Daily Chart Report ? Tuesday, June 25th, 2019
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Today’s Summary
Tuesday, June 25th, 2019
Indices: US stocks were lower in today’s session with the Dow Jones Industrial Average falling 179 points or 0.67%. The Nasdaq underperformed the rest of the major indices falling 1.51%.
Sectors: Materials led for the second day in a row and were the only sector to close positive, but just by 0.04%. Communications lagged, falling 1.84%.
Commodities: WTI Crude Oil futures were slightly higher by 0.09% to settle at $58.09. Gold futures were higher by 1.10% and settled a six-year high of $1,436 per ounce.
Currencies: The US Dollar Index gained 0.19%.
Interest Rates: The US 10-year Treasury yield fell below 2% and is now at 1.988%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Andrew Thrasher (@AndrewThrasher). It’s a daily candlestick chart of the S&P 500 index, with an RSI and On Balance Volume indicator on top. The chart highlights the failed breakout that he’s seeing in the S&P 500. A failed breakout occurs when price breaks out from a prior high but fails to hold above it. These failed breakouts are concerning to technicians because they trap buyers who bought the initial breakout and they tend to cause sharp moves in the opposite direction. The fact that both momentum (RSI) and volume diverged while price broke out, is further evidence that this could be a failed breakout. We saw a failed breakout in the S&P 500 at the end of April when the index broke out to new all-time highs but then failed to hold the October ’18 highs, resulting in a 7% pullback in May. We’ll have to keep a close eye on this. Bulls will need the S&P 500 to get back above the prior highs.
Quote of The Day
“Sometimes the road less traveled is less traveled for a reason.”
– Jerry Seinfeld (Comedian)
Top Links
Following Up on Frontier Markets – The Chart Report
We’ve been highlighting the outperformance from Frontier Markets. Our co-founder Steve Strazza was featured on Real Vision today to offer up a trade idea on the Frontier Markets ETF ($FM).
The Trend is Your Friend and…Kerplunk! – Howard Lindzon
Howard Lindzon is always looking to identify and ride trends in the markets. In this quick read, Howard discusses new highs in the S&P 500, Bitcoin, and Gold. He features a chart from Charlie Bilello to illustrate the abundance of risk appetite in the markets.
Is This Dow Stock Laced Up for a Fall? – StockCharts.com
In this article, Greg Schnell of StockCharts.com takes a look at the chart of Nike ($NKE). He warns that several technical indicators are flashing bearish signals for the stock.
1/2 of Bitcoin Bubble Signals Have Triggered – Sentiment Trader
Bitcoin broke above the $11,000 level today. In this piece from Sentiment Trader, they point out that despite Bitcoin’s recent surge, sentiment isn’t showing signs of a euphoric buying frenzy.
How to Use Behavioral Finance – Real Vision
Technical strategist, Rick Bensignor made an appearance on Real Vision today to chat about the role that psychology plays in financial decision making and how that influences the markets more than fundamentals.
Top 10 Tweets