Daily Chart Report ? Wednesday, May 29th, 2019
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Today’s Summary
Wednesday, May 29th, 2019
Indices: US stocks were lower in today’s session, with the Dow Jones Industrial Average closing down 221 points or 0.87%. The Russell 2000 was the weakest of the major indices, finishing down 0.94%.
Sectors: Materials led, but closed flat. Utilities lagged, falling 1.33%.
Commodities: WTI Crude Oil futures fell by 0.50% to settle at $58.81 per barrel. Gold futures were higher by 0.73%, and are trading around $1,286 per ounce.
Currencies: The US Dollar Index rose 0.19%.
Interest Rates: The US 10-year Treasury Yield fell to 2.262%.
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 Andrew Thrasher (@AndrewThrasher). It’s a price chart of Corn futures going back 20 years with the 11-day Rate of Change indicator above it. Corn futures have been absolutely surging lately with the commodity up over 20% in the past 11 days. Thrasher uses the rate of change indicator to point out that this has been one of the sharpest rallies corn has seen over the past two decades. Check out his blog post here where he provides further commentary on the breakout in crop commodities.
Quote of The Day
“Actually, the best traders have no ego”
– Jack D. Schwager (Author, Market Wizards)
Crude Oil had its worst week of 2019 last week. In this report, we discuss the current outlook for the commodity and how it could impact the US Equity market.
Fairlead Strategies’ Katie Stockton on the Market’s Technical Signals – CNBC
Technical analyst, Katie Stockton made an appearance on CNBC yesterday. She laid out the bull case for US stocks and pointed to some of the key levels that she’s watching.
Typical June Trading: Any Early Gains Tend to Fade – Almanac Trader
In this quick read, seasonality expert Jeff Hirsch takes a look at how the stock market performs on average throughout the month of June.
S&P 500 Could be Poised to Drop to 2,650 – Bloomberg
Here’s a clip from Bloomberg where Abigail Doolittle walks viewers through the potential head & shoulders top that’s forming on the chart of the S&P 500 futures. She cautions that if this pattern is confirmed, it could bring the S&P 500 down to 2,650.
Learning from 1998, 2002, 2009, 2011, and 2016 Stock Market Lows – Chris Ciovacco
In this piece, Chris Ciovacco compares the S&P 500’s price action in 2019 to 5 similar scenarios from the past couple of decades.
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