Daily Chart Report ? Wednesday, February 19th, 2020
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Today’s Summary
Wednesday, February 19th, 2020
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average gaining 116 points or 0.40%. The S&P 500 and Nasdaq moved higher by 0.47% and 0.87%, respectively. The Russell 2000 rose by 0.57%.
Sectors: Energy led, gaining 1.33%. Real Estate lagged, falling 1.41%.
Commodities: Crude Oil futures moved higher by 2.64% to $53.74 per barrel. Gold futures rose 0.63% to $1,614 per ounce.
Currencies: The US Dollar Index gained 0.15%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.568%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Koyfin (@KoyfinCharts). The chart compares the year-to-date performance of Virgin Galactic ($SPCE), Tesla ($TSLA), and the S&P 500 ETF ($SPY). As of today’s close, $SPCE and $TSLA are up a whopping 223% and 119%, respectively, while $SPY is up a modest 5%. This type of price behavior speaks to the type of risk-on environment that we’re currently in. Legendary technical analyst, Bob Farrell once said, “Parabolic advances usually go further than you think, but they do not correct by going sideways.” In other words, the momentum from these rallies can carry the stock far higher than what anyone thinks is rational. However, once the momentum is gone, the subsequent correction tends to be sharp and violent as opposed to a sideways consolidation, where price corrects through time.
Quote of the Day
“Whoever wishes to foresee the future must consult the past; for human events ever resemble those of preceding times.”
– Machiavelli (Political Philosopher)
Top Links
Why Gold Mining Might Start to Shine – Bloomberg
Frank Cappelleri of Instinet made an appearance on Bloomberg earlier today to share his thoughts on the S&P 500, Gold Miners, and the US Dollar.
US Dollar Index: On Watch – Topdown Charts
Callum Thomas examines recent price action in the US Dollar Index as it drifts towards its highest level in nearly three years.
Gold & Metals Accelerate Higher – All Star Charts
Tom Bruni of All Star Charts takes a look at the recent strength in Gold and Gold Mining stocks.
Stock Market Swing Trade Ideas 2-19-20 – The Trade Risk
In this video, Evan Medeiros shares some of his favorite chart setups from the IBD 50 list including, $BAH, $PING, and $WEX.
It’s Not 2000, But The Market Is Mighty Narrow Again – Michael Kahn
Michael Kahn weighs in on market breadth and some of the notable technical developments going on right now.
Top 10 Tweets
You’re all caught up now. Thanks for reading!