Friday, August 2nd, 2019
Indices: US stocks were lower in today’s session with the Dow Jones Industrial Average closing down 98 points or 0.37%. The Nasdaq lagged the rest of the major averages, falling 1.32%.
Sectors: Real Estate led, gaining 0.77%. Technology lagged, falling 1.63%.
Commodities: Crude Oil futures rallied 3.23% to settle at $55.67 per barrel. Gold futures rose 1.79% to $1,457 per ounce.
Currencies: The US Dollar Index fell 0.29%.
Interest Rates: The US 10-year Treasury yield fell to 1.843% – a multi-year low.
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 Tarek Saab (@FibLines). It is a weekly chart of Copper futures over the past 20 years. Tarek points out that Copper is in danger of breaking down from both the 200-week moving average, as well as a long-term trendline. Copper is an important industrial metal used in construction, electrical equipment, machinery and more. Because of its numerous industrial applications, it can serve as a barometer for global growth and risk appetite. It’s often said that the metal has a Ph.D. in Economics and it’s commonly referred to by traders as Doctor Copper for its ability to forecast inflection points in global growth. If Copper continues to breakdown it could be an early warning sign that global growth is beginning to stall.
Quote of The Day
5 Things to Learn About Martin Zweig – The Chart Report
Here are the five things to know about the legendary trader and investment analyst, Marty Zweig.
Bearish Undertones – The Chart Report
In this report, we highlight some of the bearish technical developments that are brewing in the market right now.
State of the Stock Market – Short and Long Term Breadth Signals – StockCharts.com
In this piece from StockCharts.com, Arthur Hill checks up on breadth. He uses two short-term indicators and three long-term indicators in his analysis.
The Bullish Case for U.S. Bonds and the Yen – Bloomberg
Joe Perry of ForexAnalytix made an appearance on Bloomberg yesterday to share his outlook on US Treasury futures, and the Japanese Yen.
Fakeouts – Bespoke
In this note, Bespoke discusses the abundance of failed breakouts that have formed on the charts over the past couple of days.
Top 10 Tweets
During this secular bull market, breakouts from large consolidations on the S&P 500 that occurred without the Russell 2000 have been premature head fakes. You need broad participation for a powerful and sustainable up leg. pic.twitter.com/HHj9JEVLJY
— Mark Minervini (@markminervini) August 2, 2019
— Matthew Timpane, CMT (@offbeatoperator) August 2, 2019
BKX has more headfakes than an NBA point guard pic.twitter.com/RfELllbVZ1
— Michael Antonelli (@BullandBaird) August 2, 2019
"Dr" Copper hits 2-year low on LME pic.twitter.com/2rjySld3GA
— Tina Davis (@tina_davis) August 2, 2019
— J4 (@J4_fibo) August 2, 2019
— Clint S CFA, CMT (@clint_sorenson) August 2, 2019
— Dana Lyons (@JLyonsFundMgmt) August 2, 2019
— David Keller, CMT (@DKellerCMT) August 2, 2019
Trees do not grow to the sky….."terminal wedge" pic.twitter.com/KLyJAjPFrH
— Linda Raschke (@LindaRaschke) August 2, 2019
how markets work pic.twitter.com/IB1LjwWVrR
— StockCats (@StockCats) August 2, 2019
You’re all caught up now. Thanks for reading!