Monday, August 12th, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average falling 391 points or 1.49%. The S&P 500 and Nasdaq performed slightly better but still fell 1.23% and 1.20% respectively.
Sectors: All 11 sectors of the S&P 500 were lower. Real Estate led but still fell 0.13%. Financials lagged falling 1.95%.
Commodities: Crude Oil futures rose 0.88% to $54.96 per barrel. Gold futures were higher by 0.55% to $1,517 per ounce.
Currencies: The US Dollar Index inched lower by 0.11%.
Interest Rates: The US 10-year Treasury yield dropped to 1.64%.
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 research note by Jeffery Huge of Alpha Insights (@Alpha_Insights). It’s a weekly bar chart of Copper Futures over the past three years. The chart highlights the bearish Head & Shoulders pattern that has formed. Confirmation of this pattern occurs when price breaks below the red horizontal line known as the “neckline.” As you can see, Copper has already broken below the neckline and looks to be headed lower. Copper is often used as a leading economic indicator because of its various industrial applications. This is one chart that traders and investors are watching closely right now because further weakness from this metal would be an early warning sign that global growth is slowing.
Quote of The Day
Volatility Spike – What Happens Next – SentimentTrader.com
This piece from SentimentTrader.com uses historical data to show what typically happens after large spikes in volatility like the one we saw last week.
Momentum Monday – Should You Panic Early? – Howard Lindzon
Here’s Howard Lindzon’s weekly “Momentum Monday” video in which he reviews dozens of charts and highlights some of his favorite trends and momentum stocks.
Silver Breakout “Test” Important for Precious Metals – Kimble Charting Solutions
Chris Kimble takes a look at the weekly chart of Silver. He points out that Silver is testing key resistance and explains that a breakout from this level would be bullish for the overall Precious Metals space.
Financials Dragging Down European Stocks – All Star Charts
In this video, JC Parets and Chart Report contributor, Steve Strazza discuss European Banks and how they’re weighing down some of the major European equity indexes right now.
This Biotech Kept its Head While Others Lost Theirs – StockCharts.com
Arthur Hill of StockCharts.com examines the chart of one Biotech stock that is showing strength relative to the broader market, Amgen ($AMGN).
Top 10 Tweets
2019 Daily Returns for $SPX in Weekly Calendar Format
[thru last week] pic.twitter.com/Z73aUG3BlQ
— OddStats (@OddStats) August 12, 2019
Weekly NYSE+NASDAQ new lows surpassed their May peak last week. reaching their highest level since December pic.twitter.com/HlHYtxBTE5
— Willie Delwiche (@WillieDelwiche) August 12, 2019
$SPX – what if we are just stuck between the MAs which are stuck within the bigger consolidation that has been in place since Jan '18? Everyone love to talk "the market" but under the hood there is a lot of opportunity on both sides of the book.
Here is what has been working! pic.twitter.com/OLzQ2ky0xr
— Dan Russo, CMT (@DanRusso_CMT) August 12, 2019
Stocks have moved more than 1% for the 9th straight day. When coming off a 52-week high, it has only happened 3 times since 1982. (Nov 2009, May 2010, Dec 2014). FWIW all worked higher over the next few months. @FT $SPY pic.twitter.com/OlMmy8KL2W
— SentimenTrader (@sentimentrader) August 12, 2019
BAYCREST: “We are entering earnings season for many retail stocks. While the bar may be low, the trend is weak. A break under $38 for the $XRT ETF would suggest a massive six-year top is in place.”
— Carl Quintanilla (@carlquintanilla) August 12, 2019
It's fluid, and to me, has no signal. pic.twitter.com/wUj3Mfm9gb
— Steve Place (@stevenplace) August 12, 2019
— Kathy Jones (@KathyJones) August 12, 2019
Our world right now where yield curves have neither yields nor curves. pic.twitter.com/oBPL6BGqYo
— David Ingles (@DavidInglesTV) August 12, 2019
if you're watching the ag market and aren't paying attn. to COT data, then you're missing a great piece of data that would have provided assistance to today's move in corn. Commercial corn traders were signaling price weakness. $CORN $ZC_F pic.twitter.com/OSkZUy4bEK
— Andrew Thrasher, CMT (@AndrewThrasher) August 12, 2019
— Marin Katusa (@MarinKatusa) August 12, 2019
You’re all caught up now. Thanks for reading!