Daily Chart Report ? Thursday, December 19th, 2019
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Today’s Summary
Thursday, December 19th, 2019
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average gaining 138 points or 0.49%. The Nasdaq was the strongest of the major averages, advancing 0.67%, while the S&P 500 rose 0.45%. The Russell 2000 slightly lagged the rest of the pack but still moved higher by 0.32%.
Sectors: Real Estate led for the second day in a row, gaining 1.03%. Energy and Financials were the only sectors to close lower, both slipped just 0.03%.
Commodities: Crude Oil futures moved higher by 0.54% to $61.18 per barrel. Gold futures also moved higher by 0.39% to $1,482 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield was little changed and is at 1.924%.
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 Matt Weller of FOREX.com (@MWellerFX). With the new year around the corner, analysts have been offering up their 2020 forecasts left and right. This chart illustrates why it’s essential to take these year-end price targets and forecasts with a grain of salt. The chart shows analyst predictions for the US 10-year Treasury yield, as you can see, nobody predicted yields would fall the way they did. We believe year-end price targets and forecasts are kind of silly. Sure, these predictions can be necessary to make long-term decisions, but let’s be honest, nobody has a crystal ball. Anyone who confidently tells you they know where the S&P 500 will end in 2020 is full of $h!t. Instead of trying to predict, we think it’s better to keep an open mind, focus on the trend, and asses new information as it becomes available throughout the year. As Matt says, “follow price!”
Quote of the Day
Top Links
Bull Stampede – SentimenTrader
Jason Goepfert of SentimenTrader points out some signs of emerging optimism among investors.
Why You Should Care About Yen/Aussie Dollar – All Star Charts
Tom Bruni explains that the Yen/Aussie Dollar currency pair can be used to gauge risk-appetitie.
Facebook Needs to Clear This Level to Kick Off Next Major Rally, Chart Suggests – CNBC
Katie Stockton of Fairlead Strategies shares her technical perspective on Facebook ($FB) and Twitter ($TWTR).
20 Charts to Watch Closely in the Run-up to Xmas? – Honey Stocks
In this video, Sam McCallum presents a few attractive chart setups that are worth keeping an eye on.
S&P 500 Drawdowns by Year – Bespoke
Bespoke highlights the fact that 2019 was a pretty smooth year for investors. The maximum drawdown this year was only 6.84% despite the glut of bearish headlines.
Top 10 Tweets
You’re all caught up now. Thanks for reading!