Daily Chart Report ? Thursday, July 18th, 2019
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Today’s Summary
Thursday, July 18h, 2019
Indices: US stocks inched higher in today’s session, with the Dow Jones Industrial Average closing up just 3 points or 0.01%. The S&P 500 was the strongest of the major indices, gaining 0.36%.
Sectors: Utilities led for the second day in a row, gaining 0.87%. Communications lagged, falling 0.85%.
Commodities: Crude Oil futures fell for the sixth straight session, falling 2.33% to $55.42 per barrel. Gold futures gained 0.34% to $1,427 per ounce.
Currencies: The US Dollar Index dropped 0.53%.
Interest Rates: The US 10-year Treasury yield moved lower to 2.028%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Scott Elliott (@Scelliott81). It’s a weekly candlestick chart of Tesla ($TSLA) testing a key level around $250. As you can see this level acted as support several times in the past before breaking down in April. After breaking the $250 level, the stock fell to a low of $177 on June 3rd. Since then, shares have rallied 43% back to the scene of the crime. Scott alludes to a classic concept in Technical Analysis known as the principal of polarity, where former support tends to act as resistance.
Quote of The Day
“All of us have cognitive blinders. Technical Analysis addresses that.”
– Andrew Lo (Professor)
Top Links
Chris Kimble has been closely covering the precious metals rally for months. In this piece, he points out that silver is approaching a potential resistance level.
What is Technical Analysis? - All Star Charts
Technical Analysis can be a pretty broad term. In this video, JC Parets explains what Technical Analysis means to him and how it encompasses so much more than trendlines and indicators.
Three Must-See Charts - Bloomberg
Oppenheimer's Head of Technical Analysis, Ari Wald joined Abigail Doolittle on Bloomberg yesterday to present three charts that he's watching.
The Dumb Money is Nearing Maximum Confidence - Sentiment Trader
Jason Goepfort of Sentiment Trader shows that investor confidence is creeping higher. He takes a look at the proprietary "Dumb Money" sentiment indicator and points out that it's currently in the top 2.3% of all readings.
What Can We Expect From The Stock Market Over the Next 3 Months - BullMarkets.co
In this piece, Troy Bombardia uses historical data to guide his intermediate-term outlook. He includes charts of past years to emphasize that the next three months are often choppy and sideways, especially after a strong first half of the year.
Top 10 Tweets
Upcoming Events
Tuesday, July 23rd - CMT Association: New York Chapter Meeting Featuring Tony Dwyer
Wednesday, July 24th - Webcast: "Coding in Python - The Traders New Edge" with Chris Cain, CMT