Daily Chart Report ? Friday, January 3rd, 2020
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Today’s Summary
Friday, January 3rd, 2020
Indices: US stocks closed lower in today's session with the Dow Jones Industrial Average dropping 234 points or 0.81%. The S&P 500 and Nasdaq fell 0.71% and 0.79%, respectively. The Russell 2000 was the strongest of the major indices but still slipped 0.35%.
Sectors: Real Estate led, gaining 0.73%. Materials lagged, falling 1.61%.
Commodities: Crude Oil futures rallied 3.07% to $63.03 per barrel. Gold futures jumped 1.59% to $1,552 per ounce.
Currencies: The US Dollar Index was flat, changing just 0.05%.
Interest Rates: The US 10-year Treasury yield fell to 1.793%.
ts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Mike Zaccardi (@MikeZaccardi). It’s a weekly candlestick chart of Gold futures over the past three years. 2019 was an excellent year for Gold bugs. The precious metal rose 18.83%, marking its best year since 2010. Price hit a multi-year high around $1,566 per ounce in early September but pulled back about 7% to $1,446 over the next couple of months. Since then, price has rebounded to where it’s currently trading, around $1,550 per ounce. The past two weeks have been particularly strong for the yellow metal, and it’s on an impressive 8-day winning streak. Mike points out that the next test for Gold will be for price to break above the September highs around $1,566.
Quote of the Day
“The whole of life is but a moment of time. It is our duty, therefore, to use it, not to misuse it.”
– Plutarch (Greek Biographer)
Top Links
Cannabis Sell-off Burns Out - The Chart Report
After a terrible year in 2019, pot stocks appear to be forming a bottom. In this report, we outline some of the bullish characteristics we see from this group.
Here Are The ‘Dogs Of The Dow’ For 2020 - Forbes
Founder of the "Dogs of the Dow" strategy, Richard Suttimeier lays out the 2020 game plan for his strategy.
Strong Move for Metals to Open 2020 - Fibonacci.com
Tarek Saab of Fibonacci.com breaks down some of the bullish technical developments that are brewing in the Precious Metals space.
Weekend Stock Market Recap & Sector Analysis - The Trade Risk
In this video, Evan Medeiros provides a quick summary of recent price action and shares some charts to keep an eye on next week.
I Gotta Say, It Was a Good Year - A Wealth of Common Sense
By now, you're probably aware that 2019 was a great year for risk assets across the board. Stocks did well, Bonds did well, even Gold did well. In this piece, Ben Carlson puts forth the simple idea that maybe everything was up in 2019 because everything was down in 2018.
Top 10 Tweets
$KWEB Chinese Internet ... pic.twitter.com/UMcFgbAr82
— Ian McMillan, CMT (@the_chart_life) January 3, 2020
You’re all caught up now. Thanks for reading!