Daily Chart Report ?Tuesday, October 22nd, 2019
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Today’s Summary
Tuesday, October 22nd, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average slipping 40 points or 0.15%. The Nasdaq was the weakest of the major indices, falling 0.72%. The Russell 2000, on the other hand, managed to close in positive territory by 0.05%.
Sectors: Energy led for the second day in a row, gaining 1.29%. Technology lagged, falling 1.35%.
Commodities: Crude Oil futures gained 1.83% to $54.47 per barrel. Gold futures were flat changing just 0.04% and continue to trade at $1,488 per ounce.
Currencies: The US Dollar Index rose by 0.20%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.768%.
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 @sentimentrader. It’s a chart of the German DAX index. In the bottom pane of the chart is a breadth indicator showing the percentage of stocks within the DAX that are trading above their 200-day moving average. Sentimentrader points out that breadth is improving with the indicator reaching 76% for the first time in two years. Respected Technician, Bob Farrell once said: “Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names.” The DAX closed at a 52-week high today and the fact that we’re seeing broad participation from the individual components within the index suggests it has further upside from here. Sentimentrader adds this interesting stat: When the % of stocks above their 200-day moving average rose above 76% for the first time in 100+ days, $DAX was higher 100% of the time 6-12 months later.
Quote of The Day
Top Links
Strategas’ Chris Verrone Explains the Signs of Global Cyclicality – CNBC
Head of Technical Analysis at Strategas, Chris Verrone made an appearance on CNBC this morning to talk about the improvements in global equity markets.
Take Advantage of Shifts in Strength – StockCharts.com
In this video, Mary Ellen McGonagle reviews the current market and takes a look at dozens of chart setups.
Global Equities: Everybody Wins! – Bespoke
In this note, Bespoke highlights the strength in global equity markets.
Apple at New All Time Highs. Now What? – Omaha Charts
Trent Smalley shares his outlook on Apple ($AAPL) now that the stock is at new all-time highs.
Sector Rotation and Flailing Financials – The Final Bar
David Keller recaps today’s price action and discusses sector rotation.
Top 10 Tweets
Upcoming Events
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!