Daily Chart Report ? Monday, August 12th, 2019
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Today’s Summary
Monday, August 12th, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average falling 391 points or 1.49%. The S&P 500 and Nasdaq performed slightly better but still fell 1.23% and 1.20% respectively.
Sectors: All 11 sectors of the S&P 500 were lower. Real Estate led but still fell 0.13%. Financials lagged falling 1.95%.
Commodities: Crude Oil futures rose 0.88% to $54.96 per barrel. Gold futures were higher by 0.55% to $1,517 per ounce.
Currencies: The US Dollar Index inched lower by 0.11%.
Interest Rates: The US 10-year Treasury yield dropped to 1.64%.
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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 by Jeffery Huge of Alpha Insights (@Alpha_Insights). It’s a weekly bar chart of Copper Futures over the past three years. The chart highlights the bearish Head & Shoulders pattern that has formed. Confirmation of this pattern occurs when price breaks below the red horizontal line known as the “neckline.” As you can see, Copper has already broken below the neckline and looks to be headed lower. Copper is often used as a leading economic indicator because of its various industrial applications. This is one chart that traders and investors are watching closely right now because further weakness from this metal would be an early warning sign that global growth is slowing.
Quote of The Day
Top Links
Volatility Spike – What Happens Next – SentimentTrader.com
This piece from SentimentTrader.com uses historical data to show what typically happens after large spikes in volatility like the one we saw last week.
Momentum Monday – Should You Panic Early? – Howard Lindzon
Here’s Howard Lindzon’s weekly “Momentum Monday” video in which he reviews dozens of charts and highlights some of his favorite trends and momentum stocks.
Silver Breakout “Test” Important for Precious Metals – Kimble Charting Solutions
Chris Kimble takes a look at the weekly chart of Silver. He points out that Silver is testing key resistance and explains that a breakout from this level would be bullish for the overall Precious Metals space.
Financials Dragging Down European Stocks – All Star Charts
In this video, JC Parets and Chart Report contributor, Steve Strazza discuss European Banks and how they’re weighing down some of the major European equity indexes right now.
This Biotech Kept its Head While Others Lost Theirs – StockCharts.com
Arthur Hill of StockCharts.com examines the chart of one Biotech stock that is showing strength relative to the broader market, Amgen ($AMGN).
Top 10 Tweets
Upcoming Events
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!