Daily Chart Report ? Monday, June 17th, 2019
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Today’s Summary
Monday, June 17th, 2019
Indices: US stocks kicked off the week on a positive note today with the Dow Jones Industrial Average gaining 23 points or 0.09%. The Russell 2000 was the strongest of the major indices, up 0.67%.
Sectors: Communications led, gaining 1.12%. Materials lagged, falling 0.95%.
Commodities: WTI Crude Oil futures were lower by 1.07% to settle at $51.93 per barrel. Gold futures closed slightly lower by 0.13% and are trading around $1,343 per ounce.
Currencies: The US Dollar Index fell just 0.05%.
Interest Rates: The US 10-year Treasury yield moved slightly lower to 2.091%.
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 Jeroen Blokland (@jsblokland). It’s a line chart of Bitcoin prices over the past year. Bitcoin printed a fresh 52-week high today around $9,430. Jeroen highlights the remarkable comeback that Bitcoin has made this year. It’s up about 150% so far in 2019, after falling 72% in 2018. $10,000 will be an important test for Bitcoin, as it represents a key psychological level. It’ll be interesting to see if this rally has enough steam to breakout and hold above it.
Quote of The Day
“We decided that systematic trading was best. Fundamental trading gave me ulcers.”
– Jim Simons (founder of Renaissance Technologies)
Top Links
Solar stocks have been significantly outperforming the broader market so far in 2019. In this report, we highlight some of the individual names in the space that we think have the best risk/reward setups right now.
Why Technical Analysis – StockCharts.com
In this article, Greg Morris discusses how he got into technical analysis and why it’s so important to study price action.
What the New High in The Advance-Decline Line Means for Stocks – The Fat Pitch
Urban Carmel points out that the cumulative advance-decline line made a new all-time high last week for both the NYSE and S&P 500. He explains why this is good news for stocks and discusses some of the limitations of the advance-decline line.
Sector Leadership Traits – Bespoke
In this piece, Bespoke challenges the idea that the market can’t rally without Financials. They analyze the data over the past decade to prove that Financials don’t lead the market the way many believe they do.
Looking for Strength in Last Week’s Market – Forbes
Technician and Forbes Contributor, Tom Aspray reviews last week’s price action and explores what it signals going forward. He gives his take on the major indices, sectors and Treasury yields.
Top 10 Tweets