Daily Chart Report ? Friday, September 6th, 2019
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Today’s Summary
Friday, September 6th, 2019
Indices: US stocks were mixed in today’s session with the Dow Jones Industrial Average gaining 69 points or 0.26%. The Nasdaq and the Russell 2000 fell 0.17% and 0.37%, respectively.
Sectors: Energy led, gaining 0.53%. Utilities lagged for the second day in a row, falling 0.40%.
Commodities: Crude Oil inched up 0.25% to $56.45 per barrel. Gold futures dropped 0.64% to $1,516 per ounce.
Currencies: The US Dollar Index dropped 0.41%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.56%.
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 Mike Zaccardi (@MikeZaccardi). It’s a daily candlestick chart of Natural Gas Futures over the past 12-months. Natural Gas fell over 50% from the peak in November 2018 to the low on August 5th. Prices have quietly rebounded 22% off the low in just one month. Today, Natural Gas closed at a 3-month high of $2.499. Legendary investor Jack Bogle once said: “Reversion to the mean is the iron rule of the financial markets.” Natural Gas is still in a nasty downtrend; however, it seems to be in the process of reverting to the mean, and mean reversion moves can be powerful. It’s currently trading above its 50-day moving average (in red) but is still about 9.50% below its 200-day moving average (not shown). We’ll be watching this chart closely to see if Natural Gas can continue to recover even after the impressive rally that it has had over the past month.
Quote of The Day
Top Links
Gold, Apple, and Louise Yamada’s Journey – The Chart Report
In this report, we highlight some of the key takeaways from a recent interview with Louise Yamada.
The Stock Market Beach Ball – Martin Pring
Technician Martin Pring weighs in on the state of the US Stock Market and explains why he’s anticipating a rally in the near-term.
Podcast with Connie Brown – Technical Analysis Radio
In this podcast, JC Parets interviews author and technical analyst, Connie Brown. They discuss stock market panics, global indexes, and more.
Go With Large-cap Stocks Over Small-caps, These Traders Say – CNBC
Head of Technical Analysis at Oppenheimer, Ari Wald tells viewers why he prefers Large-cap stocks over Small-cap stocks. He also explains why leadership from Large-cap stocks in constructive to the bull market.
Getting Technical: SPY Finally Breaks Out; Bullish on Canadian Solar (CSIQ) – Yahoo Finance
Brian Shannon of AlphaTrends.net and Myles Udland of Yahoo Finance discuss the S&P 500 as well as a Canadian Solar stock, $CSIQ.
Top 10 Tweets
You’re all caught up now. Thanks for reading!