Daily Chart Report ? Tuesday, September 24th, 2019
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Today’s Summary
Tuesday, September 24th, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average falling 142 points or 0.53%. The S&P 500 and Nasdaq finished down 0.84% and 1.46%, respectively. The Russell 2000 underperformed the rest of the pack, falling 1.57%.
Sectors: Utilities led, gaining 1.17%. Energy lagged, falling 1.58%.
Commodities: Crude Oil futures moved lower by 2.25% to $57.32 per barrel. Gold futures rose 0.59% to $1,540 per ounce.
Currencies: The US Dollar Index slipped 0.27%.
Interest Rates: The US 10-year Treasury yield sank to 1.652%.
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 Michael Batnick (@michaelbatnick). The chart shows all the drawdowns in the Russell 2000 index since 2009. A lot of people suggest that this bull market is over a decade old and getting long in the tooth. Michael pokes a hole in that argument by showing that the Russell 2000 has experienced four drawdowns of 20% or more since 2009. Some are even closer to 30%! Keep in mind, a drawdown of 20% is literally the definition of a bear market. The debate about the age of the current bull market is kind of silly because it’s not tremendously important. However, to suggest that we’ve been in a raging bull market for the past decade is just plain wrong.
Quote of The Day
Top Links
S&P is Testing 28-year Resistance and Key Fibonacci Level at the Same Time! – Kimble Charting Solutions
Chris Kimble points out that the S&P 500 is currently testing the upper bounds of a 28-year rising channel as well as the 261.8% Fibonacci extension from the 2008 decline.
Now is the Time to Get Long Gold and Short Silver, Quad Group’s Borish Say – Bloomberg
In this video, Quad Group’s Chief Strategist, Peter Borish and Bloomberg’s Abigail Doolittle discuss the outlook for Precious Metals.
Daily Diamonds – Mostly Defensive Plays – StockCharts.com
Erin Swenlin of StockCharts.com offers up five stocks with attractive chart setups. These stocks include, $EEFT, $GFI, $KMB, $MNRO, and $SAND.
Have Stock Investors Gotten Too Complacent? – Dana Lyons
Dana Lyons explains what near-term volatility expectations could be signaling about investor complacency.
What if September is Up? – Almanac Trader
September is notoriously the worst performing month of the year. However, the S&P 500 is actually up over 1% month-to-date. In this blog post, Jeff Hirsch examines how the rest of the year tends to pan out when September is positive.
Top 10 Tweets
You’re all caught up now. Thanks for reading!