Daily Chart Report ?Thursday, October 24th, 2019
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Today’s Summary
Thursday, October 24th, 2019
Indices: US stocks were mixed in today’s session. The Dow Jones Industrial Average closed down just 28 points or 0.11%. The S&P 500 and Nasdaq moved higher by 0.19% and 0.81%, respectively. The Russell 2000 was slightly lower by 0.17%.
Sectors: Technology led, gaining 1.46%. Communications lagged, falling 1.13%.
Commodities: Crude Oil futures moved higher by 0.61% to $56.27 per barrel. Gold futures rose 0.58% to $1,504 per ounce.
Currencies: The US Dollar Index was higher by 0.18%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.771%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Michael Kahn (@mnkahn). It’s a daily bar chart of the popular pot stock, Canopy Growth Corp. ($CGC). As you can see, the stock has been in a well-defined downtrend since late April. It’s down over 60% from its 2018 peak. However, Michael suggests that it could soon see some mean reversion. He highlights the bullish momentum divergence that has formed over the past two months but emphasizes that it still needs to break through its down trendline. The stock is currently trading at $21.66, and its 200-day moving average is around $38, which is about 75% higher from here. It’s highly unlikely that the stock will see new all-time highs anytime soon, but it’ll be interesting to keep an eye on this chart to see if it can break out of its downtrend and revisit its 200-day moving average.
Quote of The Day
“By failing to prepare, you are preparing to fail.”
– Benjamin Franklin (Founding Father of the United States)
Top Links
The S&P Could Be On The Verge of Breaking Out, Technical Analyst Says – CNBC
Katie Stockton explains why she thinks the S&P 500 will break out to new all-time highs in the near-term.
More Red From the Greenback? – LPL Financial Research
In this note from LPL Financial Research, they discuss the recent weakness in the US dollar Index.
12 Charts You Ought to See Before the Next Recession – The Irrelevant Investor
Here’s a good read from Michael Batnick of Ritholtz Wealth Management. He shares 12 interesting charts that illustrate everything you need to know about recessions.
European Banks and EM Equities May Be Breaking Out, Oppenheimer’s Wald Says – Bloomberg
Ari Wald of Oppenheimer made an appearance on Bloomberg yesterday to share his thoughts on Emerging Markets and European Banks.
Is The Divergence in Volume A Concern? – Andrew Thrasher
Andrew Thrasher examines the ongoing divergence between the Nasdaq and On Balance Volume (OBV).
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!