Today’s Summary
Monday, October 21st, 2019

Indices: US stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 57 points or 0.21%. The S&P 500 and the Nasdaq closed higher by 0.69% and 0.91%, respectively. The Russell 2000 was the strongest of the major averages, gaining 0.95%.

Sectors: Energy led, gaining 1.79%. Materials lagged, falling 0.31%.

Commodities: Crude Oil futures fell 0.65% to $53.49 per barrel. Gold futures fell 0.43% to $1,488 per ounce.

Currencies: The US Dollar Index inched higher by just 0.05%.

Interest Rates: The US 10-year Treasury yield moved higher to 1.803%.

Here are the best charts, articles, and ideas being shared on the web today!

Chart of the Day

Another question I'm pondering today… what happens if the Mid-Caps break out here? Some big questions I think will be answered this week to give us market direction… anyone see it differently? pic.twitter.com/xiuJKclcPp

— Sam McCallum (@honeystocks1) October 21, 2019

Today’s Chart of the Day was shared on Twitter by Sam McCallum (@honeystocks1). It’s a weekly candlestick chart of the S&P MidCap 400 ETF, $MDY. Sam highlights the fact that price has been coiling into a triangle pattern over the past year. We often compare this pattern to the tightening of a spring. As the range contracts, energy builds up within the spring. When one of the pressure points is removed, the spring will explode in that direction. Similarly, as price works its way into a tighter range and moves toward the apex of this pattern, we’d expect a strong breakout in one direction or the other. Sam points out that price is getting very close to that decision point and that we could see a breakout as early as this week.

Quote of The Day

Top 10 Tweets

$spx riding the 8day higher as this upper range gets tighter. pic.twitter.com/b66sO8iu2Q

— Scott Redler (@RedDogT3) October 21, 2019

The drop in $BA means we need to issue a Dow Blindness warning for today's market. Dow flattish with a 100-point drag from Boeing, but S&P 500 up half a percent, market breadth more than 2:1 to the good. pic.twitter.com/LceYDtxoLB

— Michael Santoli (@michaelsantoli) October 21, 2019

$IWM if history proves itself true, we will retest the resistance once again pic.twitter.com/ckVp548qoI

— KKern, TTB (@kkernttb) October 21, 2019

Depending on where you fall in the diagonal lines vs horizontal lines schism, $BKX has either broken out or is just shy of doing so. I'd call it a step in the right direction. pic.twitter.com/5hhdTSxRWC

— Willie Delwiche (@WillieDelwiche) October 21, 2019

EWZ interesting too! EWJ=one of the RS leaders…point being, a lot of these global ETFs have been looking perky indeed the past week…. pic.twitter.com/iyYNstwgRx

— Linda Raschke (@LindaRaschke) October 21, 2019

$GOLD 4h
It is soon time for gold to show us where it wants to go short term. pic.twitter.com/5c94HCBtqY

— Graddhy – Commodities TA+Cycles (@graddhybpc) October 21, 2019

The 10-year / 2-year Treasury yield curve is pushing through another another significant resistance. Reversed inversion in late August, cleared +0.10 start of Oct and now moving above 2-year trend today. #Recession pic.twitter.com/qqL9aSQfrL

— John Kicklighter (@JohnKicklighter) October 21, 2019

a candlestick view of 10-year U.S. yields ($TNX) – traded close to the 2016 lows and a simple fib retracement to retrace the last year decline would see us expect 2.1-2.55% again… pic.twitter.com/E61Rr45Hbi

— David Cox, CMT, CFA (@DavidCoxWG) October 21, 2019

the market doesn't make it easy, does it?$JPM broke out in Sept = yeah!

the breakout failed = ahh!

buyers refused to give up and now it's breaking out again = yeah again! pic.twitter.com/lKkaSddAJt

— BostonCharts (@bostonchaahhts) October 21, 2019

Big trends in big stocks $GRMN pic.twitter.com/wc6Vkvf6ik

— The Chartist (@thechartist) October 21, 2019