Daily Chart Report ? Monday, September 16th, 2019
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Today’s Summary
Monday, September 16th, 2019
Indices: US stocks were lower in today’s session with the Dow Jones Industrial Average falling 143 points or 0.52%. The S&P 500 and Nasdaq were also lower by 0.28% and 0.31%, respectively. The Russell 2000, on the other hand, outperformed the rest of the pack, gaining 0.41%.
Sectors: Energy led by a significant margin, gaining 3.43%. Materials lagged, falling 1.64%.
Commodities: Crude Oil futures jumped 14.56% to $62.88 per barrel, marking the largest single-day percentage gain for the commodity in over two decades. Gold futures moved higher by 0.80% to $1,512 per ounce.
Currencies: The US Dollar Index rose 0.41%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.843%.
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 in a note from Frank Cappelleri of Instinet. It’s a daily candlestick chart of WTI Crude Oil futures. Today, Crude Oil surged 14.56% to $62.88 per barrel. This marks the largest single-day percentage gain for the commodity in over two decades. At this point, the question on many traders minds is; how high can crude continue to rally? Frank points out that the first speed bump that Crude Oil will encounter is the May 2019 highs, around $65 per barrel. In the note, Frank says: “Crude’s gap last evening got very close to the May high…This remains a key resistance zone until broken.” For more on this development, check out our latest report.
Quote of The Day
Top Links
Crude Oil Surges – The Chart Report
In this report, we take a look at what some of the top technicians are saying about Crude Oil after the commodity had one of its largest single-day percentage gains in over two decades.
Wall Street Bombed 99 Years Ago – Crossing Wall Street
This one has nothing to do with Technical Analysis. However, it’s an interesting summary of an event that doesn’t get much coverage, the 1920 Bombing on Wall Street. If you get a chance to visit Wall Street, you can still see the craters on the buildings left over from the bombing.
As Value Line Divergences, Which Period of History Will Repeat? – Andrew Thrasher
Andrew Thrasher discuses the ongoing divergences in the Value Line indices. He takes a look at past examples of when these indices were diverging from the S&P 500 in a similar way.
Newspaper Says Sell the Railroads, I Say Buy Them! – All Star Charts
JC Parets of All Star Charts explains that magazine covers are often misleading. In addition, he breaks down a chart of the S&P Railroad Index to illustrate his bullish outlook for this group.
Global Markets Make New Highs – StockCharts.com
Greg Schnell of StockCharts.com examines the global equity markets. He points out that France and Canada are breaking out to new highs while other global indices, including China and Japan, are looking up.
Top 10 Tweets
You’re all caught up now. Thanks for reading!