Today’s Chart of the Day was shared on Twitter by Grant Hawkridge (@granthawkridge). On top is a daily candlestick chart of the S&P 500 ETF, $SPY. In the middle is $SPY/$TLT, and on the bottom is $SPY/$GLD. Stocks ($SPY) have underperformed both Bonds ($TLT) and Gold ($GLD) so far this year. However, with less than two months left in 2019, Stocks seems to be firming up relative to the other two asset classes. As you can see, $SPY/$TLT recently broke out of a multi-month downtrend, and $SPY/$GLD looks like it's trying to do the same. It would be bullish for the broader market to see Stocks regain leadership over safe-haven assets like Bonds and Gold.
Chart of the Day - Friday, November 15th, 2019
November 15, 2019
