Tuesday, June 4th, 2019
Indices: US stocks closed higher in today’s session, with the Dow Jones Industrial Average jumping 512 points or 2.06%. The Nasdaq was the strongest of the major indices, finishing up 2.70%.
Sectors: All but one sector of the S&P 500 finished positive. Technology led, gaining 3.30%. Real Estate lagged falling 0.57%.
Commodities: WTI Crude Oil futures gained 0.54% to settle at $53.48 per barrel. Gold futures inched higher by 0.10% and are trading around $1,329 per ounce.
Currencies: The US Dollar Index was more or less flat, changing just 0.02%.
Interest Rates: The US 10-year Treasury Yield rose to 2.124%
Here are some of the best charts, articles, and ideas being shared on the web today!
Today’s chart of the day was shared on Twitter by @MacroCharts. It’s a bar chart of the Nasdaq 100 index excluding today, with a daily sentiment indicator below. Sentiment was extremely bearish going into today, with a 9% bullish reading. We like this chart because it illustrates how sentiment at extremes can often serve as a contrarian indicator. Today was the second strongest day of 2019 for the Nasdaq with the index surging 2.70%. The chart echos the famous quote from Warren Buffet, “Be fearful when others are greedy. Be greedy when others are fearful.”
Quote of The Day
It takes as much energy to wish as it does to plan.”
– Eleanor Roosevelt (Former First Lady)
Technical strategist, Mark Newton was featured on Real Vision today to offer his outlook on the S&P 500, Crude Oil and Interest Rates. He touches on sentiment and momentum in his analysis.
Global Equity Markets – Peter L. Brandt
Here’s a quick note from the legendary trader and chartist, Peter L. Brandt. He highlights some of the chart patterns that he’s seeing within the major indices.
Boeing and Two Other Dow Stocks are on the Verge of the Dreaded Death Cross – CNBC
Craig Johnson of Piper Jaffray examines the individual components of the Dow. He explains that 16 of the 30 Dow stocks exhibit some sort of bearish technical setup. He adds that 15% of the S&P 500 components are trading below their December lows.
Support & Resistance – Tech Charts
Here’s a good read for those of you who are new to Technical Analysis. Every week, Aksel Kibar outlines a different classical chart pattern or technical concept. This week he introduces support and resistance using the chart of Advance Auto Parts ($AAP).
David Keller on Behavioral Finance – Trading Justice Podcast
In this podcast, Technician and Behavioral Finance expert, David Keller discussed the biases that influence and motivate our investment decisions.
Top 10 Tweets
Seventh-best day in the last three years.
— Eddy Elfenbein (@EddyElfenbein) June 4, 2019
Some fresh air today pic.twitter.com/7xW7fErvmh
— TM 📉🧐📈 (@TraderMentality) June 4, 2019
— John Kicklighter (@JohnKicklighter) June 4, 2019
— VIX Squared (@vixsquared) June 4, 2019
— Lisa Abramowicz (@lisaabramowicz1) June 4, 2019
Excerpt directly from Steve Nison . . . pic.twitter.com/Llob1I1P0B
— Tarek I. Saab (@FibLines) June 4, 2019
— Yuriy Matso (@yuriymatso) June 4, 2019
— Scott Redler (@RedDogT3) June 4, 2019
— jeroen blokland (@jsblokland) June 4, 2019
— Mike Larson (@RealMikeLarson) June 4, 2019