-grade corporate debt in search of yield is a clear indication of risk appetite among market participants right now.
Quote of The Day
“A market is the combined behavior of thousands of people responding to information, misinformation, and whim”
– Kenneth Chang (New York Times Journalist)
This Market May Have More Legs – 3 Charts from Ari Wald – The Chart Report
Oppenheimer’s head of technical analysis, Ari Wald joined host Abigail Doolittle on Bloomberg to discuss his market outlook. This post from The Chart Report highlights the three charts Ari presented in the segment.
Notable Rotation into Industrials – Tom Bruni – All Star Charts
Tom Bruni takes a look at the Industrial sector. He explains that the charts are pointing to continued outperformance from Industrials and thinks it would be wise to look for long opportunities within the sector.
Tech Sizzles – Bespoke
This note from Bespoke takes a look at the charts of the six industry groups that make up the Technology sector. They found that all six are outperforming the S&P 500 on a YTD basis.
Is Costco (COST) Checking Out? – StockChart.com
In this piece, Greg Schnell takes a look at the chart of Costco ($COST). He warns that the chart and indicators are suggesting that the risk is to the downside here, despite being less than 3% off all-time highs.
If Oil Can Hold Above this Key Level, It’s Going to $70 Says Veteran Technician – CNBC
Legendary technician, Louis Yamada was featured on CNBC yesterday to give her thoughts on Crude Oil.
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