Daily Chart Report ? Wednesday, January 29th 2020
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Today’s Summary
Wednesday, January 29th, 2020
Indices: US stocks were little changed in today’s session with the Dow Jones Industrial Average moving just 12 points or 0.04%. The S&P 500 and Nasdaq changed only 0.09% and 0.06%, respectively. The Russell 2000 was the weakest of the major indices, falling 0.55%.
Sectors: Industrials led, gaining 0.53%. Energy lagged, falling 1.05%.
Commodities: Crude Oil futures fell 1.63% to $53.10 per barrel. Gold futures rose 0.66% to $1,582 per ounce.
Currencies: The US Dollar Index inched up 0.07%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.58%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Drew Wells (@DrewTheCharts). It’s a daily candlestick chart of the Russell 1000 index ($RUI) over the past 4.5 years. The indicator at the bottom shows the percentage of stocks within the Russell 1000 that are trading above their respective 200-day moving averages. From fears of World War III to the coronavirus, there have been some intimidating headlines over the past few weeks. While some insist that these events will be the end of the bull market, Drew explains that there’s no reason for investors to panic as long as the percentage of stocks above their 200-day moving average stays above the 45-50% level. Things tend to get ugly for the Russell 1000 when that indicator falls below that level. He adds: “The market can correct a lot more than 3% with the long term trend still intact.” This chart serves as an excellent example of how charts allow you to tune out the noise and focus on what really matters, which is price.
Quote of the Day
“I don’t need a million charts or thousands of pieces of fundamental data to tell me that Microsoft’s cloud business is booming – the trend is telling me. It’s telling you too.”
– Larry Hite (Trader)
Top Links
“50 Years on Wall Street” feat. Ralph Acampora – StockCharts.com
Here’s a short documentary on the Godfather of Technical Analysis, Ralph Acampora.
Three Must-See Charts About Apple, AMD, and Chip Stocks – Bloomberg
Steve Suttmeier of Bank of America offers his technical take on Apple ($AAPL), Advanced Micro Devices ($AMD), and the Semiconductor index ($SOX).
Rest of the Week Following Turnaround Tuesday – Bespoke
In this note, Bespoke examines what tends to happen to the S&P 500 in the days following a Tuesday reversal like the one we saw yesterday.
Andrew Thrasher Talks VIX Futures – TD Ameritrade Network
Andrew Thrasher made an appearance on TD Ameritrade Network this morning to shares his thoughts on the current volatility environment.
What Long-Term Investors Can Learn from Traders – The Reformed Broker
Here’s a great conversation between Josh Brown and Scott Redler about how long-term investors can incorporate moving averages into their process.
Top 10 Tweets
aaaand the S&P 500 is flat on the day pic.twitter.com/ayoLGnXYEf
— Katherine Greifeld (@kgreifeld) January 29, 2020
You’re all caught up now. Thanks for reading!