Daily Chart Report ? Friday, January 17th, 2020
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Today’s Summary
Friday, January 17th, 2020
Indices: US stocks ended the week on a positive note with the Dow Jones Industrial Average closing up 50 points or 0.17%. The S&P 500 and Nasdaq gained 0.39% and 0.34%, respectively. The Russell was the weakest of the major averages, falling 0.33%.
Sectors: Communications led, gaining 0.78%. Energy was the only sector to close lower, falling 0.64%.
Commodities: Crude Oil futures moved higher by 0.38% to $58.84 per barrel. Gold futures advanced 0.31% to $1,557 per ounce.
Currencies: The US Dollar Index rose 0.33%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.825%.
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 Steve Place (@stevenplace). It's a chart of the S&P 500 ETF, $SPY, over the past four years. The indicator at the bottom of the chart shows the number of consecutive days where $SPY traded above its 50-day moving average. The market has been grinding higher over the past few months with very little downward volatility. This steady melt-up has caused some concern that the market is extended, and that a pullback is imminent. $SPY has traded above its 50-day moving average for 67 straight trading days. While this is impressive, there have been several other streaks within recent years that have lasted longer. As Steve notes, there were two separate steaks in 2017 where $SPY traded above its 50-day moving average for more than 100 straight days. Also, the first four months of last year saw a streak of more than 75 days. Perhaps the current rally could last longer than some think.
Quote of the Day
"If you never change your mind, why have one?"
– Edward de Bono (Physician)
Top Links
Gaming on Sector Rotation - The Chart Report
In this week's Chart of the Week column, we point out that video game ETF, $GAMR is beginning to show strength relative to the broader market.
A Closer Look at Election Years - LPL Financial Research
In this note, the team at LPL Financial Research takes a look at the Presidential Cycle, and how stocks have historically performed in election years.
Options Sentiment: Historical Perspective- Yuriy Matso
The extremely low reading in the Put/Call ratio has many suggesting that investors are too complacent and that the market is due for a pullback. In this quick read, Yuriy Matso shares some historical perspective on this signal.
High Low Friday - 1/17/20 - Dana Lyons
Dana Lyons highlights some key markets that are trading at new highs or new lows.
As Stocks Hit More and More Records, There are Signs Traders may be Getting Way too Euphoric - CNBC
In this article, several respected Technical Analysts weigh in on wheater or not the market is due for a pullback.