Daily Chart Report ? Tuesday, May 19th, 2020
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Today’s Summary
Tuesday, May 19th, 2020
Indices: US Stocks closed lower in today's session with the Dow Jones Industrial Average dropping 392 points or 1.59%. The S&P 500 and Nasdaq fell 1.05% and 0.54%, respectively. Small-Caps underperformed with the Russell 2000 ending down 1.95%.
Sectors: All 11 sectors closed lower. Communications led, slipping just 0.02%. Energy lagged, falling 2.80%.
Commodities: The July Crude Oil futures contract rose 0.98% to $31.96 per barrel. Gold futures moved higher by 0.65% to $1,746 per ounce.
Currencies: The US Dollar Index changed just 0.04%.
Interest Rates: The US 10-year Treasury yield fell to 0.687%.
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 Chris Robinson (@cer_hedge). It's a daily candlestick chart of S&P 500 Futures over the past six months. As Chris points out, price has been stuck in a range between two key Fibonacci retracement levels for weeks now. The 61.8% Fibonacci retracement of the Feb-March crash has been acting as resistance (purple), while the 50% retracement has been acting as support (yellow). Despite an impressive 30% rally from the March low, the S&P 500 has made little progress (+1.65%) over the past month. Keep an eye on this range in the near term. A meaningful move above resistance (around 2930) would be a big win for the bulls, while a break of support (around 2784) would favor the bears.
Quote of the Day
“Bulls make money, bears make money, pigs get slaughtered.”
– Wall Street Adage
Top Links
Small Options Traders Have Never Done This Before - SentimenTrader
Jason Goepfert points out that small options traders (fewer than 10 contracts traded) are aggressively bullish on stocks right now.
The Silver/Gold Ratio Can No Longer Be Ignored - Talk Markets
Mike Swanson explains that the Silver/Gold ratio is finally starting to confirm a bull market in Precious Metals.
Mid-Week Stock Market Recap - The Trade Risk
In this video, Evan Medeiros reviews the recent price action in some of the major sectors and indices.
Here are the 13 Best Twitter Accounts to Follow for Technical Stock Market Analysis - Business Insider
Business Insider put together this list of some of the top technical analysts to follow on Twitter.
Market Indicators: Swear By Them Or Swear At Them?
In this video, respected analyst Larry Williams weighs the value of various fundamental and technical indicators.