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Today’s Summary
Tuesday, April 2nd, 2019
Indices: US stocks were a mixed bag today with the Dow Jones falling 79 points or 0.30%. The Nasdaq gained 0.25% while the S&P 500 closed flat.
Sectors: Real Estate led with a gain of 0.86% while Consumer Staples lagged, falling 0.82%.
Commodities: WTI Crude Oil futures pushed higher by 1.54% to close at $62.59 per barrel. Gold futures rose 0.10% to settle at $1,296 per ounce.
Currencies: The US Dollar Index was relatively flat, changing just 0.08%.
Interest Rates: The US 10-year Treasury yield slipped to 2.472%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Today’s chart of the day was shared on Twitter by the founder of Fibonacci.com, Tarek Saab (@FibLines). It’s a line chart showing Bitcoin breaking out of its multi-year downtrend. The entire crypto space has been dead for the past few months but as Tarek points out, Bitcoin seems to be regaining strength lately. Could this be the start of a resurgence in cryptocurrencies? We want to know what you think. Tweet us @TheChartReport on Twitter.
Quote of The Day
“Patterns repeat because human nature hasn’t changed in thousands of years”
-Jesse Livermore (American Investor)
We’ve noticed a lot of chatter about China’s Shanghai Composite lately. This article highlights what some of the smartest technical analysts on the street are saying about China’s stock market right now.
The IPO Frenzy…What Does it Mean and How Can I Participate? – Howard Lindzon
In this blog post, respected venture capitalist, Howard Lindzon gives his thoughts on the recent burst of Silicon Valley unicorns like $LYFT going public.
Nasdaq and NYSE Testing New Breakout Levels – Chris Kimble
Here’s a short read from Chris Kimble where he points out that two major indices are testing key breakout levels.
Take-Two Suggests Looking Twice at This Setup $TTWO – Greg Schnell
Greg Schnell of StockCharts.com does a deep dive on the chart of Take-Two Interactive ($TTWO). He lays out his reasons why he thinks the stock will move higher.
One Top Technician Says This Dow Laggard Could Be Ready to Breakout – CNBC
Carter worth made an appearance on CNBC yesterday where he presented his bullish thesis on shares of 3M ($MMM). He thinks the large-cap stock is poised to break out after being trendless for months.
Top 10 Tweets
"The most bullish thing the market can do is go up." -Paul Montgomery$SPX $SPY pic.twitter.com/WC91nGQx7V
— David Keller, CMT (@DKellerCMT) April 2, 2019
These A/D lines made new highs today:
Dow, S&P 100, S&P 500, Nasdaq 100, midcaps, NYSE common stock only, and NYSE.
We've been hearing all year how participation has been weak. Heard the same thing in early 2016, as breadth lead and price eventually followed to new highs. pic.twitter.com/2A0P0HPW26
— Ryan Detrick, CMT (@RyanDetrick) April 2, 2019
$SPX testing the Jan 2018 high. It's the first test of the breakdown level from October as well pic.twitter.com/wqmTsz4IKd
— Aaron (@ATMcharts) April 2, 2019
#RAIL strength- While TRAN has risen to test important Feb peaks at 10673, The S&P 500 Rails index has successfully broken back out to new all-time highs, exceeding a Cup-&-Handle pattern since last September- Near-term stretched, but very good pattern & larger peak premature pic.twitter.com/Ev4H0lEHGy
— Mark Newton (@MarkNewtonCMT) April 2, 2019
Macro Update (https://t.co/dKvv60zasQ): Are bonds yields reflecting a growth scare or recession warning? Time will tell, but the action in copper would argue for the former. pic.twitter.com/1TM8mWvZyM
— Willie Delwiche (@WillieDelwiche) April 2, 2019
Health Care nearing key relative support. $XLV pic.twitter.com/BjmJUcKRZ4
— Dan Russo, CMT (@DanRusso_CMT) April 2, 2019
Yesterday was the 6th largest rise in the 10-year Treasury yield since October 2016. pic.twitter.com/4uZI30hqUg
— Andrew Thrasher, CMT (@AndrewThrasher) April 2, 2019
$XLY Consumer Discretionary ETF vs. $XLP Consumer Staples ETF 1D line chart: stuck in a range here.. pic.twitter.com/i0bQptrjLj
— Shane C. Murphy (@murphycharts) April 1, 2019
Even the weakest markets around the world are correcting through time, not price.
Bears have no bite. pic.twitter.com/e88Bpp396A
— Tom Bruni, CMT (@BruniCharting) April 2, 2019
Popular narrative that has resurfaced on Twitter recently:
Check out that divergence between the S&P 500 $SPX (in orange) vs. the Smart Money Flow Index (in blue)
I guess $SPX is going to crash to 1000 pic.twitter.com/Cbt2afsXyQ
— Troy Bombardia (@bullmarketsco) April 2, 2019