Daily Chart Report ? Monday, February 3rd, 2020
Sponsored By:
Today’s Summary
Monday, February 3rd, 2020
Indices: US stocks kicked off the week on a positive note, with the Dow Jones Industrial Average rebounding 144 points or 0.51%. The Nasdaq was the strongest of the major indices, gaining 1.34%, while the S&P 500 rose 0.73%. The Russell 2000 advanced 1.21%.
Sectors: Materials led, gaining 2.10%. Energy lagged, falling 1.31%.
Commodities: Crude Oil futures moved lower by 1.45% to $50.11 per barrel. Gold futures fell 0.78% to $1,581 per ounce.
Currencies: The US Dollar Index rose 0.45%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.525%.
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 Evan Medeiros (@EvanMedeiros). It’s a daily candlestick chart of WTI Crude Oil futures over the past nine months. Crude Oil has been sinking like a rock in recent weeks. It’s dropped over 20% from the January 6th high, landing it in bear market territory. Evan points out that price is currently testing a level of potential support around $50 per barrel. In addition to being a key psychological level, this level acted as support numerous times in 2019. We often think of support/resistance levels like punching a wall, where each time you hit it, it gets weaker and weaker until you eventually break through it. Keep an eye on this chart over the next few days to see if buyers can defend this level once again.
Quote of the Day
“You have enemies? Good. That means you’ve stood up for something, sometime in your life.”
– Winston Churchill (Former British Prime Minister)
Top Links
The Technical Secrets of Stock Market Sentiment – Forbes
Technical Analyst and Forbes contributor, Tom Aspray examines several instances from the past few years where investor sentiment was at an extreme.
Potential Opportunities for Next Week – GK Trading
Gregory Krupinski shares several potential swing trade ideas, including $COUP, $CGC, $AAXN, and more.
‘Big Four’ Indexes Register Warnings As Sentiment Recedes – SentimenTrader
Jason Goepfert points out that the Hindenburg Omen has triggered across all four of the major indices for the first time since May of last year.
Pullback Mode – Momentum Monday
In this video, Howard Lindzon and Ivanhoff rip through dozens of charts to identify the hottest stocks and trends in the market right now.
High Returns and Low Correlations: The Case for Gold – StockCharts.com
David Keller explains why he thinks Gold is an attractive asset class to own right now.
Top 10 Tweets
You’re all caught up now. Thanks for reading!