Daily Chart Report ? Tuesday, December 3rd, 2019
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Today’s Summary
Tuesday, December 3rd, 2019
Indices: US stocks continued to slide today with the Dow Jones Industrial Average dropping 280 points or 1.01%. The S&P 500 and Nasdaq closed lower by 0.66% and 0.55%, respectively. The Russell 2000 was stronger than the rest of the major averages but still slipped 0.31%.
Sectors: Real Estate led, gaining 0.76%. Energy lagged, falling 1.49%.
Commodities: Crude Oil futures inched higher by 0.25% to $56.10 per barrel. Gold futures rallied 1.01% to $1,484 per ounce.
Currencies: The US Dollar Index slipped 0.13%.
Interest Rates: The US 10-year Treasury yield fell to 1.717%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Tom Bruni (@BruniCharting). It’s a weekly candlestick chart of the Dow Jones Industrial Average going back over a decade. Tom jokes that “Equities are in trouble here.” It might feel this way with the Volatility Index ($VIX) spiking over 50% in the past four sessions. However, it’s important to note that this spike is coming after a calm period of relatively low volatility. This chart does a great job of putting the recent weakness into perspective. When you take a step back and look at Equities over the long term, this week’s move is nearly invisible. If anything, it still looks like the market is breaking out from a two-year consolidation period and in the process of making another leg higher.
Quote of the Day
Top Links
Midweek Stock Market Price Action Recap – The Trade Risk
in this video, Evan Medeiros sums up some of the most recent technical developments and points out what to keep an eye on for the rest of the week.
I Have 2 Important Questions for You – All Star Charts
JC Parets breaks down two of the most important charts right now. The first is a chart of the Value Line Geometric Index and the second is a chart of Gold relative to US Treasury Bonds.
FOUR Health Care “Diamonds in the Rough” -StockCharts.com
With the Health Care sector showing signs of life, Erin Swenlin offers four stocks within the sector that have attractive chart setups including, $MRTX, $PCRX, $TMO, and $ZGNX.
Review and Outlook – December 2019 – Alpha Insights
In this report, Jeff Huge of Alpha Insights provides an in-depth analysis of some key areas of the market to keep an eye on right now.
The Bears Would Love To See The Dow Turn Weak Here! – Kimble Charting Solutions
Chris Kimble uses a monthly chart to show that the Dow Jones Industrial Average is testing the top of a long-term channel.
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Top 10 Tweets
Update: Volatility Index up 51% over the past 4 trading days, largest spike since July/Aug. $VIX pic.twitter.com/Y3FeNrn1Hi
— Charlie Bilello (@charliebilello) December 3, 2019
You’re all caught up now. Thanks for reading!