Daily Chart Report ? Friday, October 18th, 2019
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Today’s Summary
Friday, October 18th, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average falling 256 points or 0.95%. The S&P 500 and Nasdaq fell 0.39% and 0.83%, respectively.
Sectors: Real Estate led, gaining 0.96%. Communications lagged, falling 1.16%.
Commodities: Crude Oil futures were slight lower 0.11% to $53.84 per barrel. Gold futures slipped 0.28% to $1,494 per ounce.
Currencies: The US Dollar Index dropped 0.48%.
Interest Rates: The US 10-year Treasury yield moved slightly lower to 1.754%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Adam Mancini (@AdamMancini4). It’s a weekly candlestick chart of the US Dollar Index ($DXY). The index measures the value of the Dollar relative to a basket of six foreign currencies. $DXY has been weak lately despite closing at a two-year high just a few weeks ago, on October 1st. Today, it fell for the fourth day in a row and closed at its lowest level since August. Adam points out that the rally over the past year has been “incredibly weak.” You can see that price made a series of seven marginally higher-highs while RSI was putting in a series of lower-highs, establishing a bearish momentum divergence. Adam adds: “A washout to channel support is becoming likely to reset sentiment. A break of the center dashed trendline would be the trigger.”
Quote of The Day
Top Links
Global Equity Indexes are Ready to Breakout – The Chart Report
In this week’s Chart of the Week column, we take a look at Global Equity indexes, including the MSCI All-Country World Index ($ACWI), and the S&P Global 100 ($IOO).
Seasonal Strength Well-Advertised – Look for Confirmation – RW Baird
Willie Delwiche of Baird shares his market commentary on seasonality, small-caps, Copper, and more.
Stock Market Video Analysis Week Ending 10/18/19 – AlphaTrends.net
Here’s Brian Shannon’s weekly video, where he recaps this past week and shares some interesting charts to keep an eye on for next week.
Rydex Bears Come Out of Hibernation – Dana Lyons
Dana Lyons points out that assets in Rydex bear mutual funds spiked by a record amount this week, and he explains why this could be a contrarian signal.
Beware of Hype! Know What’s Behind the Curtain – StockCharts
Erin Swenlin and Mary Ellen McGonagle discuss how to identify excessive bullish sentiment or “hype” on a chart.
Top 10 Tweets
Upcoming Events
Saturday, October 19th – Canadian Technician’s Day
Tuesday, October 22nd – New York Chapter Meeting Featuring Sam Stovall
Thursday, October 24th – Northern Ohio Chapter Meeting Featuring JC Parets, CMT
Saturday, October 26th – Trade Ideas Summit 2019
Monday, October 28th – United Kingdom Chapter Meeting featuring Ralph Acampora, CMT
You’re all caught up now. Thanks for reading!