Tuesday, September 3rd, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average falling 285 points or 1.08%. The Russell 2000 was the weakest of the major indices, falling 1.51%.
Sectors: Defensive sectors like Utilities, Real Estate, and Consumer Staples were the only sectors to close positive. Utilities led, gaining 1.77%. Industrials lagged, falling 1.36%.
Commodities: Crude Oil futures dropped 1.57% to $53.91 per barrel. Gold futures rose 1.15% to a new multi-year high of $1,556 per ounce.
Currencies: The US Dollar Index inched higher by 0.08%, to its highest level since 2017.
Interest Rates: The US 10-year Treasury yield fell to 1.464%.
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 in a blog post by Chris Kimble (@KimbleCharting). It’s a monthly candlestick chart of the Silver/Gold ratio going back to the early ’80s. When the ratio is rising, it means Silver is outperforming Gold and vice versa. Technicians use this ratio to gauge the level of risk appetite in the Precious Metals market. Silver is the more aggressive and volatile of the two metals. Therefore, when Silver is outperforming Gold, it demonstrates risk appetitie and is a bullish signal for the broader Precious Metals market. Chris points out that this ratio has been in decline since 2011. However, it seems to be bouncing off support from the 1992 lows and is now breaking above multi-year resistance. Chris adds that if this ratio continues higher, it will send a bullish message to both Silver and Gold.
Quote of The Day
Louise Yamada: Massive Six Year Base Will Lead to Higher Move in Gold – WallStreetWindow.com
Here’s an interesting podcast with legendary Technician, Louise Yamada. In addition to sharing her thoughts on Gold, she discusses how she went from being a single mother teaching nursery school to one of the most respected Technicians on Wall Street.
Should Market Breadth Be Cap-Weighted or Equal Weighted? – StockCharts.com
David Keller of StockCharts.com explains why it still makes sense to use equal-weighted indicators to measure the breadth of cap-weighted indices like the S&P 500.
Labor Day Seasonality – Bespoke
Bespoke takes a look at September seasonality and how Stocks have historically performed immediately after Labor Day weekend.
Do Major Hurricanes Impact Stocks? – LPL Financial Research
Here’s an interesting note from the team at LPL Financial Research. They examine how the S&P 500 has performed after some of the most devastating hurricanes.
Chart o’ the Day: Where the Bears are in Trouble – The Reformed Broker
Josh Brown of Ritholtz Wealth Management wrote this brief post highlighting an interesting chart from JC Parets. The chart is a long-term chart of the Dow Jones Industrial Average that outlines some important levels to watch.
Top 10 Tweets
Here's a look at seasonality for the Russell 2000, S&P 500, Nasdaq 100, and Dow. Historically September has been a tough month for equity markets. pic.twitter.com/JEDwDpP2q5
— Andrew Thrasher, CMT (@AndrewThrasher) September 3, 2019
Yes, September can be a rough month, but how stocks are doing headed into it could be quite significant.
Past 10 times started Sept above the 200-day MA (like 2019)? Higher 8 times in Sept.
Past 10 times started Sept beneath the 200-day MA? Higher only 3 times in Sept. pic.twitter.com/wJbqFSkRlZ
— Ryan Detrick, CMT (@RyanDetrick) September 3, 2019
— Maria Rinehart (@RinehartMaria) September 3, 2019
— Shane C. Murphy (@murphycharts) September 3, 2019
If you are into scanning many different markets to find interesting charts, may I call you attention to $EEM. A month-long range after epic collapse and two 'hanging man' candles at resistance pic.twitter.com/b0XAA7VDBE
— John Kicklighter (@JohnKicklighter) September 3, 2019
— Teddy Vallee (@TeddyVallee) September 3, 2019
— Nautilus Research (@NautilusCap) August 29, 2019
— Matt (@commander10) September 3, 2019
Copper Breakdown is a technical & potential economic concern on violation of 1 year Head and Shoulders pattern & brings down to lowest since '16 pic.twitter.com/1No6HqXQMQ
— Mark Newton (@MarkNewtonCMT) September 3, 2019
Man, I've got to admit, gold has been on an incredible rally lately.
… down 17.5% in the last 8 years. pic.twitter.com/bjan2Fn06w
— Joe Weisenthal (@TheStalwart) September 3, 2019
You’re all caught up now. Thanks for reading!