Daily Chart Report ? Thursday, September 19th, 2019
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Today’s Summary
Thursday, September 19th, 2019
Indices: US stocks were mixed in today’s session with the Dow Jones Industrial Average slipping 52 points or 0.19%. The S&P 500 was unchanged and the Nasdaq inched up 0.07%. The Russell 2000 was the weakest of the major indices, falling 0.44%.
Sectors: Utilities and Health Care led with both sectors gaining 0.47%. Industrials lagged, falling 0.51%.
Commodities: Crude Oil futures moved higher by 0.31% to $58.18 per barrel. Gold futures fell 0.64% to $1,506 per ounce.
Currencies: The US Dollar Index sank 0.21%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.787%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by BostonCharts (@bostonchaahhts). It is a 195 min. candlestick chart of Microsoft ($MSFT). A lot of traders have been talking about this particular chart setup lately. There’s a lot to like about it. First off, the stock is in a healthy uptrend. Today, it hit an all-time intraday high. However, it has yet to hit an all-time closing high. BostonCharts points out that the stock is breaking out after some price compression. He’s referring to the ascending triangle pattern that price has coiled into since August. You have horizontal resistance around $141 and a series of higher lows. Keep in mind, Microsoft is the largest component in both $SPY and $XLK. If it can break out here, it would be a big positive for the broader market.
Quote of The Day
Top Links
The Irrational Permabear – Money Game Podcast
In this podcast, JC Parets and Phil Pearlman discuss some of the psychological biases that many permabears exhibit.
Technician Breaks Down What’s Next for the Markets – CNBC
Todd Gordon of TradingAnalysis.com made an appearance on CNBC today to share his thoughts Microsoft ($MSFT) and JP Morgan ($JPM). He also touches on the Advance-Decline line.
Breadth Improving, but Not Yet Ready for an Upgrade – Baird
Willie Delwiche points out some of the positive technical developments, including the improvement in breadth in both the US and Europe.
Bears Back Off – Bespoke
In this note, Bespoke breaks down the results of the latest AAII Sentiment Survey.
Global Equities Signaling Major Bullish Thrusts – Macro Charts
Macro Charts examines the charts of several global equity markets including; the US, Japan, Germany, South Korea, and Mexico.
Top 10 Tweets
You’re all caught up now. Thanks for reading!