Daily Chart Report ? Thursday, January 16th, 2020
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Today’s Summary
Thursday, January 16th, 2020
Indices: US stocks were higher in today's session, with the Dow Jones Industrial Average advancing 267 points or 0.92%. The Nasdaq gained 1.06%, while the S&P 500 closed higher by 0.84%. The Russell 2000 was the strongest of the major averages, jumping 1.31%.
Sectors: All 11 sectors closed higher. Technology led, gaining 1.34%. Energy lagged but still moved higher by 0.17%.
Commodities: Crude Oil futures rose 0.81% to $58.59 per barrel. Gold futures slipped 0.19% to $1,554 per ounce.
Currencies: The US Dollar Index inched up 0.07%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.806%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Jim Bianco (@biancoresearch). It's a daily bar chart of the S&P 500 ($SPX) over the past year. The index crossed 3300 for the first time ever today. Not long ago, we were celebrating the 3000 milestone. $SPX has gone 69 trading days without a daily decline of 1% or more, and over a year without a correction of 10% or more. This lack of volatility has many arguing that $SPX is overdue for a correction. James points out that a 10% correction from current levels would bring us down to former resistance right above 3000. He adds that a 10% correction would cause everyone to "freak out," and the financial media would spin up some daunting narrative to explain the decline. The reality is that a 10% correction wouldn't cause any major technical damage. $SPX would still be trading above the former highs, and in a primary uptrend.
Quote of the Day
"The market can stay irrational longer than you can stay solvent."
– John Maynard Keynes (Economist)
Top Links
Why It May Be Time to Take a Look at Platinum - Bloomberg
In this clip from Bloomberg, Rick Bensignor joins host, Abigail Doolittle, to share his bullish outlook on Platinum.
Dow 29,000 and the Markets are Grinding Away - The Reformed Broker
Josh Brown and Michael Batnick weigh in on some of the records and streaks that the market has seen recently.
Sector Deep Dive - The Final Bar
Host, David Keller analyzes the Health Care sector and Financial stocks. Also, Katie Stockton joins David to layout some levels to watch on the major averages.
MACD: EVERYTHING you need to know - SentimenTrader
Here's a good video for those of you who are new to Technical Analysis. In the video, Troy Bombardia introduces the MACD indicator (Moving Average Convergence Divergence).
SPY and QQQ Approaching Critical Resistance; Bullish on Take-Two Interactive (TTWO) - Yahoo Finance
Brian Shannon of AlphaTrends.net takes a look at the charts of $SPY, $QQQ, and Take-Two Interactive ($TTWO).