Monday, October 7th, 2019
Indices: US stocks closed lower with the Dow Jones Industrial Average falling 96 points or 0.36%. The Russell 2000 was the strongest of the major averages but still slipped 0.19%.
Sectors: None of the sectors advanced. Communications led but closed unchanged. Energy lagged falling 0.89%.
Commodities: Crude Oil futures were flat, changing just 0.02%. Gold Futures moved lower by 0.56% to $1,504 per ounce.
Currencies: The US Dollar Index inched higher by 0.18%.
Interest Rates: The US 10-year Treasury yield rose 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 Andrew Thrasher (@AndrewThrasher). It’s a one-hour candlestick chart of the S&P 500 index. Andrew points out that price is running into short-term resistance. The chart is a great example of the principle of polarity, where former resistance tends to act as support and vice versa. This level (2940-2960), acted as resistance for nearly the entire month of August. It then acted as support for the majority of September until it fell through at the beginning of October. We’re now testing the level from below. Clearly, this is an important level to keep an eye on in the S&P 500.
Quote of The Day
Podcast with Walter Deemer, Technical Analyst with 57 Years of Experience – Technical Analysis Radio
In this podcast, JC Parets interviews long-time technician Walter Deemer. He discusses his career and how Technical Analysis has evolved over the years.
Momentum Monday – Enough Strong Stocks Not to be Too Bearish – Howard Lindzon
Howard Lindzon and Ivanhoff flip through dozens of charts to get a pulse on the market and to identify the strongest trends.
Industry Groups Distance From 52-Week Highs: Defensives on the Offensive – Bespoke
Bespoke breaks down some of the S&P 500 industry groups and where they’re trading in respect to their 52-week highs.
Transports Continue to Lag: Should We Be Worried? – Yuriy Matso
Yuriy Matso shares his thoughts on the weakness in the Dow Transportation Average.
Can an October Rate Cut Really Help Stocks? – Forbes
Technician and Forbes contributor, Tom Aspray examines some of the latest technical developments and what they mean for the market going forward.
Top 10 Tweets
— Brian Shannon, CMT (@alphatrends) October 7, 2019
WALL STREET'S DIRTY LITTLE SECRET. DON'T EVER EVER FORGET LADIES AND GENTS….. pic.twitter.com/m8yiZcDJK7
— jesse stine (@InsiderBuySS) October 7, 2019
The 3rd week in October has historically marked the beginning of the 4th quarter seasonal thrust for equities. pic.twitter.com/BPXo5cBphI
— Renaissance Macro (@RenMacLLC) October 7, 2019
Russell 2000 shows clear support and resistance. Which way will it finally breakout of this range, up or down? pic.twitter.com/uFjKgma8IN
— Scott Elliott (@Scelliott81) October 7, 2019
— TrendSpider (@TrendSpider) October 7, 2019
— John Kicklighter (@JohnKicklighter) October 7, 2019
— Nargis (@nargis007) October 7, 2019
Record hedge fund short position in #copper futures, futures speculators are also at a record net short position. Meanwhile, the copper price has begun to put in some higher lows. #China #metals #mining pic.twitter.com/MYosBBkE9i
— CEO Technician (@CEOTechnician) October 7, 2019
Upside Copper volume node in play pic.twitter.com/iiU8xGhI4a
— Linda Raschke (@LindaRaschke) October 7, 2019
— Koyfin (@KoyfinCharts) October 7, 2019
Wednesday, October 9th – Webcast: “The Market Between Now And Year-End” with Ralph Acampora, CMT
Monday, October 14th – Dallas Chapter Meeting Featuring Jeffery Hirsch
Tuesday, October 15th – Minnesota Chapter Meeting Featuring Dave Keller, CMT
Tuesday, October 22nd – New York Chapter Meeting Featuring Sam Stovall
You’re all caught up now. Thanks for reading!