Daily Chart Report ? Monday, October 21st, 2019
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Today’s Summary
Monday, October 21st, 2019
Indices: US stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 57 points or 0.21%. The S&P 500 and the Nasdaq closed higher by 0.69% and 0.91%, respectively. The Russell 2000 was the strongest of the major averages, gaining 0.95%.
Sectors: Energy led, gaining 1.79%. Materials lagged, falling 0.31%.
Commodities: Crude Oil futures fell 0.65% to $53.49 per barrel. Gold futures fell 0.43% to $1,488 per ounce.
Currencies: The US Dollar Index inched higher by just 0.05%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.803%.
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 Sam McCallum (&source=gmail&ust=1571782665513000&usg=AFQjCNEXC_2srMRWe5C8OYrD2pjl6hMkEA" rel="noopener">@honeystocks1). It’s a weekly candlestick chart of the S&P MidCap 400 ETF, $MDY. Sam highlights the fact that price has been coiling into a triangle pattern over the past year. We often compare this pattern to the tightening of a spring. As the range contracts, energy builds up within the spring. When one of the pressure points is removed, the spring will explode in that direction. Similarly, as price works its way into a tighter range and moves toward the apex of this pattern, we’d expect a strong breakout in one direction or the other. Sam points out that price is getting very close to that decision point and that we could see a breakout as early as this week.
Quote of The Day
Top Links
Seasonal Tailwinds for Small-Caps – The Chart Report
In this report, we take a look at stock market seasonality and explain that we’re entering a bullish time of year for Small-caps versus Large-caps.
Global Stocks Starting to Inflect Higher – The Reformed Broker
Josh Brown shares an interesting chart from Ari Wald of Oppenheimer that shows stocks around the world are on the verge of breaking out.
Coffee Futures Poised to Bounce Off 13-year Lows – Bloomberg
Thomas Thorton of Hedge Fund Telemetry made an appearance on Bloomberg today to breakdown a chart of Coffee Futures.
Bulls Still Have Support for Upside Breakout – Ciovacco Capital Management
Chris Ciovacco lays out several important charts to keep an eye on.
Should You Jump on the Small-Cap Bandwagon? – Forbes
Technician and Forbes Columnist, Tom Aspray shares his thoughts on the current market environment and focuses on the recent strength from Small-cap stocks.
Top 10 Tweets
Upcoming Events
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!