Daily Chart Report ? Wednesday, October 2nd, 2019
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Today’s Summary
Wednesday, October 2nd, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average dropping 494 points or 1.86%. The S&P 500 and Nasdaq were lower by 1.79% and 1.56%, respectively. The Russell 2000 outperformed the rest of the major indices but still slid 0.92%.
Sectors: All 11 sectors fell for the second day in a row. Real Estate led but ended down 0.62%. Energy lagged, falling 2.46%
Commodities: Crude Oil futures moved lower by 1.79% to $52.64 per barrel. Gold futures gained 1.13% to $1,508 per ounce.
Currencies: The US Dollar Index slipped 0.10%.
Interest Rates: The US 10-year Treasury yield dropped to 1.601%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Todd Gordon (@toddgordontrade). It’s a chart of the NYSE Tick Index ($TICK) with a 10-period moving average in blue. In purple is the S&P 500. The Tick Index is a short-term indicator often used by day traders. It measures the number of stocks in the NYSE on an uptick, minus the number of stocks on a downtick. In another tweet, Todd adds: “Sub -600 readings and lower indicate institutional sell programs. If those damn machines are hitting bids the selling abates.” You can see that the tick index made three higher-lows while the S&P 500 made three lower-lows. Sure enough, this divergence was followed by a small relief rally in the afternoon.
Quote of The Day
Top Links
Broad Market Breadth | Jonathan Krinsky – StockCharts.com
In this video, Jonathan Krinsky of Baycrest Partners and David Keller discuss market breadth, software, and the “trains vs. planes” trade.
Three Charts That Tell The Risk Story – All Star Charts
JC Parets of All Star Charts lays out three important charts to keep an eye on right now.
Third-Quarter Market Recap: A Mixed Bag of Results – Bloomberg
Bloomberg’s Abigail Doolittle highlights some of the key takeaways from Q3 and what to watch for going into Q4.
Another Investor Sentiment Red Flag Goes Up – Schaeffer’s Investment Research
Bernie Schaeffer examines the spread between bulls and bears from the latest Investors Intelligence sentiment survey.
Is October Really Scarry? – LPL Financial Research
Here’s an insightful note from the team at LPL Financial Research that examines October seasonality.
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!