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Today’s Summary
Wednesday, October 16th, 2019
Indices: US stocks were slightly lower in today’s session with the Dow Jones Industrial Average closing down 23 points or 0.08%. The S&P 500 and Nasdaq fell 0.20% and 0.30%, respectively. The Russell 2000, on the other hand, inched higher by 0.12%.
Sectors: Consumer Discretionary led, gaining 0.41%. Energy lagged, falling 1.39%.
Commodities: Crude Oil futures moved higher by 0.41% to $53.59 per barrel. Gold futures rose 0.71% to $1,494 per ounce.
Currencies: The US Dollar Index fell 0.28%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.745%.
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 @TradeTraders. It’s a daily candlestick chart of the iShares Home Construction ETF, $ITB. The ETF is up nearly 50% year-to-date, and it closed at a new 52-week high today. Some of the top holdings in $ITB include: $DHI, $LEN, $NVR, $PHM and $SHW. As you can see from the chart, $ITB is trading above the 20, 50, and 200-day moving averages. In recent months, many have been warning that an economic slowdown or recession is on the horizon. However, if a recession is truely imminent, then Home Building stocks certainly didn’t get the memo.
Quote of The Day
Top Links
Are European Financials Finally Ready to Rally? – The Chart Report
In this report, we outline four bullish technical developments going on in European Bank stocks right now.
Podcast with Larry Hite – Meb Faber Research
Here’s a great podcast from Meb Faber. He interviews trading legend, Larry Hite. They discuss trend following, and Larry shares some interesting stories from his career.
The Calendar Could Have Bulls Smiling – LPL Financial Research
Ryan Detrick and the team at LPL Financial Research explain: “The calendar could be about to turn into a bull’s best friend, as late October has been when stocks historically started their end-of-year rally.”
Trendline Wednesday 10/16/19 – Dana Lyons
Dana Lyons highlights some noteworthy indices that are currently testing their trendlines.
This Market is Outperforming Four out of Five U.S. Stock Indicies – Omaha Charts
Trent Smalley points out that the Russia ETF $RSX has been quietly outperforming US indices in 2019.
Top 10 Tweets
We are on pace for another exceptionally small $SPX range today. Not as small as Monday's but second smallest turn in two-and-a-half months pic.twitter.com/oCnn4teBWP
— John Kicklighter (@JohnKicklighter) October 16, 2019
Everyone sees the triangle patterns in major indices with $SPX approaching resistance yesterday, $NDX slightly piercing it, and leader $SMH clearly breaking out. This means rest of week action is key for follow through and failure could see sharp acceleration down to fill gaps pic.twitter.com/2lHsliQpqe
— Adam Mancini (@AdamMancini4) October 16, 2019
here's the strength in Semis on both an absolute and relative basis $SOX $SMH $SPX pic.twitter.com/BGZDw1LH1Y
— J.C. Parets (@allstarcharts) October 16, 2019
$IWM $SPY ratio.. maturing bullish falling wedge suggests the divergence dilemma between small caps and the broader indices will soon be resolved.
This alone does not distinguish between bullish or bearish scenarios, just an impending change in trend. pic.twitter.com/1HSBp4RDpM
— Nino (@TrendlineMacro) October 16, 2019
$DAX DAX Index 1D: potential new high from German stocks pic.twitter.com/dcqn2L2jel
— Shane C. Murphy (@murphycharts) October 16, 2019
I'll take the mathematics of Leonardo Fibonacci over OPEC and Saudi Arabia news every damn time pic.twitter.com/r4qgGRAoec
— Louis (@HaumiCharts) October 16, 2019
Emerging Markets Breaking Out? pic.twitter.com/5QFms2eVes
— Nautilus Research (@NautilusCap) October 16, 2019
just remembered and updated an old chart i always found interesting… 15 years of marriage between $EEM & Copper pic.twitter.com/5MBWZi3S5U
— Lighthouse Capital (@LighthouseCap23) October 16, 2019
I'd love to close this thread out but it just keeps going ?$GLD $SOX $PALL pic.twitter.com/osNPcD2FcY
— Arun S. Chopra CFA CMT? (@FusionptCapital) October 16, 2019
Buy or sell? (31-day intraday chart) pic.twitter.com/GxGerKwIB8
— Dow (@mark_dow) October 16, 2019
Upcoming Events
Saturday, October 19th – Canadian Technician’s Day
Tuesday, October 22nd – New York Chapter Meeting Featuring Sam Stovall
Thursday, October 24th – Northern Ohio Chapter Meeting Featuring JC Parets, CMT
Saturday, October 26th – Trade Ideas Summit 2019
Monday, October 28th – United Kingdom Chapter Meeting featuring Ralph Acampora, CMT
You’re all caught up now. Thanks for reading!