Daily Chart Report ? Monday, May 6th, 2019
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Today’s Summary
Monday, May 6th, 2019
Indices: US stocks staged an intraday comeback, with the Dow Jones Industrial Average opening down over 400 points but paring losses throughout the day to close down only 66 points or 0.25%. The Russell 2000 was the strongest of the major indices, closing up 0.06% after being down over 1.50%.
Sectors: Healthcare led, gaining 0.60%. Materials were the laggard, falling 1.39%.
Commodities: WTI Crude Oil futures were higher by 0.50% to settle at $62.25 per barrel. Gold futures were higher by 0.20% to settle at $1,283 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The US 10-year Treasury Yield fell to 2.50%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Volatility Analytics (@VolatilityWiz). It’s a 10-day candlestick chart of the small-cap Russell 2000 with each candle representing 30 min. We like this chart because it illustrates the rollercoaster that stocks were on today. You can see that the Russell broke thru Friday’s high today. This was impressive considering the index gapped lower at the open and was down over 1.50% at one point but managed to recover everything and even eke out a small gain of 0.06%. This sort of resilience from small-caps is certainly one thing keeping the bulls optimistic here as it demonstrates risk appetite.
Quote of The Day
“In bear markets, stocks tend to open strong and close weak. In bull markets, stocks tend to open weak and close strong.”
– William O’Neil (Founder of Investors Business Daily)
Chart of the Week: Utilities, REITs and Polarity – The Chart Report
In case you missed it, this week’s chart of the week was a chart of Utilities ($XLU) and REITs ($IYR). We like these charts because they’re both clearly demonstrating the principle of polarity and the strength we’re seeing from defensive sectors.
Here’s Why We’re Buying Chinese Internet Stocks – All Star Charts
In this note from JC Parets, he outlines why he’s bullish on Chinese Internet stocks right now. He includes a couple of interesting charts and highlights the key levels that he’s watching.
Working Through Prior Highs – Greg Schnell – StockCharts.com
In this article, Greg Schnell points out that many indices around the world are testing former highs. In addition, he offers his thoughts on the US Dollar, Crude Oil, Copper, and Emerging Markets.
Top 5 Charts of the Week – Callum Thomas – TopDown Charts
Technician, Callum Thomas puts out this note weekly where he puts forth the most important charts he’s watching right now. In this week’s note, he shared some insightful charts of US Fund Flows, Small-caps, and Commodities.
Long-Term Vs. Intermediate-Term – Chris Ciovacco
Here’s an interesting blog post from Chris Ciovacco that highlights the importance of knowing your timeframe. He thinks the long-term picture for stocks remains bullish but he’s seeing slowing momentum in the near-term.
Top 10 Tweets