Daily Chart Report ? Tuesday, December 17th, 2019
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Today’s Summary
Tuesday, December 17th, 2019
Indices: US stocks were slightly higher in today’s session with the Dow Jones Industrial Average inching up 29 points or 0.10%. The S&P 500 and Nasdaq moved just 0.03% and 0.10%, respectively. The Russell 2000 was the strongest of the major averages, gaining 0.39%.
Sectors: Consumer Discretionary led, gaining 0.44%. Real Estate lagged, falling 1.08%.
Commodities: Crude Oil futures moved higher by 0.86% to $60.80 per barrel. Gold futures were flat and continue to trade around $1,480 per ounce.
Currencies: The US Dollar Index rose 0.21%.
Interest Rates: The US 10-year Treasury yield held steady at 1.88%.
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 in a blog post by Chris Kimble (@KimbleCharting). It’s a weekly bar chart of the Mid-Cap ETF, $MDY, over the past decade. In the blog post, Chris points out that Mid-Caps are knocking on the door of all-time highs. Chris begins by establishing that the primary trend is higher, and he shows that the ETF has spent the majority of the past 7-years inside a rising channel. He goes on to explain that $MDY peaked last September, followed by a swift 20% correction at the end of 2018, which brought price down to the bottom of the rising channel. $MDY found support at the rising channel and went on to rally about 30% over the next 12-months, to where it sits now, testing record highs. Large-Caps ($SPX) have already surpassed last year’s peak and have been printing all-time highs for weeks now. It would be bullish for the broader market to see Mid-Caps, and eventually, Small-Caps follow suit.
Quote of the Day
“I want the whole of Europe to have one currency; it will make trading much easier.”
Top Links
European Stocks Record Breakout – Bespoke
Bespoke examines the recent breakout in the Euro Stoxx 600 index, and how European stocks have performed relative to US stocks.
The Rotation Back Into Amazon Has Begun – All Star Charts
JC Parets of All Star Charts explains that Amazon ($AMZN) is beginning to show signs of life after doing a whole lot of nothing for the past 18-months.
Evidence of a Broad Swing in Global Stock Momentum – Ciovacco Capital Management
Chris Ciovacco uses long-term moving averages to show that the S&P 500 looks nothing like it did in 2007-2009.
Is it Time for Santa? – LPL Financial Research
In this short note, the team at LPL Financial Research points out that while December is often regarded as the best month for stocks, most of the gains tend to come later in the month.
The Key Macro & Equity Themes of the Last Decade in Ten Charts – Koyfin
Rob Koyfman shares ten charts that provide an excellent visual summary of the past decade.
Top 10 Tweets
Gulp.$BRK pic.twitter.com/ciS78cP8Ha
— J4 (@J4_fibo) December 16, 2019
You’re all caught up now. Thanks for reading!