Daily Chart Report ? Thursday, October 17th, 2019

Today’s Summary
Thursday, October 17th, 2019

Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average inching up 24 points or 0.09%. The Russell 2000 outperformed the rest of the major indices, advancing 1.10%.

Sectors: 10 out of the 11 sectors closed higher. Health Care led, gaining 0.74%. Technology was the only sector to close lower, slipping 0.20%.

Commodities: Crude Oil futures moved higher by 1.07% to $53.93 per barrel. Gold futures rose 0.29% to $1,498 per ounce.

Currencies: The US Dollar Index dropped 0.42%.

Interest Rates: The US 10-year Treasury yield moved higher to 1.75%.

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 JC Parets (@allstarcharts). It’s a monthly candlestick chart of Dow Futures going back to 2004. The chart shows the key Fibonacci extension levels (161.8%, 261.8%, and 423.6%) measured from the 2008 decline. The chart serves as a great example of the way price tends to behave around important Fibonacci levels. The Dow broke above the 2007 high in 2013. It then spent the next two years rallying until it ran into the 161.8% Fibonacci extension. At which point, the Dow spent a year and a half (2015-late 2016) consolidating before breaking out after the 2016 election. From there, the index steadily rallied to the next Fibonacci level, 261.8%. Price is finally breaking above this level after having spent over a year and a half consolidating below it. JC explains that the risk is to the upside as long as we’re above that 261.8% Fibonacci extension, around $27,000.

Quote of The Day

Top 10 Tweets