Daily Chart Report ? Friday, January 31st 2020
Sponsored By:
Today’s Summary
Friday, January 31st, 2020
Indices: US stocks ended the week/month on a sour note with the Dow Jones Industrial Average shedding 603 points or 2.09%. The S&P 500 and Nasdaq fell 1.77% and 1.59%, respectively. The Russell 2000 droped 2.07%.
Sectors: 10 out of the 11 sectors closed lower. Consumer Discretionary was the only sector to close higher, gaining 0.26%. Energy lagged, dropping 3.12%.
Commodities: Crude Oil futures moved lower by 2.49% to $51.63 per barrel. Gold futures gained 0.93% to $1,593 per ounce.
Currencies: The US Dollar Index fell 0.52%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.505%.
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 Dana Lyons (@JLyonsFundMgmt). It’s a line chart of the Gold ETF, $GLD since 2011. $GLD and Gold Futures settled at their highest level in over 6-years today. While new highs are certainly not a bearish characteristic, Dana points out that $GLD is running into a level of overhead supply around $149-153. This level formerly acted as support for nearly two years between 2011-2013. As we know, former support tends to act as resistance. This level also represents the 61.8% Fibonacci retracement of the 2011-2015 decline. This confluence of two key resistance levels will likely act as a speedbump for the Gold rally if not a brick wall.
Quote of the Day
“Winning is a habit. Unfortunately, so is losing.”
– Vince Lombardi (Football Coach)
Top Links
Podcast with Ralph Acampora – Technical Analysis Radio
For the 100th episode of the Technical Analysis Radio Podcast, JC Parets interviews the Godfather of Technical Analysis, Ralph Acampora.
US Housing Market Update – Fibonacci.com
In this video, Tarek Saab checks up on the US Housing market by examining the charts of some of the popular US Housing ETFs including, $REZ, $ITB, $MBB, and $LBS.
Peter Brandt’s Crypto Update – BitcoinLive
With Bitcoin quietly approaching the key $10,000 level, legendary trader/chartist, Peter Brandt takes a look at some important levels and chart patterns to keep an eye on in the crypto markets.
Putting the Next Market Downturn into Perspective – A Wealth of Common Sense
Here’s a good read from Ben Carlson in which he discusses some of the dangers of trying to call a market top.
49ers or Chiefs? – LPL Financial Research
In the spirit of this weekend’s Super Bowl, LPL Financial Research shares some fun stats about the performance of the stock market after various Super Bowl outcomes. Try not to take this one too seriously folks!
Top 10 Tweets
You’re all caught up now. Thanks for reading!