Daily Chart Report ? Wednesday, June 19th, 2019
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Today’s Summary
Wednesday, June 19h, 2019
Indices: US stocks ended higher in today’s session with the Dow Jones Industrial Average gaining 38 points or 0.15%. The Nasdaq led the rest of the major indices for the second day in a row, finishing up 0.42%.
Sectors: Healthcare led, gaining 0.90%. Materials lagged, falling 0.55%.
Commodities: WTI Crude Oil futures were lower by 0.26% to settle at $53.76 per barrel. Gold futures were slightly lower by 0.10% and settled at $1,348 per ounce.
Currencies: The US Dollar Index fell 0.43%.
Interest Rates: The US 10-year Treasury yield fell to 2.028%.
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 in a research note from Andrew Adams and Jeff Saut. The chart examines the correlation between the U.S. Dollar Index and the S&P 500 over the past 10-years. There’s a lot of speculation and discussion over how the Dollar will impact the stock market however, this chart proves that no meaningful relationship exists between the two over the past 10 years. Andrew uses the 20-day correlation in the lower panel of the chart to explain that if there was, in fact, a positive/negative correlation between the two, the indicator would consistently stay near 1 or -1.
Quote of The Day
“To expect the unexpected shows a thoroughly modern intellect.”
– Oscar Wilde (Irish Playwright)
Top Links
What Typically Happens When These Charts Flip - Chris Ciovacco
Chris Ciovacco takes a look at past examples of when the 100-day moving average crossed the 300-day moving average. He makes a strong case for using these two moving averages to signal major market tops and bottoms.
Can Stocks Really Gain 20% This Year - LPL Financial Research
In this note, LPL maintains its prediction that the S&P 500 will gain nearly 20% in 2019, something it hasn't done since 2013. They point out that it's rare for the market to go five consecutive years without a 20% gain.
Swiss Markets Break Out to All-time Highs - All Star Charts
JC Parets brings up the fact that Switzerland's stock market index just broke out to new all-time highs. He also spells out what this could mean for European Equities in general.
The Last Two Times the S&P 500 Did This, The Market Topped Out - CNBC
In this clip from CNBC, technical analyst, Katie Stockton presents her intermediate-term outlook on the S&P 500.
S&P 500 in Bullish Formation and Could Top 3,000, Instinet's Cappelleri Says - Bloomberg
On the latest edition of Bloomberg's "Smart Charts" Frank Cappelleri, of Instinet gives his thoughts on the S&P 500, Treasury yields, and the Healthcare Providers ETF, $IHF. HF.
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