Daily Chart Report ? Wednesday, June 5th, 2019
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Today’s Summary
Wednesday, June 5th, 2019
Indices: US stocks were higher in today’s session, with the Dow Jones Industrial Average gaining 207 points or 0.82%. The small-cap Russell 2000 lagged the rest of the major indices, closing down 0.12%.
Sectors: Real Estate led, gaining 2.28%. Energy lagged falling 1.11%.
Commodities: WTI Crude Oil futures fell 3.63% to settle at $51.68 per barrel, its lowest level since January. Gold futures rose 0.53% and are trading around $1,336 per ounce.
Currencies: The US Dollar Index was higher by 0.27%.
Interest Rates: The US 10-year Treasury yield was slightly higher to 2.133%.
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 Arthur Hill, (@ArthurHill). It’s a bar chart of the S&P 500 index crossing back above its 200-day moving average. The 200-day moving average is the most commonly observed indicator. Technicians use it to identify the direction of the primary trend. You’ll notice the moving average is flat, indicating a sideways, trendless market. In an environment like this, you should anticipate choppy price action with many whipsaws. This is a theme we’ve been highlighting at The Chart Report all year. It will continue to be difficult to market to navigate until the 200-day moving average picks a direction, and begins to slope up or down.
Quote of The Day
“History never repeats itself. Man always does.”
– Voltaire (Philosopher)
JC Parets of All Star Charts touches on the importance of taking a step back from the day-to-day price fluctuations and 24hr news cycle, in order to gain clarity on the overall market environment that we're in. He also breaks down what he's seeing in the Dow.
How to Use Cloud Charts - Real Vision
Rick Bensingor shares how he uses a Japanese charting indicator known as the Ichimoku Cloud. While this may be an uncommon indicator he explains the value of using unconventional tools in technical analysis.
A Big Bounce - The Offbeat Operator
Mathew Timpane, CMT, discusses the strong rebound stocks have had over the past couple days. He shows how sentiment indicators like the AAII % bulls index and the Put/Call Ratio were signaling that a bounce was imminent.
10-Year Yields Down Across the Globe in May - Bespoke
Interest rates around the world took quite a beating last month. In this note, Bespoke breaks down the performance of global yields, highlighting the fact that nearly every country in their 23 country model saw a decline in 10-year yields.
The Four Most Oversold Dow Stocks - Forbes
Technician and Forbes columnist, Tom Aspray takes a look at the four most oversold components of the Dow. He uses long-term monthly charts and applies a wide range of technical tools in his analysis.
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