Daily Chart Report ? Wednesday, July 17th, 2019
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Today’s Summary
Wednesday, July 17h, 2019
Indices: US stocks were lower in today’s session with the Dow Jones Industrial Average falling 116 points or 0.42%. The Russell 2000 was the weakest of the major indices, falling 0.72%.
Sectors: Utilities led, gaining 0.45%. Industrials lagged, falling 2.16%.
Commodities: Crude Oil futures dropped 1.46% to $56.74 per barrel. Gold futures rallied 0.83% to $1,423 per ounce.
Currencies: The US Dollar Index fell 0.17%.
Interest Rates: The US 10-year Treasury yield moved lower to 2.05%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared in a research note from Frank Cappelleri of Instinet (@FrankCappelleri). It’s a chart showing the S&P 500 in the top panel, and the number of new highs within the index on the bottom panel. Over the past month or two, the S&P 500 has rallied to record highs. At the same time, breadth, as measured by the # of stocks hitting new highs, has been deteriorating. Frank explains: “A lot of that has to do with Real Estate and Utility stocks pulling back a bit with Bonds. But with the SPX making new highs for a while now, the number of overall constituents doing the same could be higher.” Frank is still bullish on the broader market however this breadth divergence is a potentially bearish development that he’s watching closely.
Quote of The Day
“If I had eight hours to chop down a tree, I’d spend six sharpening my axe.”
– Abraham Lincoln (16th US President)
Top Links
The Dow Jones Industrial Average hit a new all-time high recently while the Dow Jones Transportation Average is still 9% below its high. This piece explores Dow Theory and contrasts several opposing views on the topic.
Strategist Kolovos Says Buy Bitcoin Futures Closer to $8,500 - Bloomberg
In this clip, Chief Technical Strategist, John Kolovos of Macro Risk Advisors joins Bloomberg's Abigail Doolittle to share his thoughts on Bitcoin.
Podcast with Rob Koyfman, Founder of Koyfin - Technical Analysis Radio
Koyfin is a free data visualization platform that offers a range of tools geared towards Technical and Fundamental Analysis. In this podcast, founder Rob Koyfman sits down with host, JC Parets to discuss some of the ways people are using Koyfin.
Semis are Back in Gear and this Stock is Poised to Extend Higher - StockCharts.com
In this article, Arthur Hill of StockCharts.com takes a look at Semiconductor stocks. He highlights one particularly attractive set up within the group, NXP Semiconductor ($NXPI).
A Long-Awaited Breakout - Real Vision
Tom Bruni of All Star Charts made an appearance on Real Vision today to outline a bullish trade idea on $AGCO.
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