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Today’s Summary
Tuesday, November 19th, 2019
Indices: US stocks were mixed in today’s session with the Dow Jones Industrial Average falling 102 points or 0.36%. The S&P 500 was flat while the Nasdaq was up 0.24%. The Russell 2000 was strongest of the major indices, gaining 0.36%.
Sectors: Health Care led, gaining 0.68%. Energy lagged, falling 1.48%.
Commodities: Crude Oil futures dropped 3.08% to $55.37 per barrel. Gold futures inched up 0.16% to $1,474 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield moved lower to 1.767%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Big BASES are our Jam and we haven’t found one bigger than the 28 year version currently in force for the Nikkei. pic.twitter.com/axTxPZAKsA
— Wolfe Daily Howl (@WolfeDailyHowl) November 19, 2019
Today’s Chart of the Day was shared on Twitter by Wolfe Research @WolfeDailyHowl. It’s a chart of Japan’s Nikkei 225 index going back over 100 years. Wolfe Research points out that the index is breaking out of a massive 28-year base. Typically, the longer the sideways consolidation, the more potential upside. In other words: “the bigger the base the higher in space.” As you can see on the chart, major rallies in the Nikkei 225 have often followed breakouts from long-term bases, so if this one resolves higher that would suggest a new long-term uptrend has begun.
Quote of the Day
“The demand for certainty is one which is natural to man, but is nevertheless an intellectual vice.”
– Bertrand Russell (Philosopher)
Top Links
Three Amazing Streaks – LPL Financial Research
In this note, the team at LPL Financial Research points out some pretty amazing streaks that the market has been on recently.
Today Looks Nothing Like a Blow-Off Stock Market Top – Ciovacco Capital Management
Chris Ciovacco shows that today’s market looks vastly different from past market tops like the ones seen in 1929, 1987 or 2000.
Why We’re Buying Stocks and Selling Rocks – All Star Charts
In this piece, JC Parets lays out his bullish outlook on Equities and his bearish outlook on Gold.
VIX On A Historic Streak Of Relative Buoyancy– Dana Lyons
Dana Lyons examines some unusual behavior he’s seeing from the Volatility Index right now.
Week Before Thanksgiving Dow Up 19 of 26, But… – Almanac Trader
Seasonality Expert, Jeff Hirsch explains how the major US indices tend to perform in the week leading up to Thanksgiving.
Top 10 Tweets
"Overbought means up alot." Not necessarily a bad thing. Start worrying when the market moves higher and there is no overbought condition! $SPX $SPY pic.twitter.com/gzASC24rey
— David Keller, CMT (@DKellerCMT) November 19, 2019
The S&P 500 is having a good run above its 10-DMA (the blue line). If you're not familiar with the technical stuff, it means the market is going up consistently but slowly. pic.twitter.com/EYt0BqtHKS
— Eddy Elfenbein (@EddyElfenbein) November 19, 2019
$XLRE turns bearish @chaikinanalytic. Lagging $SPY and has bearish Chaikin Money Flow pic.twitter.com/D5Ov0b95Mu
— Dan Russo, CMT (@DanRusso_CMT) November 19, 2019
Carter Worth reiterates his view to be underweight the consumer discretionary sector as the relative performance has been deteriorating for months. On an absolute basis it’s now it is starting to break its well-defined uptrend as well. $XLY #stocks pic.twitter.com/pRnhcvUXoe
— Cornerstone Macro (@csm_research) November 19, 2019
Here's one to keep an eye on.
High Yield$HYG $JNK pic.twitter.com/QbNYtxDYHI— David Zarling (@AdaptivCharts) November 19, 2019
4 Key Macro Charts to Watch… pic.twitter.com/CdFwteiYUe
— Strategas (@StrategasRP) November 19, 2019
Crude #oil is down more than 4% in the last two trading days. pic.twitter.com/XxE9aNV6VG
— jeroen blokland (@jsblokland) November 19, 2019
DAX – classic example of Wyckoff "upthrust". pic.twitter.com/BXWheRcG6Q
— Linda Raschke (@LindaRaschke) November 19, 2019
Yes indeed. pic.twitter.com/FVj1V1lM40
— Arun S. Chopra CFA CMT? (@FusionptCapital) November 19, 2019
The YOLO ETF since its debut is actually on the verge of only living once pic.twitter.com/fwu9HjRWqA
— Scheplick (@scheplick) November 19, 2019
Upcoming Events
Wednesday, November, 20th – New York Chapter Meeting featuring Gina Martin Adams, CMT, CFA
Thursday, November, 21st – Washington DC/Baltimore Chapter Meeting featuring Katie Stockton, CMT
You’re all caught up now. Thanks for reading!