Daily Chart Report ? Friday, June 14th, 2019
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Today’s Summary
Friday, June 14th, 2019
Indices: US stocks were lower in today’s session, with the Dow Jones Industrial Average falling 17 points or 0.07%. The Russell 2000 was the weakest of the major indices, falling 0.87%.
Sectors: Utilities led, gaining 1.05%. Technology lagged, falling 0.87%.
Commodities: WTI Crude Oil futures were higher by 0.41% to settle at $52.49 per barrel. Gold futures closed slightly higher by 0.10% and are trading around $1,345 per ounce.
Currencies: The US Dollar Index rose 0.58%.
Interest Rates: The US 10-year Treasury yield fell to 2.082%.
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 Neil Blalock, (@NeilBlalock). It’s a daily candlestick chart of the Nasdaq Composite with the % of stocks above their 200-day moving average on top. The price action this week from the index was unexciting, as it simply consolidated at its 50-day moving average. Neil points out that while the market was moving sideways, breadth was quietly improving, as measured by the % of stocks above their 200-day moving average. He views this as a positive but adds that he’d like to see that % get above 46% (red line). You can see that the index has show strength when the indicator has been above that level in the past. With the Nasdaq only 4.5% below its all-time high it’ll be interesting to keep an eye on breadth metrics like this one as a signal for further upside.
Quote of The Day
“It’s no wonder that truth is stranger than fiction. Fiction has to make sense.”
– Mark Twain (Writer)
Top Links
LPL Financial Research breaks down the five things that have caught their attention recently. They include the rally in various global equity markets, breadth, sentiment, and the dreaded yield curve.
Lumber Stocks Try to Bounce - StockCharts.com
Lumber futures have been surging lately. In this article, Greg Schnell outlines a few different ways that traders and investors can get exposure and take advantage of the upside in Lumber without directly trading the futures.
Gold to New Highs; Honoring Key Resistance Levels - Fibonacci.com
In this quick read, Tarek Saab of Fibonacci.com gives his thoughts on the recent rally in Gold. He offers up some key levels to be watching on both the daily and 4-hour timeframes.
The Rubber Band Effect - Libertas Wealth Management Group
Adam Koos, of Libertas Wealth Management, discusses the fact that people expect the market to go up in a straight line. He compares the market to a rubber band, meaning, price tends to move too far in one direction before snapping back with similar velocity.
Is Software Starting to Turn - Real Vision
Douglas Busch, of Chartsmarter, made an appearance on RealVision today to lay out a pairs trade that takes advantage of the bearish price action that he's seeing from Software stocks.
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