Today’s Summary
Monday, March 11th, 2019
Indices: US stocks snapped a five-day losing streak today, with the Dow Jones Industrial Average closing higher by 200 points or 0.79%. The Nasdaq was the strongest of the major US averages, jumping 2.02%. The Dow Transports were also higher by 1.89%, to end the longest losing streak for the index in decades.
Sectors: All 11 sectors of the S&P 500 closed positive in today’s session. Technology led with a gain of 2.19%. Utilities lagged but still gained 0.73%.
Commodities: WTI Crude Oil futures rose 1.3% to settle at $56.79 per barrel. Gold futures fell 0.63% to settle at $1,291 per ounce.
Currencies: The US Dollar Index fell slightly by 0.15%, while the British Pound jumped 1.02% against the Dollar.
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 Adam Mancini (@AdamMancini4). It’s a daily chart of the popular US Treasury Bond ETF, $TLT. Bonds ripped higher at the end of 2018 as stocks sold off. Since then, stocks have rebounded, while bonds have chopped around in a sideways range. Adam calls this formation a bullish flag and suggests that another leg higher for $TLT could spell trouble for US stocks.
Quote of The Day
“Genius is the ability to put into effect what is on your mind”
– F. Scott Fitzgerald (American Writer)
Top Links
Terms like “overbought” and “oversold” are tossed around a lot, however, most people incorrectly interpret these readings. This article highlights a piece from Michael Kahn, where he explains the correct way to think about overbought/oversold RSI readings.
Greg Schnell on the US Dollar – The Chart Report
In this article, we break down what technician Greg Schnell is saying about the US Dollar right now and the implications it could have on Stocks.
Bird’s-Eye View of Boeing – The Chart Report
Boeing was off to hot start in 2019 until today when it gapped down over 10% at the open. This article from The Chart Report discusses why today’s move needs to be thought of in a longer-term context and reminds readers, “when in doubt, zoom out.”
Andrew Thrasher’s “Most Important Chart” – The Chart Report
This article recaps an interesting piece that Andrew Thrasher put out today, where he offered up some of the charts that he’s watching right now.
What is Wrong With Cash – JC Parets – All Star Charts
JC Parets of All Star Charts argues that sometimes cash is the best position to be in, especially in trendless, choppy markets like the one he’s currently seeing.
Top 10 Tweet
Just pointing out that we seem to be getting more and more confirmations as time goes by, so continuing to assume it's a cyclical bull market until proven otherwise
— Walter Deemer (@WalterDeemer) March 11, 2019
There have now been nine + or – 1% days in 2019 and seven of them (!) have been positive (78%).
If that holds, it would be the all time record.
Thought you might like to see how $SPX did for a year when at least 55% of the +/- 1% days were positive days. pic.twitter.com/nOECqnKn8B
— OddStats (@OddStats) March 11, 2019
the gold bugs will like this one pic.twitter.com/XC3GrRwUNK
— J.C. Parets (@allstarcharts) March 11, 2019
$AAPL gapped up this morning, but at the same time flashed a "sell" signal per one of our preferred indicators (denoted by a red arrow), leaving it at a proving ground near resistance (Fibonacci + cloud) pic.twitter.com/B56raFqJWB
— Katie Stockton, CMT (@StocktonKatie) March 11, 2019
Big techs holding up well. After consolidating with a wide range for over a year, Oracle $ORCL is breaking out to new highs. pic.twitter.com/ljhjjxg7Kq
— Arthur Hill, CMT (@ArthurHill) March 11, 2019
Risk-off continues as high yield to investment grade ratio falls… pic.twitter.com/IrDkcqq1Ba
— Cory Venable CMT (@CoryLVenable) March 11, 2019
Oil in a tight range.
Compression brings expansion.
Direction will be big clue for more than just oil.$CL_F #Oil pic.twitter.com/QNfTjLY0il— David Zarling (@360research) March 11, 2019
Transports looking like capitulation on Friday. Highest volume in 19 months in $IYT pic.twitter.com/9LD2VbY9YN
— Aaron (@ATMcharts) March 11, 2019
Pound forms golden cross. Cable's move up this year has pushed its 50-DMA above 200-DMA for the first time since 2017. pic.twitter.com/sYrC6nybub
— David Ingles (@DavidInglesTV) March 11, 2019
Interest rates have topped for this economic expansion cycle. Here are the cases when the 2 year Treasury yield's 14 month RSI was very high, and then it started to fall pic.twitter.com/NsogzzAfAL
— Troy Bombardia (@bullmarketsco) March 10, 2019