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
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
— 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
— J.C. Parets (@allstarcharts) October 16, 2019
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
— 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
— Lighthouse Capital (@LighthouseCap23) October 16, 2019
— 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
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!