Daily Chart Report ? Thursday, June 21st, 2019
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Today’s Summary
Friday, June 21st, 2019
Indices: US stocks were lower in today’s session with the Dow Jones Industrial Average falling 34 points or 0.13%. The Russell 2000 lagged the rest of the major indices, falling 0.89%.
Sectors: Communications led, gaining 0.18%. Real Estate lagged, falling 1.90%.
Commodities: WTI Crude Oil futures were higher by 0.93% to settle at $57.60. Gold futures were higher by 0.44% and settled at $1,403 per ounce.
Currencies: The US Dollar Index fell 0.44%.
Interest Rates: The US 10-year Treasury yield moved higher to 2.059%.
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 Brian Shannon (@alphatrends). It’s a 65 min candlestick chart of $LYFT since its IPO with two volume-weighted average price (VWAP) indicators, anchored from two different points in time. The VWAP is a fascinating indicator because it combines price, volume and time. It’s essentially exactly what it sounds like, a simple moving average that has been weighted by volume. It serves as a good guide for the average price that the stock was traded at and can help you identify levels that are of interest to buyers and sellers. The blue VWAP is anchored to the IPO date, and the green VWAP is anchored to the all-time low. As you can see, these two VWAPs have acted as support and resistance numerous times. Brian anchors the VWAPs to important dates for the stock such as an IPO day, earnings announcement, absolute low, or any important day for the stock where buyers and sellers were forced to make decisions.
Quote of The Day
“Ability is what you’re capable of doing. Motivation determines what you do. Attitude determines how well you do.”
– Lou Holtz (American Football Coach)
Top Links
Are Bulls an Endangered Species? – LPL Financial Research
Here’s a research note from LPL financial that examines sentiment within the current market environment. They point out that fund managers have their largest cash position in a while despite the S&P 500 at all-time highs.
Chart Analysts See More Gains Ahead for Stocks After Breakout to All-time Highs – CNBC
This article from CNBC features two top-technicians, Jeff DeGraaf and Katie Stockton. They share their charts and lay out their bullish outlook on the market.
The Importance of Keeping it Simple – Real Vision
In this video, David Keller of Sierra Alpha Research talks about his process and how he classifies his analysis into two distinct groups; trend following and mean reversion.
Why Gold Prices Might be Poised for a Big Move Higher – Bloomberg
John Roque of Wolfe Research made an appearance on Bloomberg yesterday to talk about Gold and why he thinks it’s headed higher.
Palladium Price: Bullish Move Could Be Nearing its Final Stage – DailyFX
Palladium futures have had a nice run over the past year, however that run may be coming to an end. This article outlines the bearish case for the precious metal.
Top 10 Tweets