Daily Chart Report ? Friday, February 14th, 2020
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Today’s Summary
Friday, February 14th, 2020
Indices: US stocks were mixed in today’s session with the Dow Jones Industrial Average slipping 25 points or just 0.09%. The S&P 500 and Nasdaq moved slightly higher by 0.18% and 0.20%, respectively. The Russell 2000 was the weakest of the major indices, falling 0.36%.
Sectors: Real Estate led, gaining 1.16%. Energy lagged, falling 0.53%.
Commodities: Crude Oil futures moved higher by 1.92% to $52.51 per barrel. Gold futures rose 0.50% to $1,587 per ounce.
Currencies: The US Dollar Index inched up 0.09%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.588%.
**The stock market and the bond market will both be closed on Monday, February 17th in observance of Presidents’ Day**
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 @Couzin_Vinny. It’s a weekly candlestick chart of WTI Crude Oil futures over the past ~3 years. Things are finally starting to look bullish for Crude Oil after having a rough start to the year. The commodity closed lower for five consecutive weeks, dropping over 20% in that time. As you can see from the blue horizontal lines, it has been stuck in a well-defined range between $65 and $50 per barrel for over a year. Price looked like it was going to continue lower after it broke below the bottom end of that range last week. However, price moved back above that key $50 level this week, forming a failed breakdown. Failed breakdowns like this tend to lead to sharp moves higher. As long as Crude Oil remains above that $50 level, the risk is to the upside. For more on this development, check out this article from Tom Bruni of All Star Charts.
Quote of the Day
“Some people feel the rain. Others just get wet.”
– Bob Dylan (Musician)
Top Links
Raising Cash Now is Prudent – All Star Charts
JC Parets of All Star Charts made an appearance on BNN Bloomberg yesterday to explain why he’s been taking a more defensive approach to the stock market in recent weeks.
Trading After Presidents’ Day Weekend Still Weak – Almanac Trader
Seasonality expert, Jeff Hirsch points out that the two days after Presidents’ Day weekend tend to be weak.
Equities Move Higher But High Beta Stocks Struggle to Outperform – Andrew Thrasher
Andrew Thrasher examines the bearish divergence that’s forming between the S&P 500 and High Beta stocks.
Weekend Stock Market Recap and Sector Analysis – The Trade Risk
In this video, Evan Medeiros reviews price action from this past week and takes a look at some important charts to keep an eye on next week.
5-Chart Friday (2/14/20) – Compound
Charlie Bilello highlights some of the most noteworthy charts from the past week.
Top 10 Tweets
You’re all caught up now. Thanks for reading!