Daily Chart Report ? Wednesday, July 3rd, 2019
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Today’s Summary
Wednesday, July 3rd, 2019
Indices: US stocks were higher in today’s abbreviated session with the Dow Jones Industrial Average gaining 179 points or 0.67%. The S&P 500 was the strongest of the major indices gaining 0.77%.
Sectors: Real Estate led for the second day in a row gaining 1.44%. Energy lagged for the second day in a row, falling 0.40%.
Commodities: Crude Oil futures rose 2.04% to $57.39 per barrel. Gold futures gained 1.00% to settle at $1,422 per ounce.
Currencies: The US Dollar Index rose just 0.06%.
Interest Rates: The US 10-year Treasury yield fell to 1.953%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Aksel Kibar (@TechCharts). It’s a weekly candlestick chart of McDonald’s ($MCD). The chart shows $MCD breaking out of an Ascending Triangle that took 4 months to form. An Ascending Triangle is a bullish continuation pattern that features a horizontal resistance line coupled with an upward sloping support line. A price target for this pattern can be found by taking the height of the triangle and adding it to the breakout price. Aksel notes that $MCD recently hit its price target of $209. We like this chart because it serves as a textbook example of an Ascending Triangle and a great demonstration on how to calculate a price target using classic chart patterns.
Quote of The Day
“If everyone’s waiting for a pullback to buy either you don’t get a pullback or, if you do, you shouldn’t buy it.”
– Bob Farrell (Technical Analyst)
Top Links
Katie Stockton of Fairlead Strategies joined host Abigail Doolittle on Bloomberg yesterday to lay out her bullish thesis on the S&P 500. She also touched on the 10-year Treasury Yield and the Nikkei.
Bond Rally to Reverse? - Real Vision
Mark Newton of Newton Advisors made an appearance on Real Vision today to share his thoughts on Bonds and the Financial Sector. He thinks yields are due for a short-term bounce and recommends using the Regional Banking ETF ($KRE) to express his trade.
Monthly Breadth: Dark Clouds or a Ray of Hope? - Chris Ciovacco
Here's a blog post from Chris Ciovacco. He examines market breadth using the monthly NYSE Advance-Decline Line.
Fibonacci & The Dow - All Star Charts
In this video, JC Parets of All Star Charts discusses how he uses Fibonacci Analysis. He shows viewers a few examples of how Fibonacci Extensions can serve as a great tool for establishing price targets.
Will Chart Pattern Be Stock Market's 'Cup" of Tea? - Dana Lyons
In this piece, Dana Lyons points out the potential cup & handle pattern that's forming on the chart of the Russell 3000 index. He explains why this simple chart pattern would be a huge gift to the bulls if it pans out.
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