Daily Chart Report ? Thursday, August 29th, 2019
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Today’s Summary
Thursday, August 29th, 2019
Indices: US stocks were higher in today’s session with the Dow Jones Industrial Average gaining 326 points or 1.25%. The Russell 2000 was the strongest of the major indices for the second day in a row, rising 1.63%.
Sectors: All 11 sectors of the S&P 500 closed higher. Technology led, gaining 1.74%. Consumer Staples lagged but managed to eke out a small gain of 0.05%.
Commodities: Crude Oil futures were up 1.63% to $56.67 per barrel. Gold futures fell 0.77% to $1,537 per ounce.
Currencies: The US Dollar Index gained 0.23%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.496%.
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 John Kicklighter (@JohnKicklighter). It’s a four-hour candlestick chart of the S&P 500 index going back to February of this year. For the majority of August, the index has been stuck in a choppy trading range. John notes that the index is currently testing the upper end of this range. This is actually pretty typical price action for the month of August as it’s a notoriously volatile and lackluster month for stock returns. Tight consolidations like this often resolve in an explosive move higher or lower. This will be the fourth time in the past few weeks that price has tested the upper end of this range. Will the fourth time be the charm, or does the index run into resistance at this level and head back to the bottom of the range? We could find out the answer to this question as soon as tomorrow!
Quote of The Day
“Risk is good. Not properly managing your risk is a dangerous leap.”
– Evel Knievel (Stunt Performer )
Top Links
The Big BAANG – The Chart Report
A few weeks ago, John Roque went on CNBC to propose a group of Gold Mining stocks that he thinks will outperform the beloved FAANG stocks. In this report, we check up on this group and see how its performed versus FAANG.
The Stock Market is in a Period of Indecision That it Will Break Out of – Asymmetry Observations
Portfolio Manager, Mike Shell takes a look at the tight trading range that the market has been in during the month of August and offers his thoughts on what’s going to happen next.
Thursday’s Key Levels for Indicies and Sectors – Market Gauge
Michele Schneider highlights some of the important levels to watch on the major averages as well as some of the popular industry group ETFs.
The Gold Rally May Cool Briefly – Bloomberg
Bloomberg’s Greg Bender and Abigail Doolittle discuss Gold and what options action is signaling for the Precious Metal.
The One “Technology” Sector Not Working – All Star Charts
Tom Bruni of All Star Charts examines the chart of Biogen ($BIIB) as well as the Biotechnology industry group ETF, $IBB.
Top 10 Tweets
You’re all caught up now. Thanks for reading!