Tuesday, September 17th, 2019
Indices: US stocks were higher in today’s session with the Dow Jones Industrial Average inching up 34 points or 0.13%. The S&P 500 and Nasdaq were also higher by 0.26% and 0.40%, respectively. The Russell 2000, on the other hand, fell 0.40%.
Sectors: Real Estate led, gaining 1.41%. Energy lagged after significantly outperforming yesterday, falling 1.39%.
Commodities: Crude Oil futures dropped 5.71% to $59.29 per barrel. Gold futures moved slightly higher by 0.12% to $1,513 per ounce.
Currencies: The US Dollar Index slipped 0.40%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.810%.
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 blog post by Tom Bruni of All Star Charts (@BruniCharting) It is a daily candlestick chart of the Uranium ETF, $URA, going back to 2016. In the blog post, Tom points out that price broke down from a key level in July. This level acted as support seven times in the past. Classic technical analysis says that former support becomes new resistance. Tom thinks this chart setup is worth a trade for a number of reasons: “We’re trading in the direction of the primary trend, momentum is in a bearish range, relative strength is making new lows, our risk is well-defined.”
Quote of The Day
Financials Attempting to Break Out – The Chart Report
In this report, we take a look at the Financial Sector and some of the individual setups within it. We feature a handful of interesting charts from @MacroCharts.
DecisionPoint Daily Diamonds – “Momentum Sleepers” – StockCharts.com
Erin Swenlin of StockCharts.com offers up five beaten-down stocks with improving technicals. These stocks include, $IIPR, $SAGE, $TNET, $STAA, and $XNCR.
Shorting China: A Big Bearish Bet on FXI – Yuriy Matso
Yuriy Matso points out unusual options activity in the Chinese ETF, $FXI. He adds that the ETF is in a clear downtrend and presents a good short opportunity right now.
Monetary Magic + Socialism = Gold – Financial Sense Podcast
In this podcast, Jonathan Krinsky of Bay Crest Partners shares his thoughts on Stocks, Bonds, Oil, and the US Dollar. His segment begins around 13:45.
Tribeca Trade’s Fromhertz Has an Options Play for Taiwan Semiconductor – Bloomberg
Christian Fromhertz made an appearance on Bloomberg yesterday to outline an options trade on Taiwan Semiconductor, $TSM.
Top 10 Tweets
— Puru Saxena (@saxena_puru) September 17, 2019
Will the short interest build up in small caps be the catalyst we need for the next leg up. Short interest is up +10.39% YTD and %Rank over the past year and 5-year timeframes are in the 100th percentile. $IWM $RUT pic.twitter.com/tp9XfAG3jd
— Matthew Timpane, CMT (@offbeatoperator) September 17, 2019
For those inquiring about the Breadth Thrust I noted in various indexes, it was discovered by the legendary technician @WalterDeemer. He calls it Breakaway Momentum. In my experience one of THE most important and powerful signals to watch.
— Macro Charts (@MacroCharts) September 17, 2019
The moment of truth is here as $IWM and $KRE test their summer highs. Both remain in downtrends overall with falling channels. Keep in mind that the Financials sector $PSCF is the biggest sector in IWM and accounts for 17.64%. New Post: https://t.co/Qm5l0kqP5v pic.twitter.com/5I6wTeyI4k
— Arthur Hill, CMT (@ArthurHill) September 17, 2019
What if it was just a blip. What if $MTUM is not crashing, $GLD and $IEF catch a bid and $IWM reverts back to underperformance?$XLU on the cusp of new highs, bullish ETF rating @chaikinanalytic and still outperforming! pic.twitter.com/4BK7ixKl8Y
— Dan Russo, CMT (@DanRusso_CMT) September 17, 2019
Important point is how much Value has become a Financials index. Here's S&P 500 vs S&P 500 20 years ago compared with today. pic.twitter.com/KhVtXDfdpr
— Eddy Elfenbein (@EddyElfenbein) September 17, 2019
— jeroen blokland (@jsblokland) September 17, 2019
Solid looking setup w/ the pivot breakout today. pic.twitter.com/xZrm3eBUvw
— TesaroCharts (@TesaroCharts) September 17, 2019
— Mitchell Warren (@MitchellKWarren) September 17, 2019
What’s the worst #ChartCrime on social media?
— The Chart Report (@TheChartReport) September 17, 2019
You’re all caught up now. Thanks for reading!