Monday, September 9th, 2019
Indices: US stocks were mixed in today’s session with the Dow Jones Industrial Average inching higher by 38 points or 0.14%. The Russell 2000 was particularly strong, gaining 1.27%. On the other hand, the S&P 500 was flat, and the Nasdaq was slightly lower by 0.19%.
Sectors: Energy led, gaining 2.00%. Health Care lagged, falling 0.92%.
Commodities: Crude Oil futures rose 2.52% to $57.87 per barrel. Gold futures slipped 0.32% to $1,511 per ounce.
Currencies: The US Dollar Index fell 0.09%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.647%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by SentimenTrader (@sentimentrader). The chart highlights the fact that some of the worst-performing stocks year-to-date were some of the best-performing stocks today and vice versa. Price action felt somewhat backward as some of the weakest areas of the market caught a bid today. For example, Banks ($KBE), Retail ($XRT), Oil Services ($OIH) and Value Stocks ($SPYV) all did well today. On the other hand, stronger areas of the market like Growth Stocks ($SPYG) and Software ($IGV) were weak. It’s often said that sector rotation is the lifeblood of bull markets. It’s important to note that one day doesn’t make a trend, however, this is something worth paying attention to as it could be the start of a larger rotation.
Quote of The Day
Divergence Between Value, Growth, and Momentum – Asymmetry Observations
Portfolio Manager, Mike Shell picks apart today’s divergence between Value, Growth, and Momentum.
Momentum Monday – Back Above the Range. Is the Rally a Trap? – Howard Lindzon
In this video, Howard Lindzon and Ivanhoff discuss the current market environment and identify some of the most attractive chart setups.
VIX on the Ropes to Start September – Schaeffer’s Investment Research
Todd Salamone of Schaeffer’s examines the unwind in negative sentiment and how it will impact the Volatility Index.
This is a Global Stock Market – All Star Charts
JC Parets of All Star Charts walks readers through the charts of over a dozen different global equity markets.
Bears Don’t Want to See These Charts – Yuriy Matso
Over the past few months, bears were pointing to the broadening formation on the S&P 500 to justify their position. In this piece, Yuriy Matso looks back on past scenarios where this chart pattern actually broke out to the upside.
Top 10 Tweets
Ppl who check the $SPX and see that it was down just 0.01% will be greatly surprised when they check energy stocks ($OIH), financial stocks ($KRE) and the recent tech momentum darlings. But the $SPX avoided an Outside Reversal Day by closing above 2972.51. pic.twitter.com/LNxR2ACd1O
— Walter Deemer (@WalterDeemer) September 9, 2019
— Mark Ungewitter (@mark_ungewitter) September 9, 2019
Supporting the idea of a global cyclical recovery – as the sacrificial offering.
— Macro Charts (@MacroCharts) September 9, 2019
Softwares have led the mkt for five yrs. $PSJ is the software ETF that most closely resembles leading software #stocks, w/ about 40% of it being aggressive growth vs 20% for $IGV, making it a useful barometer for this group
Chart TradeStation pic.twitter.com/2S9EFu2sxz
— marderonthemarket (@mardermarket) September 9, 2019
— Matthew Timpane, CMT (@offbeatoperator) September 9, 2019
Don't look now… but… there is a SIZABLE shakeup taking place from a factor-perspective. If today feels weird to you, you're not alone. Momentum & Low Volatility stocks that have been leading this market are struggling today & Value just got a shot in the arm!💉 #interestrates pic.twitter.com/pIzicRkb4t
— Brandon Van Zee 📉📈 (@BrandonVanZee) September 9, 2019
— KKern, TTB (@kkernttb) September 9, 2019
— John Kicklighter (@JohnKicklighter) September 9, 2019
— David Zarling (@AdaptivCharts) September 9, 2019
Will the S&P close at an all-time high before the end of September?
— The Chart Report (@TheChartReport) September 9, 2019
You’re all caught up now. Thanks for reading!