Daily Chart Report ? Tuesday, April 23rd, 2019
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Today’s Summary
Tuesday, April 23rd, 2019
Indices: US stocks rallied in today’s session with both the S&P 500 and Nasdaq closing at all-time highs for the first time since September 2018! The Dow Jones Industrial Average did not reach a new high but still managed to gain 145 points or 0.55%.
Sectors: Healthcare led, gaining 1.58%. Consumer Staples lagged falling 0.32%.
Commodities: WTI Crude Oil futures rose 0.95% to settle at a new 6-month high of $66.17. Gold Futures fell 0.27% to a new 4-month low of $1,274 per ounce.
Currencies: The US Dollar Index was higher by 0.30%.
Interest Rates: The US 10-year Treasury yield slipped to 2.567%.
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 an article by Matt Weller of Forex.com. It’s a daily candlestick chart of the S&P 500 index. The index hit an all-time closing high today. The last time it printed an all-time high was back in September 2018 before selling off nearly 20% into the end of the year. The recovery from the December lows has been impressive considering very few people thought the market would be able to stage the “V” shaped rally that it did. In the article, Weller notes that the US Dollar Index is also testing new 10-month highs. Clearly, capital is flowing into US assets despite somewhat ominous headlines (trade talks, inverted yield curve, etc…)
Quote of The Day
“Don’t confuse brains with a bull market”
– Humphrey B. Neill (Author)
Time to Dip Your Toes into Healthcare Stocks – Greg Harmon
Healthcare stocks have gotten slaughtered the past few weeks. Last week, the healthcare sector was the only S&P sector in the red YTD. In this post, Greg Harmon explains why the sector could be in for a near-term bounce.
Will These Divergences Matter – Tom Bruni – All Star Charts
Tom Bruni of All Star Charts points out there are some bearish momentum divergences developing on the charts he’s watching. Despite this concern, he notes that price must confirm these bearish divergences before they can become actionable.
Knocking on New High’s Door – Bespoke
In this note from Bespoke, they discuss the new highs in the S&P and take a look at how far some of the individual stocks within the index are from making new 52-week highs.
Signs of Steepening – LPL Financial Research
Here’s a research note from LPL Financial discussing the fact that the infamous yield curve is beginning to steepen. This should come as a relief for the bulls, as there were many folks calling for a recession because part of the curve had inverted.
DXY Index Eyes Breakout to Fresh Highs; EURUSD, GBPUSD Pressured – DailyFX
The US Dollar Index ($DXY) is testing an important breakout level right now. This piece from DailyFX gives a technical forecast of $DXY as well as two important currency pairs.
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