Daily Chart Report ? Wednesday, November 13th, 2019
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Today’s Summary
Wednesday, November 13th, 2019
Indices: US stocks were mixed in today’s session. The Dow Jones Industrial Average advanced 92 points or 0.33% and closed at an all-time high. The S&P 500 and Nasdaq were relatively flat, changing just 0.07% and 0.05%, respectively. The Russell 2000 was the weakest of the major indices, falling 0.37%.
Sectors: Utilities led, gaining 1.48%. Financials lagged falling 0.64%.
Commodities: Crude Oil futures moved higher by 0.42% to $57.08 per barrel. Gold rose 0.67% to $1,463 per ounce.
Currencies: The US Dollar Index changed just 0.06%.
Interest Rates: The US 10-year Treasury yield fell to 1.891%.
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 Shane Murphy (@murphycharts). It’s a ratio chart of the Equally-Weighted Consumer Discretionary ETF, $RCD, versus the Equally-Weighted Consumer Staples ETF, $RHS. This ratio is an important risk-on/risk-off indicator for the broader market. Bulls want to see the more aggressive Consumer Discretionary stocks outperforming the safer Consumer Staples stocks. In yesterday’s Chart of the Day we discussed Amazon’s massive weighting in the Consumer Discretionary sector, with the stock representing nearly 30% of $XLY. Shane points out that this ratio isn’t sending a very bullish message to the broader market right now, even when you remove Amazon from the equation by using the Equally-Weighted versions of the sectors. He notes that the ratio is still in a downtrend and RSI failed to reach overbought conditions.
Quote of the Day
“When the facts change, I change my mind. What do you do sir?”
– John Maynard Keynes (Economist)
Top Links
Jumping the Shark – Key Signals That Your Stock’s No Longer in an Uptrend – Stock Charts
One of the main goals of Technical Analysis is to identify trends that are in place long enough to profit. In this piece, Mary Ellen McGonagle discusses the importance of recognizing when the trend is over.
Stock Market Swing Trade Ideas 11/13/19 – The Trade Risk
In this video, Evan Medeiros highlights some of the most attractive chart setups within the IBD50 list, including; $RH, $VEEV, $HEI, and $CYRX.
4 Reasons Why a Volatility Event is on the Horizon – SentimenTrader
Jason Goepfert points to four different technical indicators that suggest a spike in volatility could imminent in the near-term.
Emerging Markets Must Break Through One Level for Any Rally to Have Legs, Analyst Says – CNBC
Ari Wald of Oppenheimer breaks down a long-term chart of the Emerging Markets ETF, $EEM, and lays out why he’s bullish on the group.
Above Average November Could Stumble Before Thanksgiving – Almanac Trader
Seasonality Expert, Jeff Hirsch explains why stocks could pullback sometime in the middle of November.
Top 10 Tweets
Upcoming Events
Tuesday, November 19th – Benzinga Global Fintech Awards
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!