Daily Chart Report ? Monday, January 13th, 2020
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Today’s Summary
Monday, January 13th, 2020
Indices: US stocks began the week on a positive note with the Dow Jones Industrial Average closing higher by 83 points or 0.29%. The Nasdaq was the strongest of the major indices, gaining 1.04%. The S&P 500 moved higher by 0.70%, and the Russell 2000 rose 0.72%.
Sectors: Materials led, gaining 1.29%. Health Care lagged, falling 0.35%.
Commodities: Crude Oil futures fell 1.75% to $58.09 per barrel. Gold futures dropped 0.95% to $1,548 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield rose to 1.848%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Peter Brandt (@PeterLBrandt). It's a daily candlestick chart of the popular pot stock, Canopy Growth Corporation ($CGC). Marijuana was one of the worst-performing industry groups in 2019. However, it appears that these stocks may have found a bottom. From a sentiment perspective, most investors have left this group for dead, which creates a bullish opportunity for traders looking for short-term mean reversion. $CGC, for example, has bounced 65% from its low in less than ten weeks. It closed at a three month high today and is attempting to break out of a key resistance level around $23. If the stock can hold above this level, then the next major test for $CGC will be at the 200-day moving average, around $31. For more on the comeback in pot stocks, check out our recent report.
Quote of the Day
"You can't live a perfect day without doing something for someone who will never be able to repay you."
– John Wooden (Basketball Coach)
Top Links
POT-ential Trade Setups In The Marijuana Space - All Star Charts
As we mentioned in our Chart of the Day, pot stocks are beginning to show signs of life after being left for dead. In this piece, Tom Bruni highlights some of the most attractive chart setups that he sees within the space.
Momentum Monday - The Market Is Climbing A Wall of Worry - Howard Lindzon
Howard Lindzon and Ivanhoff comb through dozens of charts to identify the hottest stocks and trends in the market right now.
The Week Ahead: A Warning from Small-Cap Stocks? - Forbes
Technician and Forbes columnist Tom Aspray examines what the charts are suggesting for the direction of the broader market.
Stock Market Analysis - Week Ahead 13th Jan 2020 - Honey Stocks
In this video, Sam McCallum shares several charts that are worth keeping an eye on in the near-term.
The Sentiment Wave Builds as Confidence Rises in the Latest Equity Trend - Andrew Thrasher
Andrew Thrasher explains that sentiment data is beginning to suggest that the current rally is stretched in the short-term.
Top 10 Tweets
Financials consolidating above '18 highs.$XLF $TLT $BAC pic.twitter.com/KgUaI1T14N
— J4 (@J4_fibo) January 13, 2020