Wednesday, November 20th, 2019
Indices: US stocks were lower in today’s session with the Dow Jones Industrial Average falling 113 points or 0.40%. The S&P 500 and Nasdaq closed down 0.38% and 0.51%, respectively. The Russell 2000 fell 0.42%.
Sectors: Energy led, gaining 1.01%. Materials lagged, falling 1.25%.
Commodities: Crude Oil futures jumped 3.03% to $57.05 per barrel. Gold futures were unchanged and continue to trade at $1,474 per ounce.
Currencies: The US Dollar Index slipped 0.08%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.723%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
— Ross Haber (@RossHaber_) November 19, 2019
Today’s Chart of the Day was shared on Twitter by Ross Haber (@RossHaber_). It’s a daily bar chart of the Small-cap Russell 2000 index. The index has lagged the other major indices for the majority of the year; however, it’s looking like it could breakout soon. Price has been consolidating for the past thirteen trading days at a well-defined resistance level. The index has failed at this 1600 level several times this year. You can think of these resistance tests like punching a wall, where every time you hit it, the wall gets weaker and weaker. Price action over the past two weeks suggests that the index is absorbing some of the supply at this level and setting up for a breakout.
Quote of the Day
“To me, freedom entitles you to do something, not to not do something.”
– Shel Silverstein (Writer)
Canadian Dollar and Oil Futures Poised to Drop, ForexAnalytix’s Perry Says – Bloomberg
Joe Perry of ForexAnalytix and Bloomberg’s Abigail Doolittle discuss the technical outlook for the Canadian dollar and Crude Oil.
Don’t Fear Record Highs – LPL Financial Research
In this note, the team at LPL Financial Research breaks down how the S&P 500 performs on average after it prints a new all-time high.
Sector Spotlight: How to Spot a Pair Trade on RRG – StockCharts.com
Julius de Kempenaer, the creator of Relative Rotation Graphs (RRG), explains how to use RRGs to identify potential pair trades.
A Bad Case of the Splits – SentimenTrader
Jason Goepfert points out that there’s an unusually high number of stocks making new 52-week highs and new 52-week lows. He then goes on to show why this is bearish for the market in the short-term.
The S&P Hits a New High – Fusion Point Capital
With the market recently breaking out to all-time highs, Arun Chopra reviews some of the clues that kept him bullish throughout the year.
Top 10 Tweets
— Brian Shannon, CMT (@alphatrends) November 20, 2019
And so the Magic Blue Line (13 day ema) holds. (For how long? "That is something we will know in the fullness of time." — Ed Hart) pic.twitter.com/RLap7h0WSu
— Walter Deemer (@WalterDeemer) November 20, 2019
Dow Industrial Index – Long-term Log Chart … Using a thick "crayon" and totally subjective … just a thought. pic.twitter.com/zEjsWlEzrW
— Nautilus Research (@NautilusCap) November 20, 2019
Almost 30% of Stocks have triggered MACD Sell signals – a significant number of Stocks rolling over.
— Macro Charts (@MacroCharts) November 20, 2019
Developed Market futures indicate that we have started that pullback. Furthermore, Emerging Market, as well as Asian equity prices, have been weak for over a week already. $SPY $QQQ $VGK $EEM $AAXJ pic.twitter.com/grGjtfCA6v
— Tiho Brkan (@TihoBrkan) November 21, 2019
— Drew Wells, CIMA®, CRPC® (@DrewTheCharts) November 20, 2019
Light Crude Oil Futures 1W NYMEX: coiling above a flattish 200 MA pic.twitter.com/p3fLVG3Rkn
— Shane C. Murphy (@murphycharts) November 20, 2019
— TradeTheTrader (@TradeTraders) November 20, 2019
Apple on track for its biggest annual outperformance of the S&P 500 since 2009. pic.twitter.com/qp5UbqFcha
— Luke Kawa (@LJKawa) November 20, 2019
— Chris Prybal (@ChrisPrybal) November 19, 2019
Thursday, November, 21st – Washington DC/Baltimore Chapter Meeting featuring Katie Stockton, CMT
You’re all caught up now. Thanks for reading!