Thursday, September 5th, 2019
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average jumping 373 points or 1.41%. The Russell 2000 and Nasdaq both advanced 1.75% and were the strongest of the major indices.
Sectors: Technology led, gaining 2.09%. Utilities lagged falling 1.08%.
Commodities: Crude Oil inched higher by 0.18% to $56.31 per barrel. Gold futures dropped 2.22% to $1,526 per ounce.
Currencies: The US Dollar Index was slightly lower by 0.06%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.565%.
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 Luke Kawa (@LJKawa). It’s a daily bar chart of S&P 500 futures with the 50-day moving average in pink and the 200-day moving average in yellow. Luke points out that from August 5th – September 5th the S&P 500 traded in a tight range between its 50 and 200-day moving averages. After testing the upper end of this range several times, we finally got the breakout that the bulls were hoping for today. The S&P 500 is now less than 2% below an all-time high.
Quote of The Day
Currency Gets Pounded During Brexit Negotiations – The Chart Report
In this week’s Chart of the Week column, we take a look at the chart of the British Pound versus the US Dollar and the structural downtrend that it’s been in.
Two Must-See Charts About the Hang Seng and U.S. Stock Momentum – Bloomberg
Katie Stockton of Fairlead Strategies joined host Abigail Doolittle to discuss what she’s seeing on the charts of the Hang Seng Index and the S&P 500.
Historic Bond Rally About to Reverse Direction? – Kimble Charting Solutions
Chris Kimble breaks down a chart of the 20+ Year Treasury Bond ETF, $TLT. He explains that it’s extended here and running into resistance at the top of an 8-year rising channel.
Stocks (and Copper) Facing Seasonal Challenges – R.W. Baird
Here’s a research note from Willie Delwiche of Baird. He examines some of the seasonal headwinds facing Stocks and Copper in the near-term.
A Unique Bond Rally Play – Real Vision
Dan Russo of Chaikin Analytics was featured on Real Vision to share a trade idea on a Real Estate analytics stock, CoStar Group ($CSGP).
Top 10 Tweets
Market, Part IV: Today's upside break-outs on the DJIA, S&P 500 and the NASDAQ Composite imply that they will re-test their recent highs and could easily register new all-time highs.
— Ralph Acampora CMT (@Ralph_Acampora) September 5, 2019
— Market Musings (@AndysCycles) September 5, 2019
The S&P 500 closed July 31 at 2980. We're right back there now.
The 10-year Treasury closed July 31 at 2.02%; it's now far lower, at 1.58%.
So debt is cheaper, credit is OK, US macro data more steady than not, volatility bleeding lower. What's the bearish counter to all that? pic.twitter.com/HPD4pB5L2K
— Michael Santoli (@michaelsantoli) September 5, 2019
— KKern, TTB (@kkernttb) September 5, 2019
— David Keller, CMT (@DKellerCMT) September 5, 2019
— Bespoke (@bespokeinvest) September 5, 2019
10-year Treasury yields are rising today the most since the beginning of January and took a leg higher after better than expected U.S. economic data out this morning. The 2-10s yield curve is now firmly positive & steepening. pic.twitter.com/mcT3mqA2vf
— Lisa Abramowicz (@lisaabramowicz1) September 5, 2019
The 5 year US Treasury Note stopped right where you'd think it would pic.twitter.com/WXQCIkaJps
— Aaron (@ATMcharts) September 5, 2019
Long/Short High Beta Momentum Index -4.3%, worst day of the year. pic.twitter.com/9MXT8bPVA3
— Jonathan Krinsky,CMT (@jkrinskypga) September 5, 2019
Gold just suffered a -3 standard deviation move the day after hitting a 52-week high.
Of the 11 other times late buyers got slapped like this, they showed further losses a month later 8 times. pic.twitter.com/CiS9nroMpT
— SentimenTrader (@sentimentrader) September 5, 2019
You’re all caught up now. Thanks for reading!