Daily Chart Report ? Tuesday, May 28th, 2019
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Today’s Summary
Tuesday, May 28th, 2019
Indices: US stocks closed lower to start the week, with the Dow Jones Industrial Average falling 238 points or 0.93%. The S&P 500 fell 0.84% to close at a fresh two-month low.
Sectors: Communications led, gaining 0.53%. Utilities lagged, falling 1.67%.
Commodities: WTI Crude Oil futures were higher by 0.90% to settle at $59.14 per barrel. Gold futures were lower by 0.39%, and are trading around $1,279 per ounce.
Currencies: The US Dollar Index rose 0.34%.
Interest Rates: The US 10-year Treasury Yield moved lower to 2.266%.
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 blog post by Chris Kimble. It’s a daily candlestick chart of WTI Crude Oil futures pointing to further downside from here. Not only was Crude unable to hold above the 61.8% Fibonacci retracement level, but it’s also currently breaking key support. Kimble notes that Crude Oil and the S&P 500 have been highly correlated lately. Therefore, if Crude Oil continues to weaken, then it’s reasonable to expect stocks to be under pressure as well.
Quote of The Day
“Why is the man who invests all your money called a broker?”
– George Carlin (Comedian)
This week, we take a look at a chart of the Australian Dollar versus the Japanese Yen (AUD/JPY). This currency pair often serves as a good barometer of global risk appetite. It's currently sitting at a key inflection point and is, therefore, worth keeping an eye on.
US Treasury yields have continued to fall to their lowest levels in years. In this piece, we explore how this weakness from interest rates will impact both equities and bonds.
Adam Koos is the President and Portfolio Manager at Libertas Wealth Management Group. He recently earned his Chartered Market Technician (CMT) designation and wrote this article describing the benefits of going through the CMT program.
Here's an interesting interview with writer and CMT, Michael Kahn. He walks viewers through his technical approach to markets.
Legendary technical analyst, John Roque made an appearance on CNBC recently where he compares shorting stocks to the way that lions hunt. He explains that lions will typically stalk the weakest animal in the pack. Similarly, if you're looking to short the market you want to be going after the weakest stocks in the group to boost your chances of success.
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