Daily Chart Report ? Thursday, September 12th, 2019
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Today’s Summary
Thursday, September 12th, 2019
Indices: US stocks were higher in today’s session with the Dow Jones Industrial Average gaining 45 points or 0.17%. The Russell 2000 was the weakest of the major indices, changing just 0.04%.
Sectors: Materials led, gaining 0.78%. Energy lagged, falling 0.62%.
Commodities: Crude Oil futures moved lower by 1.09% to $55.13 per barrel. Gold futures rose 0.29% to $1,507 per ounce.
Currencies: The US Dollar Index slipped 0.28%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.787%.
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 Matthew Timpane (@offbeatoperator). The biggest topic in the markets this week has been the rotation out of Momentum stocks and into Value. The chart shows the performance of the Value ETF, $VLUE relative to the Momentum ETF, $MTUM, since 2013. When the line is falling, as it has been for years, it means Value is underperforming Momentum. As you can see, the ratio is currently testing its downtrend line after this week’s spike. If it can break out from this trendline, it would be a sign that the rotation from Momentum to Value is a real trend that could persist. Matthew says he’s betting that the ratio will fail to break out and that Value will resume underperforming Momentum.
Quote of The Day
Top Links
Small-caps Showing Signs of Life – The Chart Report
In this piece, we take a look at the recent price action from the Small-cap Russell 2000 index and explain why it’s constructive to the bull case for stocks.
Resistance is Futile – Almanac Trader
Jeffery Hirsch lays out some key levels to watch on the S&P 500 as the index approaches all-time highs.
Technical Analysis is Voodoo! – All Star Charts
There are a lot of skeptics out there who think Technical Analysis is voodoo. In this video, JC Parets addresses those criticisms and explains that Technical Analysis encompasses much more than most people realize.
Here’s How to Protect Against Downside in High-Growth Stocks, Technical Analyst Says – CNBC
Todd Gordon of TradingAnalysis.com offers a way to protect against the downside in the Nasdaq ETF, $QQQ as the market shifts from growth and into value.
Uptrend or Downtrend: Analyzing SPXA200r Indicator – Yuriy Matso
Yuriy Matso explains how to interpret the percentage of S&P 500 stocks above their 200-day moving average.
Top 10 Tweets
You’re all caught up now. Thanks for reading!