Daily Chart Report ? Wednesday, May 8th, 2019
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Today’s Summary
Wednesday, May 8th, 2019
Indices: US stocks were little changed in today’s session, with the Dow Jones Industrial Average closing higher by just 2 points or 0.01%. The S&P 500 fell 0.16% while the Nasdaq fell 0.26%.
Sectors: Healthcare led, gaining 0.21%. Utilities lagged, falling 1.38%.
Commodities: WTI Crude Oil futures were higher by 1.18% to settle at 62.12 per barrel. Gold futures were higher by 0.40% and are trading around $1,290 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The US 10-year Treasury Yield rose to 2.489%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared in a research note by Andrew Adams and Jeff Saut. It’s a ratio chart showing small-caps ($IWM) performance relative to their large-cap peers ($SPX) over the past year. As you can see, small-caps have underperformed so far this year. In the note, Adams and Saut explain that over the past month small-caps have picked up strength. They think this ratio is potentially forming a bottom here, leading them to believe that the recent outperformance in small-caps relative to large-caps could continue over the coming months. This would be bullish for the overall market as it would be a sign of risk-appetitie.
Quote of The Day
“I believe in analysis not forecasting.“
– Nicolas Darvas (Trader)
KoyfinSemis Look Like They Could Repeat a 2016 Rally – Ari Wald – CNBC
Ari Wald made an appearance on CNBC’s Trading Nation segment yesterday to discuss why he’s bullish on the Semiconductor space.Using Rotation Graphs to Find a German Opportunity – Trevor Neil – Real Vision
In this video clip from Real Vision, Trevor Neil of Beta Group discusses how he uses Relative Rotation Graphs (RRGs) to identify the sectors and stocks showing relative strength. He presents a trade idea that he arrived at using his top-down process.
Micron Fails at Break Zone – Arthur Hill – StockCharts.com
Here’s an article from Arthur Hill where he warns that the chart of Micron looks concerning to him. He explains that there seems to be a lot of overhead supply that will likely act as resistance preventing shares from moving higher.
Three Must-See Charts on the S&P500, China Stocks and Gold – David Keller, CMT – Bloomberg
David Keller of Sierra Alpha Research joined host Abigail Doolittle on Bloomberg to break down the three most important charts he’s currently watching.
Top 10 Tweets