Daily Chart Report ? Friday, August 30th, 2019
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Today’s Summary
Friday, August 30th, 2019
Indices: US stocks were little changed in today’s session with the Dow Jones Industrial Average gaining 41 points or 0.16%. Both the Nasdaq and Russell 2000 inched lower by 0.13% while the S&P 500 changed just 0.06%.
Sectors: Materials led, gaining 0.67%. Consumer Discretionary lagged, falling 0.60%.
Commodities: Crude Oil futures slipped 2.77% to $55.04 per barrel. Gold futures were lower by 0.27% to $1,533 per ounce.
Currencies: The US Dollar Index rose 0.30%, hitting a new multi-year high.
Interest Rates: The US 10-year Treasury yield moved lower to 1.503%.
**As a reminder, both the US stock market and bond market will be closed Monday, September 2nd in observance of Labor Day**
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Yuriy Matso (@yuriymatso). It’s a one-hour candlestick chart of S&P 500 futures going back to the end of July. In yesterday’s Chart of the Day, we highlighted the fact that the S&P 500 was attempting to break out of the trading range that it’s been stuck in for the majority of August. Today, the index once again failed to break out above that key 2940 level. This marks the fourth time that the level has acted as resistance. Many hoped that today would be the day that we finally breakout, but for now, it’s back to the choppy trading range.
Quote of The Day
Top Links
Here Comes the Worst Month of the Year – LPL Financial Research
In this note from LPL Financial Research, they caution readers that September tends to be the worst-performing month for the stock market.
Stay Away from These Stocks in September – Schaeffer’s Investment Research
Schaeffer’s put together this list of the 25 worst stocks to own in the month of September. At the top of the list is Marathon Petroleum ($MPC).
State of the Stock Market – Big Sectors Hold Strong – StockCharts.com
Arthur Hill of StockCharts.com does an in-depth analysis of the US Stock Market. He covers everything from sector-level trends to market breadth.
Jet Blue Rallies After an Upgrade, But Some Analysts Prefer This Airline Stock – CNBC
In this clip from CNBC, Head of Technical Analysis at Oppenheimer, Ari Wald weighs in on airline stocks.
Day After Labor Day Bullish for Small Caps – Almanac Trader
Seasonality Expert, Jeff Hirsch points out that the major indices tend to be positive on the Tuesday after Labor Day, especially the Small-cap Russell 200 index.
Top 10 Tweets
You’re all caught up now. Thanks for reading!