Daily Chart Report ? Tuesday, January 28th 2020
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Today’s Summary
Tuesday, January 28th, 2020
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 187 points or 0.66%. The Nasdaq was the strongest of the major indices, gaining 1.43%, while the S&P 500 rallied 1.01%. The Russell 2000 rose by 0.86%.
Sectors: All 11 sectors closed higher. Technology led, gaining 1.91%. Consumer Staples lagged but still inched higher by 0.13%.
Commodities: Crude Oil futures moved higher by 1.36% to $53.55 per barrel. Gold futures fell 0.86% to $1,567 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield moved higher to 1.661%.
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 Andrew Thrasher (@AndrewThrasher). It’s a chart of the S&P 500 since the Great Financial Crisis low in 2009. The green vertical lines represent all the instances where $SPX fell 2.25% or more over two days and then rallied at least 1% the next day, as it did over the past three sessions. Andrew found that the index was historically up 70% of the time in the two weeks following this pattern of price action. He adds that “Results saw some lows first but several instances of immediate continuation of the prior trend.” The slight pullback between Friday and Monday certainly felt jarring due to the lack of volatility over the past few months. However, if history is any guide, it’s not only possible but likely that the S&P 500 will continue higher following this sort of price action.
Quote of the Day
“When I have to depend upon hope in a trade, I get out of it.”
– Jesse Livermore (Trader)
Top Links
A Non-Random Walk With Small-Caps – All Star Charts
JC Parets breaks down a chart of the Small-cap Russell 2000 ETF, $IWM. He emphasizes the importance of the $169 level in this ETF.
Piper Sandler’s Johnson Expects a Deeper Pullback in Tech Stocks – Bloomberg
Craig Johnson of Piper Sandler made an appearance on Bloomberg yesterday to share his outlook on Technology stocks.
Midweek Stock Market Recap and Technical Analysis – The Trade Risk
In this video, Evan Medeiros recaps the recent price action across the major indices and highlights a few charts that are worth keeping an eye on.
A Different Look at the Hindenburg Omen – TraderFeed
Dr. Brett Steenbarger examines the Hindenburg Omen that triggered yesterday, and what it suggests about market breadth right now.
‘This is the Signal’: Emerging Markets Flash Buying Opportunity Amid Broad Market Declines, Says Trader – CNBC
Ari Wald of Oppenheimer and Quint Tatro of Joule Financial discuss the VIX, Emerging Markets, and Chinese technology stocks.
Top 10 Tweets
You’re all caught up now. Thanks for reading!