Daily Chart Report ? Tuesday, August 13th, 2019
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Today’s Summary
Tuesday, August 13th, 2019
Indices: US stocks were higher in today’s session with the Dow Jones Industrial Average gaining 373 points or 1.44%. The Nasdaq outperformed the rest of the major indices, gaining 1.95%.
Sectors: All 11 sectors of the S&P 500 were higher. Technology led, gaining 2.52%. Financials lagged but still inched higher by 0.05%.
Commodities: Crude Oil futures rose 3.84% to $57.07 per barrel. Gold futures fell 0.20% to $1,514 per ounce.
Currencies: The US Dollar Index gained 0.46%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.702%.
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 Michael Kahn (@mnkahn). It’s a daily bar chart of Gold over the past year. Gold has had a terrific run this year and is actually outperforming the S&P 500 year-to-date. Michael notes that it may be a good time to “ease up on the gas” because the chart is showing a bearish RSI divergence as well as a reversal pattern. A bearish RSI divergence occurs when price makes a new high while RSI fails to make a new high. In addition to the reasons Michael laid out, sentiment on Gold is beginning to reach extremely bullish levels, which is actually a bearish sign that the trade is crowded. We’ve been bullish on Gold and think that this is potentially the beginning of a bull market in Precious Metals. However, in the short-term, Gold looks like it needs some time to cool off and digest its recent gains.
Quote of The Day
Top Links
Trendless Markets – The Chart Report
In this report, we address the flat 200-day moving average on the S&P 500 and the trendless environment that stocks have been stuck in for over a year now.
Betting on Clean Energy – Real Vision
Technical Analyst, Rick Bensignor made an appearance on Real Vision today to share a trade idea on the Clean Energy ETF, $PBW.
Stay Away From European Banks, Says Technical Analyst – CNBC
In this clip from CNBC, Ari Wald of Oppenheimer shares his thoughts on European Banks and tells investors to avoid buying them.
5 Signs the Stock Market is Terrified – Schaeffer’s Investment Research
Here’s an interesting note from Schaeffer’s, that examines five different sentiment indicators that are currently showing signs of “extreme fear” in the US stock market.
U.S Banks are Hitting Foul Balls: Technical Analyst – BNN Bloomberg
Todd Sohn of Strategas Research Partners discusses the current market environment. He touches on Banks, Bonds, and some of the individual sectors of the S&P 500.
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!