Daily Chart Report ? Tuesday, August 6th, 2019
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Today’s Summary
Tuesday, August 6th, 2019
Indices: US stocks rebounded today with the Dow Jones Industrial Average closing higher by 312 points or 1.21%. The Nasdaq was the strongest of the major averages, gaining 1.39%.
Sectors: Technology led, gaining 1.66%. Energy lagged, falling 0.12%.
Commodities: Crude Oil futures slipped 1.89% to settle at $53.61 per barrel. Gold futures hit another multi-year high, gaining 0.51% to $1,484 per ounce.
Currencies: The US Dollar Index inched higher by 0.07%.
Interest Rates: The US 10-year Treasury yield rose to 1.736%.
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 Ryan Detrick of LPL Financial Research. The chart shows the number of 5% pullbacks in the S&P 500 that have occurred each year going back to 1990. He points out that on average, the index experiences 3.3 separate 5% pullbacks per year. So far in 2019, we’ve now had two. Ryan and the team at LPL began calling for a late-summer pullback after the S&P 500 reached their year-end target of 3,000 at the end of July. Their reasoning was based on August seasonality, and the fact that we had only had one 5% pullback in 2019 up to that point. Sure enough, the Dow sold-off at the beginning of August and we got the 5% pullback that Ryan and the team at LPL anticipated.
Quote of The Day
Top Links
Thinking in Percentages vs. Points – The Chart Report
In this report, we put yesterday’s sell-off into perspective. It was certainly a violent day, however, it wasn’t as bad as some news outlets were suggesting.
‘Not Yet Over’ – Stocks Have Further to Fall Before the Selling Subsides, Say Chart Analysts – CNBC
In this article from CNBC, some of the top-technicians share their thoughts on the recent volatility.
Tony Dwyer, Chief Market Strategist at Canaccord Genuity – Technical Analysis Radio
Here’s a great podcast featuring Market Strategist, Tony Dwyer. He discusses his process and gives his outlook on the markets right now.
Why Doesn’t This Matter This Time? – StockCharts.com
Greg Schnell discusses the weakness of small-cap stocks and tells readers not to ignore the Russell 2000 right now.
Market Volatility Weighs on Sector Trends – R.W. Baird
Willie Delwiche of Baird analyzes the relative strength, breadth, and momentum across each of the 11 sectors of the S&P 500.
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
August 12th-18th – Chart Pattern Beauty Competition – Post your best chart to Twitter using the hashtag: #TrendSpiderContest19 to win a $100 Amazon Gift Card and more! Click here for details.
You’re all caught up now. Thanks for reading!