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Today’s Summary
Friday, September 27th, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average slipping 71 points or 0.26%. The Nasdaq was the weakest of the major indices, falling 1.13%.
Sectors: Financials were the only sector to close positive, moving up 0.39%. Technology lagged, falling 1.34%.
Commodities: Crude Oil futures moved lower by 0.94% to $55.90 per barrel. Gold futures fell 0.60% to $1,506 per ounce.
Currencies: The US Dollar Index was flat, changing just 0.02%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.685%.
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 note from Bespoke. It’s a chart of the S&P 500 Software group. Some of the largest stocks in this group include; Salesforce, Microsoft, Adobe, and Oracle. In the note, Bespoke points out that the index has been chopping around its 50-day moving average in a tight range since the beginning of August. Since then, the index has crossed its 50-day moving average 25 times. Each time, price never got more than 2% above the moving average and it never got more than 4% below it. Software has been one of the strongest industry groups in the market this year. The direction in which this consolidation resolves will likely have an impact on both the Technology sector as well as the broader market.
Quote of The Day
Top Links
Bitcoin Breaks Down But Remains Leadership – The Chart Report
In this week’s Chart of the Week column, we focus on the recent moves from Bitcoin and other popular cryptocurrencies.
Finding Outperformance in a Choppy Market – Libertas Wealth Management
Adam Koos highlights some industry groups that are showing strength relative to the broader market.
October’s First Trading Day Mixed Over the Last 21 Years – Almanac Trader
Seasonality Expert, Jeff Hirsch shows how the stock market has historically performed on the first trading day of October.
The State of the Stock Market – Concerns Versus Evidence – StockCharts.com
Arthur Hill of StockCharts.com checks on the current market environment by taking a look at market breadth and some sector-level trends.
Wake Me Up When September Ends – Honey Stocks
Sam McCallum discusses September seasonality and shares his thoughts on the market.
Top 10 Tweets
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Near-term area of interest I'm watching on the S&P $ES_F $SPY pic.twitter.com/k9IkTx33sV— David Zarling (@AdaptivCharts) September 27, 2019
The IPO ETF is trading at its lowest level since February, down 15% from its July peak (which coincided with the S&P 500's all-time high) pic.twitter.com/IpxHqRSRjm
— Luke Kawa (@LJKawa) September 27, 2019
the week in 2019 IPOs pic.twitter.com/nSiUAoDk9g
— Jared Blikre (@SPYJared) September 27, 2019
This is one of those deceiving moments… "OMG airlines are ripping!" becomes "oh wait, never mind." Rest assured most airlines (with the exception of $LTM and $AVH) are still chart challenged…$XAL pic.twitter.com/ju8rNlB1xL
— David Keller, CMT (@DKellerCMT) September 27, 2019
This is my chart of the week – FANG Stocks (Facebook, Amazon, Netflix and Google). Since the beginning of July they $AMZN $NFLX and $FB have experienced material declines (especially Netflix). As you can see on the performance chart below, only $GOOGL stays strong these days. pic.twitter.com/IIJRBPX0e8
— Sebastian Sienkiewicz (@Amdalleq) September 27, 2019
Hong Kong ETF down nine days in a row, *extremely rare* streak seen at some Major bottoms.
HSI Index with perfect mini hammer at 0.618 and 200wma tag.
This may have been the final bottom in a potential historic turn. Look for launch confirmation ideally next week.$HSI $EWH pic.twitter.com/VoaIOhYRNE
— Macro Charts (@MacroCharts) September 27, 2019
Gold is attempting to whet some traders' appetites into the weekend by completing this head-and-shoulders just before liquidity drains… pic.twitter.com/7KXXfYto65
— John Kicklighter (@JohnKicklighter) September 27, 2019
Bye Bye BaBa pic.twitter.com/6OU4T42U33
— Linda Raschke (@LindaRaschke) September 27, 2019
Obviously, key spot for this former leader! $NOW pic.twitter.com/ljK5zqtFlJ
— Mark Arbeter, CMT (@MarkArbeter) September 27, 2019
"Can't possibly go highe…(checks Palladium)"$PALL $SPY $XME pic.twitter.com/gA0R6aCYPZ
— Arun S. Chopra CFA CMT? (@FusionptCapital) September 27, 2019
Upcoming Events
Thursday, October 3rd – CMT Association New York Chapter Meeting Featuring Todd Sohn, CMT
Thursday, October 3rd – Atlanta Chapter Meeting Featuring Katie Stockton, CMT
Sunday, October 6th – A Look At The Markets Into Next Week Using TrendSpider w/ Guest Patrick Dunuwila from “The Chart Report”
Wednesday, October 9th – Webcast: “The Market Between Now And Year-End” with Ralph Acampora, CMT
You’re all caught up now. Thanks for reading!