Daily Chart Report ? Monday, September 30th, 2019
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Today’s Summary
Monday, September 30th, 2019
Indices: US stocks kicked off the week on a positive note with the Dow Jones Industrial Average gaining 97 points or 0.36%. The Nasdaq was the strongest of the major indices, advancing 0.75%.
Sectors: Technology led, gaining 1.05%. Energy lagged, falling 0.72%.
Commodities: Crude Oil futures dropped 3.13% to $54.37 per barrel. Gold futures slid 2.20% to $1,473 per ounce.
Currencies: The US Dollar Index rose 0.27%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.67%.
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 by Greg Rieben (@gregrieben). It’s a daily candlestick chart of Gold futures. Greg points out that Gold has formed a “textbook” head and shoulders pattern. This bearish chart pattern has developed over the past two months. Gold has been on quite the run this year. It’s currently up 16% year-to-date and has hit multi-year highs in the past few weeks. However, today price fell below $1,500 per ounce and broke the neckline of this pattern (around $1,485). It would be prudent to anticipate some near-term weakness in Precious Metals as long as Gold stays below the neckline. For more on this development, check out our latest report.
Quote of The Day
Top Links
Gold Forming This Ominous Chart Pattern – The Chart Report
In this report, we focus on the bearish head and shoulders pattern that’s formed on the daily chart of Gold.
Down in Latin America – Peter Brandt
Peter Brandt outlines some of the bearish patterns that have formed on the charts of the Mexican Peso as well as the Brazilian Real.
Typical October Trading: Greatly Improved Recently – Almanac Trader
The month of October is notorious for the occurrence of violent crashes like 1929 and 1987. Jeff Hirsch points out that October’s performance has significantly improved in recent years.
Stock Market Poetry – Murphy Charts
Shane Murphy shares several important charts to watch going into Q4 2019.
Oil Prices are Heading Lower – Bloomberg
Mike McGlone of Bloomberg Intelligence explains why the technical outlook for Crude Oil is bearish.
Top 10 Tweets
Upcoming Events
Thursday, October 3rd – CMT Association New York Chapter Meeting Featuring Todd Sohn, CMT
Thursday, October 3rd – Atlanta Chapter Meeting Featuring Katie Stockton, CMT
Sunday, October 6th – A Look At The Markets Into Next Week Using TrendSpider w/ Guest Patrick Dunuwila from “The Chart Report”
Wednesday, October 9th – Webcast: “The Market Between Now And Year-End” with Ralph Acampora, CMT
You’re all caught up now. Thanks for reading!