Daily Chart Report ? Monday, July 29th, 2019
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Today’s Summary
Monday, July 29th, 2019
Indices: US stocks were mixed in today’s session with the Dow Jones Industrial Average gaining 29 points or 0.11%. The Nasdaq and S&P 500 fell 0.44% and 0.16%, respectively. The Russell 2000 was the weakest of the major indices, dropping 0.63%.
Sectors: Utilities led, gaining 0.52%. Financials lagged, falling 0.77%.
Commodities: Crude Oil futures rose 1.19% to settle at $56.87 per barrel. Gold futures gained 0.25% to $1,422 per ounce.
Currencies: The US Dollar Index inched higher by 0.03%.
Interest Rates: The US 10-year Treasury yield moved lower to 2.062%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by YCharts (@ycharts). It’s a performance chart highlighting the strength of chicken-related stocks….yes, chicken. We like this chart for two reasons. The first being that today is National Chicken Wing Day. The second is that it’s a theme that we’ve been pounding the table on for months now. In May, our very own Steve Strazza pitched Wingstop ($WING) on Real Vision’s Trade Idea’s segment. We first arrived at the idea by observing that the Dow Jones Restaurant and Bar Index ($DJUSRU) was outperforming the broader market. From there, we took a look at the components within that index and found that $WING had a particularly appetizing chart setup. Since then, $WING has gained over 24%. Another reminder that the trend is your friend.
Quote of The Day
Top Links
Aggressive on Aerospace – The Chart Report
In this report, we recap a trade idea that Dan Russo of Chaikin Analytics presented on Real Vision today. He’s bullish on the Aerospace & Defense ETF, $ITA and recommends two stocks within the ETF that he thinks will head higher.
Video: Intermarket Relationships For Interest Rate Analysis – All Star Charts
JC Parets and Steve Strazza discuss some of the Intermarket relationships that are influencing the direction of US Interest Rates.
Podcast with Ari Wald – Financial Sense
Ari Wald of Oppenheimer & Co. shared his thoughts on Interest Rates, the US Dollar, and his outlook on Equities. Ari’s segment begins about 8:20 into the podcast.
Louise Yamada Sees Gold Surging to New Highs – Bloomberg
Legendary Technician, Louise Yamada made an appearance on Bloomberg last week to discuss her bullish outlook on Gold and Gold Miners. She explains that Gold is breaking out of a six-year base and says; “The bigger the base the higher in space.”
Homebuilders About to Break Support and Send Negative Message About the Economy? – Kimble Charting Solutions
Chris Kimble of Kimble Charting Solutions points out that the Homebuilders ETF, $XHB is testing an important support level. He argues that it would be negative for the broader market and the economy if Homebuilder’s breakdown from here.
Top 10 Tweets
Upcoming Events
Wednesday, August 7th – Webcast: “Making The Most Of Panic – Exploring The Value Of Combining Price & Supply/Demand Indicators” with Chris Diodato, CMT
You’re all caught up now. Thanks for reading!