Tuesday, July 9th, 2019
Indices: US stocks were mostly higher in today’s session. The Dow Jones Industrial Average was the weakest of the major indices, falling just 23 points or 0.08%. The Nasdaq was the strongest of the major indices, gaining 0.54%.
Sectors: Communications led, gaining 0.62%. Materials lagged for the second day in a row, falling 0.98%.
Commodities: Crude Oil futures rose 1.14% to $58.49 per barrel. Gold futures were slightly lower by 0.16% to $1,398 per ounce.
Currencies: The US Dollar Index gained 0.12%.
Interest Rates: The US 10-year Treasury yield moved higher to 2.072%.
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 in a blog post from Chris Kimble (@KimbleCharting). It’s a weekly candlestick chart of Gold Miners ETF, $GDX. Chris notes that $GDX is testing an important resistance level, around $25.60-25.75. This level coincides with the 61.8% Fibonacci retracement of the 2016-2018 decline. As you can see, $GDX visited this level three times in the past few years, only to be smacked down each time. Resistance levels are similar to a wall getting hit with a sledgehammer, where every time you hit it, it gets weaker and weaker. Will the fourth time be the charm for Gold Miners? Chris calls this “its most important breakout test in the past 3-years” We’ll be sure to keep an eye on this one.
Quote of The Day
“Decisions are bets on the future.”
– Annie Duke (Professional Poker Player)
In this report, we take a look at what some of the top technicians are saying about the Financial sector right now. The Markets – What Happened In The First Half of 2019…and Investing For a New Cold War – Howard Lindzon
Howard Lindzon recaps the hottest trends in the market over the past six months including Software, Gold and Bitcoin. The post is packed with interesting charts.
This Stock Can Rally 50% – All Star Charts
In this piece, JC Parets of All Star Charts shares his bullish thesis on The New York Times ($NYT). He explains why he likes the chart setup and outlines how traders should play this stock.
Timing the Euro Trade – Real Vision
Joe Perry of ForexAnalytix made an appearance on Real Vision today to present a trade idea on the EUR/GBP currency pair.
Market Awareness – Futures Radio Show
In this podcast, Anthony Crudele interviews David Keller, of Sierra Alpha Research. They discuss how he combines technical analysis and behavioral finance in his process.
Top 10 Tweets
— Tom Hearden (@followtheh) July 9, 2019
— Strategas (@StrategasRP) July 9, 2019
— Dan Russo, CMT (@DanRusso_CMT) July 9, 2019
Keep an eye on $XBI .. Higher lows in place. Potential cup and handle look even if slightly sloppy.
First hurdle 87.65 where 61.8% retrace is.
— Venky Srinivasan (@sssvenky) July 9, 2019
— Shane C. Murphy (@murphycharts) July 8, 2019
Similar to the Trump win in 2016, mainstream media is your best friend. Story after story about the "dreaded" Bolsonaro populist government.
— Lawrence McDonald (@Convertbond) July 9, 2019
Dear Gold Bugs: Holy sentiment surge
— Michael Antonelli (@BullandBaird) July 9, 2019
Massive level on Copper, below 260 and it's headed down fast. pic.twitter.com/ihbL3Xws85
— James Brodie CMT (@jamesrbrodie) July 9, 2019
We were buyers of Palladium down near 1,330, but as it struggles with its March highs we think it's best to take profits and move on as the tactical risk is now to the downside. pic.twitter.com/t5D3ThnOTk
— Tom Bruni, CMT (@BruniCharting) July 9, 2019
Found the key to the market, time for them to change the locks… pic.twitter.com/hMXVmgwKoF
— Michael Santoli (@michaelsantoli) July 9, 2019