Daily Chart Report ? Monday, August 19th, 2019
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Today’s Summary
Monday, August 19th, 2019
Indices: US stocks kicked off the week on a positive note with the Dow Jones Industrial Average jumping 250 points or 0.96%. The Nasdaq was the strongest of the major indices, gaining 1.35%.
Sectors: All 11 sectors of the S&P 500 closed higher. Energy led, gaining 2.21%. Utilities lagged but still gained 0.64%.
Commodities: Crude Oil futures rose 2.59% to $56.17 per barrel. Gold futures fell 0.79% to $1,511 per ounce.
Currencies: The US Dollar Index gained 0.23%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.608%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Adam Koos of Libertas Wealth Management Group (@AdamKoos). It is a daily candlestick chart of the S&P 500 index. The chart serves as a good roadmap for investors looking to buy the August pullback. Adam notes some bullish technical developments that have taken place. 1.) A positive momentum divergence has formed. This occurs when price makes a new low while RSI does not make a new low. 2.) Declining volume on a double-bottom pattern. This indicates that bears are losing steam as selling wasn’t as heavy on the second bottom. Adam suggests these bullish patterns will be confirmed when price breaks above the mid-month highs around 2940. He adds that a stop loss should be placed at the lows of the double bottom pattern around 2840.
Quote of The Day
Top Links
Home Depot is Building Up a Big Rally, Says Top Technician – CNBC
Technical Analyst, Carter Worth breaks down the chart of Home Depot ($HD). He explains why he thinks the stock is poised for further outperformance.
This is a Cyclical Bear Market: Technical Analyst – BNN Bloomberg
JC Parets of All Star Charts made an appearance on BNN Bloomberg last Friday to discuss the recent yield curve inversion and the state of the US stock market.
Ideas For The Week 8/18/19 – GK Trading
Greg Krupinski shares chart setups of some of the individual stocks that he’s watching this week.
Momentum Monday – Trading in a Range Bound Market – Howard Lindzon
In this video, Howard Lindzon and Ivanhoff offer their thoughts on the current market environment and identify some of the most attractive momentum stocks.
Transports 10-Year Bullish Trend Being Tested! Rally Time or Breakdown? – Kimble Charting Solutions
Chris Kimble takes a look at the Dow Jones Transportation Index. He points out that the index is currently testing key support from a decade-long rising channel.
Top 10 Tweets
You’re all caught up now. Thanks for reading!