Daily Chart Report ? Monday, July 1st, 2019
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Today’s Summary
Monday, July 1st, 2019
Indices: US stocks jumped higher today to start the new week, month and quarter. The Dow Jones Industrial Average closed up 117 points or 0.44%. The S&P 500 advanced 0.77% and closed at a fresh all-time high. The Nasdaq was the strongest of the major indices, gaining 1.07%.
Sectors: Technology led, gaining 1.59%. Utilities lagged, falling 0.25%.
Commodities: Crude Oil futures were higher by 1.23% to settle at $59.19 per barrel. Gold futures dropped 1.89% to settle at $1,387 per ounce.
Currencies: The US Dollar Index gained 0.73%.
Interest Rates: The US 10-year Treasury yield moved higher to 2.033%.
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 Scott Redler (@RedDogT3). It’s a daily chart of the S&P 500 Index prior to today’s open. The S&P 500 opened and closed at an all-time high today. More importantly, it held above the key level that Scott noted (2954-2964). The reason this level is so significant is that the index has visited it three times in the past. Each time, it’s struggled to hold above it and advance higher. Now that the S&P 500 has broken out and closed above resistance, it’ll be important to see this level act as support. If it holds above it, 3000 for the index seems within reach. For now, keep an eye on how price acts around that key 2954-2964 level.
Quote of The Day
“Nothing gives one person so much advantage over another as to remain always cool and unruffled under all circumstances.”
– Thomas Jefferson (3rd US President)
Top Links
In this week's Chart of the Week column, we take a look at a ratio chart of Growth vs. Value. Growth has clearly outperformed Value for years, however, the chart is suggesting that Value could now be ready to take over.
Best June in Decades is Hated by Wall Street - Sentiment Trader
The S&P 500 gained over 6% last month, marking the best June since 1999. Despite this unusual strength, sentiment has become overly bullish.
Defensive Leadership Façade Cracking - R.W. Baird
In this research note, Willie Delwiche of R.W. Baird does a deep-dive into the sectors of the S&P 500. He notes that the defensive sectors of the market such as Utilities, Real Estate, and Consumer Staples are beginning to weaken.
Dine Brands Serves up Some Tasty Technicals - StockCharts.com
Over the past few months, we've been highlighting the strength we're seeing from food and restaurant stocks. In this article, Arthur Hill examines the chart of one restaurant stock in particular that he thinks is headed higher, Dine Brands ($DIN).
Interesting Equity Markets - Peter L. Brandt
In this short note, legendary trader, Peter Brandt breaks down what he's seeing from the charts of the Dow Jones Industrial Average and the S&P 500.
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