Daily Chart Report ? Tuesday, April 16th, 2019
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Today’s Summary
Tuesday, April 16th, 2019
Indices: US stocks closed higher with the Dow Jones Industrial Average gaining 68 points or 0.26%. The S&P 500 was flat, changing just 0.05%.
Sectors: Financials led, gaining 1.41%. Real Estate lagged for the second day in a row, falling 2.43%.
Commodities: WTI Crude Oil futures were higher by 1.21% to finish the day at $64.17 per barrel. Gold futures fell 1.1% to settle at a new YTD low of $1,277 per ounce.
Currencies: The US Dollar Index was slightly higher by 0.14%.
Interest Rates: The US 10-year Treasury yield moved higher to 2.589%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Tom Bruni (@BruniCharting). It’s a long-term chart of the US Real Estate ETF ($IYR). Real Estate has been the worst performing sector for two day’s in a row now. Bruni explains that the ETF was bound for a pullback because momentum (RSI) was making lower highs as price was making higher highs. This is called a bearish momentum divergence. Despite expecting short-term weakness, he thinks it could be a good buy if it comes down to former resistance at the $83.50 level. This should now act as support presenting a well-defined risk/reward setup.
Quote of The Day
“Big Money is made in the stock market by being on the right side of major market moves. I don’t believe in swimming against the tide”
– Martin Zweig (American Investor)
A Gigantic Thrust in Breadth – The Chart Report
Here’s a piece from The Chart Report talking about the recent breadth thrust the US stock market has seen lately. We define what a breadth thrust is, and what this signal means for the overall market outlook.
Podcast with Craig Johnson, Chief Market Technician at Piper Jaffray – Technical Analysis Radio
In this week’s Technical Analysis Radio podcast, JC Parets interviews Craig Johnson. Craig is the Chief Market Technician at Piper Jaffray and former president of the CMT Association.
The Inverse Head and Shoulders in the Transports – Greg Harmon
Greg Harmon breaks down the bullish pattern he’s seeing develop in the Dow Transports and explains what it could mean for the overall market.
Sector Charts – Consumer Discretionary – Bespoke
The Consumer Discretionary sector has been one of the best performing sectors YTD. This note takes a deep dive into some of the individual stocks within the sector. They point out that Hasbro ($HAS) is one of the only components in a downtrend.
3 Key S&P 500 Sectors to Watch – Dan Russo
Here’s Chaikin Analytics’ Stock Market Today video in which, Dan Russo points out the most important sectors and levels to keep an eye on right now.
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