Daily Chart Report ?Tuesday, October 29th, 2019
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Today’s Summary
Tuesday, October 29th, 2019
Indices: US stocks were slightly lower in today’s session. The Dow Jones Industrial Average slipped 19 points or 0.07%. The Nasdaq was the weakest of the major averages, falling 0.59%. On a brighter note, the Russell 2000 gained 0.33%.
Sectors: Health Care led, gaining 1.42%. Communications and Technology lagged, with both sectors falling 0.91%.
Commodities: Crude Oil futures fell 0.57% to $55.51 per barrel. Gold futures moved lower by 0.36% to $1,491 per ounce.
Currencies: The US Dollar Index slipped 0.08%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.837%.
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 Linda Raschke (@LindaRaschke). It’s a weekly bar chart of the Small-cap Russell 2000 index, going back three years. The Russell 2000 is the only major index that hasn’t reached a new high so far in 2019. The index spent the majority of the year chopping back and forth in a sideways trading range while underperforming its Large-cap peers. Linda points out that the index is currently testing the upper bounds of its trading range. Last week, we explained that Small-caps have a seasonal tendency to begin outperforming Large-caps around this time of year. If Small-caps can break out and begin to outperform Large-caps into the end of the year, it would be a big positive for the broader market.
Quote of The Day
“We made the best decision based on what we knew at the time.”
– Eileen Collins (Astronaut)
Top Links
Global Equities: The New Bull Market – Topdown Charts
Callum Thomas examines the strength and breadth of the rally in global equities.
Biotech ETF Makes a Statement – StockCharts.com
Arthur Hill of StockCharts.com breaks down the technicals of two popular Biotech ETFs, $IBB and $XBI.
Prestige Worldwide – The Reformed Broker
Josh Brown shares some interesting charts from Jon Krinsky that show that stocks around the world are breaking out from multi-year bases.
Stock Market Price Action Recap – The Trade Risk
In this video, Evan Medeiros reviews some notable technical developments that have occurred this week.
Typical November Trading: First Month of “Best Months” – Almanac Trader
Seasonality expert, Jeff Hirsch explains how stocks tend to perform in November.
Top 10 Tweets
Happy Halloween.$BYND $IPO pic.twitter.com/nRBfslqoyL
— Arun S. Chopra CFA CMT? (@FusionptCapital) October 29, 2019
Upcoming Events
Wednesday, November, 20th – New York Chapter Meeting featuring Gina Martin Adams, CMT, CFA
Thursday, November, 21st – Washington DC/Baltimore Chapter Meeting featuring Katie Stockton, CMT
You’re all caught up now. Thanks for reading!