Daily Chart Report ? Thursday, June 27th, 2019
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Today’s Summary
Thursday, June 27th, 2019
Indices: US stocks were mostly higher in today’s session. The Dow Jones Industrial Average was the only major average to close negative by just 10 points or 0.04%. The Russell 2000 was the strongest of the major indices, gaining 1.90%.
Sectors: Financials led, gaining 0.96%. Energy lagged, falling 0.74%.
Commodities: Crude Oil futures were slightly higher by 0.07% to settle at $59.43 per barrel. Gold futures inched lower by 0.11% to settle at $1,408 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The US 10-year Treasury yield fell to 2.014%
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Jeroen Blokland (@jsblokland). It is a ratio chart comparing the price of alt-coins, or crypto-currencies aside from Bitcoin to the price of Bitcoin itself. Jeroen points out that alt-coins are being obliterated by Bitcoin this year, as the ratio is lower by 40% on a year-to-date basis. One way in which Technicians like to use ratio analysis is to gauge the risk-appetite of markets. But unlike most asset classes, crypto-currency is still in its infancy so it’s hard to say what this type of action means for the space on a broader level. Bulls and bears can both make valid arguments that this works in their favor but for now, all we know for sure is that it means Bitcoin is outperforming and remains the place to be invested within crypto markets.
Quote of The Day
“Screw it, let’s do it!”
– Richard Branson (Business Magnate)
Top Links
In this report, we highlight a great interview with Technical Strategist, Chris Verrone of Strategas Research Partners. Chris makes the observation that for the second time in history, stocks, bonds, and gold are moving higher in sync.
Takeaways from the Benzinga Trading Summit - The Chart Report
We recently attended the Benzinga Trading Summit in New York City, which brought together some of the top traders on Wall St. for a day of live education and training. Here are some of the highlights from the conference.
Apple Stock Looks Set for a Breakout - Investopedia
In this piece, Chad Shoop, CMT points out that Apple ($AAPL) has been coiling into a wedge pattern on the daily chart. He expects this chart formation to result in an explosive move.
Three Must-See Charts About High Beta, Small Caps and Industrials - Bloomberg
Oppenheimer's head of technical analysis, Ari Wald joined Bloomberg's Abigail Doolittle today to present three charts that he's watching right now.
Looking at the Market Through Different Lenses: Cumulative Highs/Lows - Dr. Brett Steenbarger
Dr. Brett Steenbarger plots the S&P 500 versus the 20-day new highs minus the 20-day new lows line. He cautions the fact that the S&P 500 made a new high but this indicator didn't.
Top 10 Tweets