Tuesday, May 14th, 2019
Indices: US stocks were higher in today’s session, with the Dow Jones Industrial Average closing up 206 points or 0.82%. The Russell 2000 was the strongest among the major indices, gaining 1.32%.
Sectors: Technology led, gaining 1.61%. Utilities lagged, closing down 0.67%.
Commodities: WTI Crude Oil futures rose 1.20% to settle at $61.78 per barrel. Gold futures were lower by 0.42% and are trading around $1,297 per ounce.
Currencies: The US Dollar Index rose 0.24%.
Interest Rates: The US 10-year Treasury Yield rose to 2.414%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Today’s chart of the day was shared in a blog post by Dana Lyons (@JLyonsFundMgmt). It’s a weekly candlestick chart of the Utilities sector ETF, ($XLU) going back to 2017. In the note, Lyons points out that Utilities recently completed a 16-month cup & handle formation and broke out of key resistance at $57. He adds that price has been consolidating above this former resistance level. Lyons thinks the $57 level will now act as support and should provide a good entry into a sector that’s been showing relative strength.
Quote of The Day
“The fact that an opinion has been widely held is no evidence whatever that it is not utterly absurd.“
– Bertrand Russell (British Philosopher)
This article examines some of the bearish characteristics technicians have been observing in the Technology sector lately.
The Utilities sector is one area of the market that’s been beginning to show relative strength. In this quick read, we take a look at what this could be signaling for the overall market.
3 Currency Pairs Equity Investors Need to Know – The Chart Report
In this report, we highlight three currency pairs that are helpful in assessing global risk-appetite. These three pairs include; the US Dollar/South Korean Won, the US Dollar/Japanese Yen and the US Dollar/South African Rand.
Citrix Systems ($CTXS) Breaking Down – Aksel Kibar – TechCharts.net
Askel Kibar, CMT, is bearish on shares of Citrix Systems ($CTXS). He explains that price is beginning to break down from a bearish descending triangle that took seven-months to form.
Friday Best Day of the Week in 2019 – Almanac Trader
Who doesn’t like Fridays? Jeff Hirsch points out that Friday has been the best performing day of the week for the stock market so far in 2019.
Top 10 Tweets
— Chris Ciovacco (@CiovaccoCapital) May 14, 2019
— John Kicklighter (@JohnKicklighter) May 14, 2019
Almost comical how the Dow and S&P 500 have tracked one another in lockstep on this bounce, been within 1 basis point most of the day. A very "index-y" move, folks seemingly just dialing up exposure through benchmark instruments.
Or, possibly, pure coincidence… pic.twitter.com/Q8k6BYojVU
— Michael Santoli (@michaelsantoli) May 14, 2019
NYSE volume tilted more than 9 to 1 to the downside yesterday suggests deteriorating broad market conditions. Not really consistent with a "pullback that washes away optimism while breadth improves" scenario. pic.twitter.com/KHzUWdz8sk
— Willie Delwiche (@WillieDelwiche) May 14, 2019
— J.C. Parets (@allstarcharts) May 14, 2019
— Joe Weisenthal (@TheStalwart) May 14, 2019
— Tracy Alloway (@tracyalloway) May 13, 2019
— Aaron (@ATMcharts) May 14, 2019
— Gregory Krupinski (@G_krupins) May 14, 2019
I stopped drinking coffee and switched to tea and look what happened the past 6 months. If it closes above 91.50, you know I have started drinking coffee again…. pic.twitter.com/E1A5KhDyry
— Linda Raschke (@LindaRaschke) May 14, 2019