Daily Chart Report ? Tuesday, July 23rd, 2019
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Today’s Summary
Tuesday, July 23rd, 2019
Indices: US stocks were higher in today’s session with the Dow Jones Industrial Average gaining 166 points or 0.61%. The S&P 500 was the strongest of the major averages, gaining 0.69%.
Sectors: Materials led, gaining 2.03%. Utilities lagged, falling 0.60%.
Commodities: Crude Oil futures moved higher by 0.96% to $56.75. Gold futures fell 0.51%, settling at $1,419 per ounce.
Currencies: The US Dollar Index rose 0.49%.
Interest Rates: The US 10-year Treasury yield moved higher to 2.071%
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 Dan Russo of Chaikin Analytics (@DanRusso_CMT). It’s a line chart of the SPDR Technology sector ETF, $XLK breaking out to new all-time highs. Dan notes that recent strength from Semiconductor stocks has been helping push Technology higher. In fact, the Semiconductor ETF, $SMH closed at a new all-time high today along with $XLK. Continued strength from Semiconductors would be bullish for the Technology sector. In addition, strength from the Technology sector would be bullish for the broader market, as Technology represents the largest weighted sector of the S&P 500.
Quote of The Day
Top Links
Forget 'FAANG' Growth Stocks, One Technical Analyst Touts 'BAANG' Stocks for a New, Scarier ERA - CNBC
John Roque of Wolfe Research argues that gold mining stocks are more attractive than the beloved, FAANG stocks right now. He suggests a new acronym, BAANG, to represents some of his favorite mining stocks (Barrick Gold, AngloGold, Agnico Eagle Mines, Franco-Nevada and Gold Fields).
200 Reasons Why the Hindenburg Omen Matters - Sentiment Trader
This piece makes the case for using the infamous Hindenburg Omen. Jason Goepfert points out that this indicator has provided some timely sell signals in the past and he argues that it shouldn't be ignored right now.
Will Bank Stocks Join the Party? - All Star Charts
JC Parets of All Star Charts does a deep dive on the Financial sector. After combing through the charts of all the industry groups within the sector, he tells readers to focus on the Regional Banks ETF, $KRE.
Raindrop Charts - A Human-Friendly Volume Profile Chart - Trend Spider
Here's a webinar available to CMT Association members that introduces a new charting tool from Trend Spider known as Raindrop Charts™.
Precious Metals Trying to Break Free - Peter Brandt
Precious Metals are getting a lot of attention right now as they break out to multi-year highs. In this piece, legendary trader Peter Brandt weighs in on the recent move. the recent move.
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