Daily Chart Report ?Monday, October 28th, 2019
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Today’s Summary
Monday, October 28th, 2019
Indices: US stocks kicked off the week on a positive note with the S&P 500 and Nasdaq closing at fresh all-time highs. The Dow Jones Industrial Average gained 133 points or 0.49%. The Nasdaq was the strongest of the major indices, advancing 1.01%. The Russell 2000 rose by 0.85%.
Sectors: Technology led for the third trading day in a row, gaining 1.27%. Utilities lagged, falling 1.37%.
Commodities: Crude Oil futures fell 1.36% to $55.83 per barrel. Gold futures were lower by 0.64% to $1,496 per ounce.
Currencies: The US Dollar Index slipped 0.09%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.846%.
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 @EconomPic. The chart compares the growth of $1 using three different investment strategies since 1970. The grey line is a traditional 60/40, stock/bond portfolio. The orange line is the MSCI World Index pre-1988 and $ACWI post-1988. The blue line represents buying global stocks if they close the month at all-time highs, and if they’re not at all-time highs, buying bonds instead. The chart provides a good illustration of the power of trend-following and is evidence that investors shouldn’t be afraid of the market hitting new all-time highs.
Quote of The Day
“When a market makes a historic high, it is telling you something. No matter how many people tell you why the market shouldn’t be that high or why nothing has changed, the mere fact that price is at a new high tells you something has changed.”
– Larry Hite (Trader)
Top Links
A Bullish Combination – The Chart Report
In this report, we explain why the combination of bearish sentiment and the market breaking out to new all-time highs could fuel the next leg higher.
Chart Analysts Say New Record Gives Investors the Green Light to Jump Back into Bull Market – CNBC
In this piece, several respected technical analysts share their thoughts on the market with the S&P 500 at record highs.
New Highs in the S&P 500 so Why Not in Transports? – Market Gauge
Michele Schneider argues that stocks aren’t out of the woods until Transports and Small-caps reach new highs.
Examining ETFs and the Communication Services Sector –The Final Bar
In this video, David Keller does a deep dive into the Communication sector and answers some questions on ETFs.
Momentum Monday – Is This The Start of a New Uptrend? – Howard Lindzon
Howard Lindzon and Ivanhoff go through dozens of momentum stocks to identify the strongest trends in the market.
Top 10 Tweets
Upcoming Events
Monday, October 28th – United Kingdom Chapter Meeting featuring Ralph Acampora, CMT
You’re all caught up now. Thanks for reading!