Daily Chart Report ? Monday, June 3rd, 2019
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Today’s Summary
Monday, June 3rd, 2019
Indices: US stocks were a mixed bag in today’s session. The Dow Jones Industrial Average closed more or less flat, gaining only 4 points or 0.02%. The S&P 500 fell 0.28% while the Nasdaq tumbled 1.61%. The small-cap Russell 2000 was the strongest of the major indices, finishing higher by 0.31%.
Sectors: Materials led, gaining 3.15%. Communications lagged falling 3.14%.
Commodities: WTI Crude Oil futures fell 0.53% to settle at a three-month low of $53.25 per barrel. Gold futures jumped 1.38% to a three-month high of $1,330 per ounce.
Currencies: The US Dollar Index fell 0.55%.
Interest Rates: The US 10-year Treasury Yield fell to 2.071%
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Rich Meatto (@koyfinTrader). It’s an area chart of the Nasdaq 100 ETF ($QQQ) with a histogram in red showing the % drawdown. Meatto notes that the current drawdown has exceeded 10%, meaning the index has just crossed into correction territory. Typically a correction is marked by a 10% decline, while a bear market is marked by a 20% decline. Despite this weakness, the Nasdaq is still up over 10% year-to-date and leading the rest of the major US indices.
Quote of The Day
“Madness is the exception in individuals but the rule in groups.”
– Fredrich Nietzsche (Philosopher)
Koyfin is a user-friendly web-based charting platform that helps users visualize and analyze data. This piece covers a presentation Koyfin gave in partnership with the CMT Association where they discuss some of the best ways to use the platform.
Momentum Monday...Oy - Howard Lindzon
In this week’s “Momentum Monday” video, Howard Lindzon and Ivaylo Ivanhoff discuss some of the trends they’re watching. They rip through dozens of charts and discuss the recent underperformance from large-cap tech stocks.
Equalweights Triumph - Bespoke
Some of the largest stocks in the market have been under pressure lately, including $AAPL, $AMZN, $GOOGL, and $FB. In this note, Bespoke examines the bifurcation that this is causing between equal-weight and market-cap weighted indexes.
More Trouble Ahead for Investors - Tom Aspray - Forbes
In this article, technician and Forbes columnist, Tom Aspray explains why he thinks that the technical outlook for the S&P 500 is growing increasingly bearish.
Visualizing Sector Performance - Adam Grimes
Adam Grimes breaks down his preferred method of sector analysis. He's found that the best way to visualizes areas of strength in the market is by charting each sector relative to the S&P 500 and observing the resulting trends.
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