Daily Chart Report ? Thursday, October 31st, 2019
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Today’s Summary
Thursday, October 31st, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average giving up 140 points or 0.52%. The S&P 500 and Nasdaq were lower by 0.30% and 0.14%, respectively. The Russell 2000 was the weakest of the major indices, falling 0.66%.
Sectors: Utilities led for the second day in a row, gaining 0.55%. Materials lagged, falling 1.12%.
Commodities: Crude Oil futures moved lower by 1.63% to $54.18 per barrel. Gold futures jumped 1.22% to $1,515 per ounce.
Currencies: The US Dollar Index fell 0.33%.
Interest Rates: The US 10-year Treasury yield dropped to 1.686%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Tomasz Hońdo (@HondoTomasz). The chart compares the performance of the S&P 500, Developed Markets (ex USA), and Emerging Markets since the start of 2018. Tomasz notes that in late 2018, both Developed and Emerging Markets were diverging from the S&P 500. The S&P 500 was making a series of higher-highs while the other two were making a series lower-highs. A sharp, 20% correction followed this divergence in the S&P 500 in the final three months of 2018. Tomasz brings to our attention that no such divergence currently exists and highlights the fact that all three have made a series of higher lows in recent months.
Quote of The Day
“Do the thing you fear and the death of fear is certain.”
– Ralph Waldo Emerson (American Poet)
Top Links
Rockin’ Russia! – StockCharts.com
Julius de Kempenaer of StockCharts.com points out that Russia is currently one of the strongest global markets.
How the Markets Tend to Perform after the Fed Cuts Rates – Yahoo Finance
Ryan Detrick of LPL Financial Research breaks down how the S&P 500 tends to perform after the Federal Reserve cuts interest rates like they did yesterday.
A Commodities Inflection Point – All Star Charts
Tom Bruni of All Star Charts shows that the CRB Commodity Index and the Canadian Dollar are attempting to break out from multi-year downtrends.
Transportation Sector Still Key to Market’s Breadth – Market Gauge
Michele Schneider discusses some notable technical developments and tells readers to keep an eye on the Dow Transportation Average.
Getting Technical: Finally Bullish on Facebook Again – Yahoo Finance
Brian Shannon of AlphaTrends.net explains why he’s bullish on Facebook ($FB) and lays out some levels of interest to keep an eye on.
Top 10 Tweets
$TAP - the 'banquet beer'...
"as cold as the Rockies" is an understatement $BUD $STZ $SAM pic.twitter.com/I1iT7zPuXZ
— J4 (@J4_fibo) October 31, 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!