Daily Chart Report ? Tuesday, August 27th, 2019
Sponsored By:
Today’s Summary
Tuesday, August 27th, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average falling 121 points or 0.47%. The Russell 2000 was significantly weaker than the rest of the major indices, slipping 1.35%.
Sectors: Communications led, gaining 0.19%. Energy lagged, falling 0.62%.
Commodities: Crude Oil futures rose 2.35% to $54.89 per barrel. Gold futures climbed 0.94% to a new multi-year high of $1,552 per ounce.
Currencies: The US Dollar Index inched lower by 0.06%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.473%.
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 Dan Russo of Chaikin Analytics (@DanRusso_CMT). It’s a daily candlestick chart of the Small-cap Russell 2000 index over the past year. The Russell 2000 has been in focus recently as it continues to underperform the other major indices. Today, it fell below the June low and closed at the lowest level since mid-January. Relative weakness from Small-cap stocks is undoubtedly an area for concern for the overall market because it indicates a lack of risk appetite. Dan points out that one positive development on this chart is the fact that RSI never reached oversold levels. Small-caps will need to catch a bid soon for the broader market to continue higher.
Quote of The Day
Top Links
The Most Important Indicator Right Now - The Chart Report
In this report, we examine a popular breadth indicator that's worth paying attention to right now; the percentage of stocks above their 200-day moving average.
Tribeca Trade Group's Fromhertz Likes Software Stocks Amid Trade War - Bloomberg
Christian Fromhertz made an appearance on Bloomberg yesterday to discuss why he likes the Software ETF, $IGV. He outlines an options trade to take advantage of further upside from this ETF.
Preparing for Financial ̶ ̶A̶p̶o̶c̶a̶l̶y̶p̶s̶e̶ ̶ Prosperity - Omaha Charts
Here's a good read from Trent Smalley of Omaha Charts. He talks about why long-term investors should ignore the headlines and embrace drawdowns as a buying opportunity.
Ups and Downs in a Bull Market are Normal, Strategist Says - CNBC
In this clip from CNBC, Ryan Detrick of LPL Financial Research weighs in on the recent volatility. He explains that this is a perfectly normal price action for the stock market despite the uncertain economic backdrop.
An "All-American" Pocket of Strength in an Otherwise Tough Market - StockCharts.com
In this piece, Mary Ellen McGonagle of StockCharts.com points out the relative strength shes seeing from Restaurant stocks. She takes a look at three stocks, in particular, Wendy's ($WEN), Chipotle ($CMG), and WingStop ($WING).
Top 10 Tweets
You’re all caught up now. Thanks for reading!