Daily Chart Report ? Thursday, August 15th, 2019
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Today’s Summary
Thursday, August 15th, 2019
Indices: US stocks were higher in today’s session with the Dow Jones Industrial Average closing up 100 points or 0.39%. The Russell 2000 was the weakest of the major indices, falling 0.40%.
Sectors: Consumer Staples led, gaining 1.50%. Energy lagged for the second day in a row, falling 0.62%.
Commodities: Crude Oil futures were lower by 1.32% to $54.44 per barrel. Gold futures rose 0.23% to $1,531 per ounce.
Currencies: The US Dollar Index gained 0.18%.
Interest Rates: The US 10-year Treasury yield fell to 1.502%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Mark Newton (@MarkNewtonCMT). It is a weekly candlestick chart of General Electric ($GE). The stock suffered its worst day in over a decade today, falling 11.30% after Madoff whistleblower Harry Markopolos accused the company of accounting fraud. Mark points out that price began to break down from a triangle pattern a full week before the Markopolos report was released. This reiterates our belief that news flow follows price and that all relevant information is baked into price. News like this should come as no surprise to chart watchers who have seen this stock in a multi-year downtrend. Technicians tend to ignore the news and instead focus on price action. This may be hard for some to understand, but the idea behind it is simple. An uptrend is an indication that the company is doing something right, while a downtrend tells you that there could be something wrong with the company. Remember, the trend is your friend!
Quote of The Day
“Excesses in one direction will lead to an opposite excess in the other direction.”
– Bob Farrell (Technical Analyst)
Top Links
The Bears Have My Attention – Omaha Charts
For those of you that don’t understand all of the recent chatter about the yield curve, here’s a great piece from Trent Smalley of Omaha Charts telling you what you need to know.
Sentiment Still Bearish But That’s a Good Sign – Bespoke
This note from Bespoke takes a look at the extreme level of bearish sentiment from the latest AAII Sentiment Survey.
The Elliott Wave Wednesday Live Stream with Todd Gordon and Special Guest Brian Shannon – Trading Analysis.com
In this video, two top technical analysts, Brian Shannon and Todd Gordon discuss their process and share their thoughts on the market right now.
Analyst, Options Traders See 2-year Lows Ahead for Caterpillar – Schaeffer’s Investment Research
Schaeffer’s Investment Research points out that the options market is suggesting that Caterpillar’s stock ($CAT) is poised to fall further from here.
A Closer Look at Technical Support – LPL Finacial Research
In this note from LPL Financial Research, they break down the key technical developments to watch for on the S&P 500 including specific levels of support.
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!