Daily Chart Report ? Monday, January 27th 2020
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Today’s Summary
Monday, January 27th, 2020
Indices: US stocks had their worst day since October. The Dow Jones Industrial Average dropped 454 points or 1.57%. The S&P 500 also fell 1.57%, while the Nasdaq closed lower by 1.89%. The Russell 2000 outperformed the other major indices but still fell 1.01%.
Sectors: All 11 sectors closed lower. Utilities led, but still slipped 0.25%. Energy lagged, dropping 2.77%.
Commodities: Crude Oil futures moved lower by 2.66% to $52.76 per barrel. Gold futures rose 0.71% to $1,582 per ounce.
Currencies: The US Dollar Index inched higher by 0.08%.
Interest Rates: The US 10-year Treasury yield fell to its lowest level since October at 1.599%.
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 Ryan Detrick (@RyanDetrick). It’s a chart of the S&P 500 going all the way back to 1928. The orange indicator marks the number of trading days without back-to-back losses. Ryan points out that the S&P 500 hasn’t posted back-to-back losses in 30 trading days…until today. He adds that this 30-day streak ties for the longest streak since 1955. Today also marked the end of a 74-day streak without a daily decline of 1% or more. While many are attributing today’s sell-off to the coronavirus, it’s important to keep in mind that the market has been relatively quiet over the past 3-4 months. In other words, it would’ve been unusual if the S&P 500 continued higher without experiencing some downside volatility.
Quote of the Day
“The most important thing is to try and inspire people so that they can be great at whatever they want to do.”
– Kobe Bryant
Top Links
The Sentiment Wave Builds as Confidence Rises in the Latest Equity Trend – Andrew Thrasher
Andrew Thrasher points to several indicators that were showing extreme readings in volatility and sentiment prior to today’s decline.
Gold, Treasuries, and Software – Momentum Monday
Howard Lindzon and Ivanhoff rip through dozens of charts to identify the hottest stocks and trends in the market right now.
Silver Poised to Trade Higher – Bloomberg
Steve Sosnick of Interactive Brokers joined host Abigail Doolittle to outline a bullish options trade on Silver futures.
Dr. Copper Looking Very Sick – Fibonacci.com
In this video, Tarek Saab shares his thoughts on the recent weakness in Copper futures.
Stocks Yielding More than Bonds Again – Bespoke
Bespoke discusses the fact that the S&P 500’s dividend yield is currently higher than the 10-year Treasury yield.