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Today’s Summary
Tuesday, June 18h, 2019
Indices: US stocks were higher in today’s session with the Dow Jones Industrial Average gaining 353 points or 1.35%. The Nasdaq was the strongest of the major indices, finishing up 1.39%.
Sectors: Industrials led, gaining 1.94%. Consumer Staples lagged, falling 0.54%.
Commodities: WTI Crude Oil futures were higher by 3.80% to settle at $53.90 per barrel. Gold futures closed higher by 0.58% and are trading around $1,350 per ounce.
Currencies: The US Dollar Index was higher by just 0.08%.
Interest Rates: The US 10-year Treasury yield moved lower to 2.058%.
Here are some of 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 Michael Antonelli of Baird (@BullandBaird). It’s a chart of the S&P 500 in blue and the NDR Daily Trading Sentiment Composite in red. Antonelli notes that this indicator was signaling “extreme pessimism” as of yesterdays close. Meanwhile, the S&P 500 is less than 2% away from all-time highs. Sentiment, at extremes, tends to be a contrarian indicator. The financial media has given investors plenty of reasons to be on the sidelines, and yet the market continues to drift higher. Could pessimistic sentiment help propel this S&P 500 to all-time highs?
Quote of The Day
“I’m not afraid to look like an idiot.”
– Anthony Bourdain (American Chef)
Top Links
JC Parets of All Star Charts addresses the sideways consolidation that most of the major US indices have been undergoing for over a year now. He also explains that triple tops aren’t very common and that quadruple tops aren’t even a thing to him.
The Greatest Asset Bubble of All Time – Of Dollars and Data
Bubbles are fascinating to technicians because they are examples of how human behavior can drive price. In this article, Nick Maggiulli of Ritholtz Wealth Management picks apart some of history’s most famous asset bubbles.
WYNN Turns to Winning – StockCharts.com
In this piece, Greg Schnell of StockCharts.com outlines a bullish trade on the casino stock, $WYNN.
Consumer Staples and Yields About to Send Key Message to Stocks? – Kimble Charting Solutions
Chris Kimble points out that the Consumer Staples sector ($XLP) is testing key resistance while the 10-year Treasury Yield ($TNX) is on the verge of breaking key support. Kimble argues that these two charts will send an important signal to the broader market.
Top Technician Says These Hot IPOs About to Get Even Hotter – CNBC
In this video clip, Chris Verrone of Strategas Research Partners takes a look at the IPO market. He gives his thoughts on $UBER, $PINS, $BYND and $DBX.
Top 10 Tweets
$SPX 500 today ? pic.twitter.com/eCgUPpKuZp
— CtheLightTrading (@canuck2usa) June 18, 2019
Nasdaq breadth markedly better than S&P 500 today, both very solid (A-D lines) pic.twitter.com/RNthg4csjy
— Luke Kawa (@LJKawa) June 18, 2019
IPO ETF at a new all-time high, up 49% from its December low. $IPO pic.twitter.com/iwLwWKovUZ
— Charlie Bilello (@charliebilello) June 18, 2019
Quick $DXY update: broadly speaking, I am fully expecting a major rotation up toward the 98.50 area off the 200-day moving average. The down move appears to just about be done. The trend is still up, and the up trendline has been respected over and over again. $EURUSD $AUDUSD pic.twitter.com/4u4SyPy9DD
— KJ Wojciechowski (@kjfxmonk) June 10, 2019
This is why there's so much chatter about gold's longer-term potential; if it can get above $1380… pic.twitter.com/U8fJ9HZWDj
— Walter Deemer (@WalterDeemer) June 18, 2019
#GOLD when viewed in multi-currency form and NOT just USD, has already achieved a breakout to the highest levels since 2013- $GC_F pic.twitter.com/h4p0Yt409X
— Mark Newton (@MarkNewtonCMT) June 18, 2019
The Swiss Market Index $SMI_F experiencing major breakout. Market will undergo a 40% advance over next few years. pic.twitter.com/faeEx1q2RF
— Peter Brandt (@PeterLBrandt) June 18, 2019
Historical day… The 10-year bond #yield in #Austria, #France and #Sweden all fell below 0% today. Negative yields are the new normal! pic.twitter.com/BJscOlZAvQ
— jeroen blokland (@jsblokland) June 18, 2019
If we're above the December lows, it's hard to make a bearish case for Natural Gas stocks $FCG From false moves come fast moves? Nice bullish momentum divergence as well pic.twitter.com/HaQFTuUIcQ
— J.C. Parets (@allstarcharts) June 18, 2019
Snapchat $SNAP is hitting new year-to-date highs again today. It's now up more than 140% this year.https://t.co/j2L89cvmWe pic.twitter.com/zkLoTlWa78
— StockTwits (@StockTwits) June 18, 2019