Daily Chart Report ? Tuesday, October 8th, 2019
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Today’s Summary
Tuesday, October 8th, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average falling 314 points or 1.19%. The S&P 500 and Nasdaq dropped 1.56% and 1.67%, respectively. The Russell 2000 was the weakest of the major averages, sliding 1.68%.
Sectors: All 11 sectors of the S&P 500 closed lower. Real Estate led but still fell 0.48%. Financials lagged, dropping 1.98%.
Commodities: Crude Oil futures moved lower by 0.25% to $52.66 per barrel. Gold futures were flat, changing just 0.03% to $1,503 per ounce.
Currencies: The US Dollar Index inched higher by 0.15%.
Interest Rates: The US 10-year Treasury yield fell to 1.532%.
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 Strategas Research Partners (@StrategasRP). So much time is spent arguing over who will win the 2020 presidential election. But, perhaps the outcome lies in the performance of the stock market. The light blue line shows the average performance of the S&P 500 in the years where the incumbent party won. The dark blue line shows the average performance of the S&P 500 in the years where the incumbent party lost. As you can see, in the years where the incumbent party lost, the market did relatively poorly leading up to the election. This chart suggests that Americans tend to respond to poor stock market performance by voting for a change in leadership. For more on this phenomenon, check out this interesting article from LPL Finacial Research.
Quote of The Day
Top Links
Can Copper Rally Here? – The Chart Report
In this report, we take a look at the record net short position in Copper futures and what it could mean for the metal going forward.
Can the Economy Predict the Next President? – LPL Financial Research
Here’s a note from the team at LPL Financial Research that goes along with our Chart of the Day. In the note, they examine the relationship between the economy and presidential elections.
Technical Voodoo at Play in the Benchmark S&P 500 – Omaha Charts
Trent Smalley shows readers how Fibonacci levels have come into play over and over again since the 2008 financial crisis.
Buying Opportunities Ahead, Says Louise Yamada – Financial Sense
Here’s the Financial Sense podcast featuring Louise Yamada, her segment starts about 12 min. and 30 sec. in. She explains that she remains cautious on this market but thinks buying opportunities will present themselves.
Midweek Stock Market Recap & Technical Analysis – The Trade Risk
In this video, Evan Medeiros highlights some important levels to watch in the S&P 500, Small-caps, Treasury Bonds, Oil and Precious Metals.
Top 10 Tweets
Upcoming Events
Wednesday, October 9th – Webcast: “The Market Between Now And Year-End” with Ralph Acampora, CMT
Monday, October 14th – Dallas Chapter Meeting Featuring Jeffery Hirsch
Tuesday, October 15th – Minnesota Chapter Meeting Featuring Dave Keller, CMT
Tuesday, October 22nd – New York Chapter Meeting Featuring Sam Stovall
You’re all caught up now. Thanks for reading!