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Today’s Summary
Monday, October 14th, 2019
Indices: US stocks were slightly lower in today’s session with the Dow Jones Industrial Average slipping just 23 points or 0.11%. The S&P 500 and Nasdaq changed 0.14% and 0.10%, respectively. The Russell 2000 was the weakest of the major averages falling 0.43%.
Sectors: Real Estate led, gaining 0.15%. Materials lagged after leading on Friday, falling 0.71%.
Commodities: Crude Oil futures fell 2.03% to $53.59 per barrel. Gold futures moved higher by 0.60% to $1,498 per ounce.
Currencies: The US Dollar Index rose 0.14%.
Interest Rates: The US 10-year Treasury yield was unchanged at 1.734%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Drew Wells (@DrewTheCharts). It’s a daily candlestick chart of the Large-Cap Russell 1000 index ($RUI). The bottom pane of the chart is a breadth indicator showing the percentage of stocks above their 200-day moving average. Drew points out that 50% of the Russell 1000 components remained above their 200-day moving average at the recent lows. 50% is a critical level to watch on this indicator. The Russell 1000 has bounced every time the indicator approaches 50%. However, things tend to get ugly fast when the percentage of stocks above their 200-day moving average falls below 50% like it did in Q4 2018. To learn more about the importance of watching this indicator, check out this report.
Quote of The Day
Top Links
Columbus Day Markets – Bespoke
Bespoke examines the typical performance of the S&P 500 in the week following Columbus Day.
Mish’s Daily: Quiet Holiday Trading Prevailed – Market Gauge
Michele Schneider sums up today’s quiet price action and lays out the levels to watch on some key industry groups.
Momentum Monday…Why Aren’t Markets Higher? – Howard Lindzon
In this video, Howard Lindzon and Ivanhoff do their weekly run-through of dozens of charts in order to identify the strongest trends and momentum stocks.
The Final Bar with Guest Ryan Detrick – StockCharts
In this episode of The Final Bar, host David Keller does a deep dive on the Communications sector and discusses the Presidential Cycle with guest, Ryan Detrick.
The Gap in the S&P 500 is Still Waiting to be Filled – Mott Capital Management
Michael Kramer shares his thoughts on the S&P 500 and highlights some individual stocks with bullish chart setups.
Top 10 Tweets
$spy glance after the close as it felt like ordinary digestion after a big move. A few things to do here and there pic.twitter.com/d4bPApbvhX
— Scott Redler (@RedDogT3) October 14, 2019
Lowest full day session volume since December 2017 pic.twitter.com/g4WGzuqPwA
— Tom Hearden (@followtheh) October 14, 2019
Well my friends, time to see if seasonality works in our favor this year$SPX pic.twitter.com/waaCxNcF3u
— Michael Antonelli (@BullandBaird) October 14, 2019
Of the three main index ETFs $SPY $QQQ $IWM its the $QQQ as the best house in the neighborhood…only one with a bullish ETF Rating @chaikinanalytic pic.twitter.com/00ohAud6to
— Dan Russo, CMT (@DanRusso_CMT) October 14, 2019
We want the prior resistance at VWAP from peak to become support if tested this week in $SPY pic.twitter.com/Kc0gZ64sPF
— Brian Shannon, CMT (@alphatrends) October 14, 2019
$CPER $GLD $TNX This ratio is pretty important for a risk on/off perspective. Get a good glimpse of hints from all three. pic.twitter.com/b3PWiZkwW1
— Alistair (@alistair_chart) October 14, 2019
#VIX We're in the middle October and the month is not living up to its reputation so far! After lower highs this month we're still hovering near 2 months lows below 15. Complacency or confidence? pic.twitter.com/uGoEe8JueW
— Tiago Marques Pereira, CMT (@TMPTRADING) October 14, 2019
$DE #inthecrosshairs Struggling at resistance…again. pic.twitter.com/liAxDNPveJ
— David Blair (@crosshairtrader) October 14, 2019
This $TSLA breakout is in full swing today. Expecting some resistance around the $260 level – open gaps above at $273.26 and $291.81. #Tesla pic.twitter.com/pGhCVbD1Nn
— CEO Technician (@CEOTechnician) October 14, 2019
$BYND Broke all support levels pic.twitter.com/xhrVyg7VXl
— Scott Elliott (@Scelliott81) October 14, 2019
Upcoming Events
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!