Daily Chart Report ? Wednesday, December 18th, 2019
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Today’s Summary
Wednesday, December 18th, 2019
Indices: US stocks were little changed in today’s session with the Dow Jones Industrial Average slipping 28 points or 0.10%. The S&P 500 changed just 0.04% while the Nasdaq changed 0.05%. The Russell 2000 was the strongest of the major indices, inching up 0.25%.
Sectors: Real Estate led, gaining 1.41%. Industrials and Financials lagged, both falling 0.42%.
Commodities: Crude Oil futures were flat and continue to trade at $60.85 per barrel. Gold futures slipped 0.13% to $1,479 per ounce.
Currencies: The US Dollar Index rose 0.19%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.922%.
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 Robert Sluymer (@rsluymer). It’s a daily bar chart of the 20+ year Treasury Bond ETF, $TLT. The orange line below shows $TLT relative to the S&P 500 ($SPX). The impressive rally that Bonds had in 2019 looks like it’s coming to an end. Robert points out that $TLT is breaking down on both an absolute and relative basis. On an absolute basis, price broke below its uptrend line and is coming out of a tight coiling pattern. On a relative basis, $TLT/$SPX is breaking below the July lows. Robert explains that relative performance often leads price, which suggests Bonds are likely to experience further weakness.
Quote of the Day
“If you don’t know who you are, the stock market is an expensive place to find out.”
Top Links
Last Time This Happened… – Ciovacco Capital Management
Chris Ciovacco lays out why the latest Bank of America Fund Managers Survey suggests we’re in a bullish environment.
Midweek Stock Market Price Action Recap 12-17-19 -The Trade Risk
In this video, Evan Medeiros analyzes the technicals of the major averages and sectors of the market.
S&P 1500 Best Stocks of the Decade – Bespoke
Bespoke highlights the best-performing stocks within the S&P 1500 over the past ten years.
2019 Market Strength Could Give Election-Year 2020 a Boost – Almanac Trader
2019 has been an above-average year for stock market returns, raising concerns that 2020’s gains have been pulled forward. Jeff Hirsch explains why the market could still be strong next year despite this year’s impressive performance.
Focus on Financials – StockCharts.com
Julius de Kempenaer uses Relative Rotation Graphs to identify some of the strongest stocks within the Financial sector.
Top 10 Tweets
You’re all caught up now. Thanks for reading!