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Today’s Summary
Wednesday, February 16th, 2022
Indices: Dow -0.16% | S&P 500 +0.09% | Nasdaq -0.11% | Russell 2000 +0.14%
Sectors: 9 of the 11 sectors closed higher. Energy led, gaining 0.81%. Communications lagged, falling 0.70%.
Commodities: Crude Oil futures rose 1.73% to $93.66 per barrel. Gold futures gained 0.82% to $1,872 per ounce.
Currencies: The US Dollar Index fell 0.21%.
Interest Rates: The US 10-year Treasury yield was flat at 2.042%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Gold stocks ?…$GDX #Gold pic.twitter.com/NUMXjy6fUG
— Greg Rieben (@gregrieben) February 16, 2022
Today’s Chart of the Day was shared by Greg Rieben (@gregrieben). It’s a weekly candlestick chart of the Gold Mining ETF, $GDX, over the past six years. Gold continues to wake up from the dead, hitting an eight-month high today. Not surprisingly the companies that mine Gold are also beginning to perk up. $GDX is hitting six-month highs relative to the S&P 500. It’s up about 4.7% year-to-date, while the S&P 500 is down 6%. On an absolute basis, $GDX is breaking out of an 18-month downtrend after having successfully tested long-term support around $30. Keep an eye on the Gold Miners as they’re showing strength on both an absolute and relative basis.
Quote of the Day
“Change is the investor’s only certainty.”
– Thomas Rowe Price Jr.
Top Links
S&P Up 10 of Last 11 Before Presidents’ Day Weekend – Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how stocks have historically performed before Presidents’ day weekend.
All That News and No Change to Trend – Potomac Fund Management
Dan Russo highlights some key takeaways from the current market environment.
Discretionary and Tech are Crucial For The Direction of the Market – StockCharts.com
Julius de Kempenaer breaks down two key sectors of the S&P 500 – Consumer Discretionary and Tech.
Catching the Winners – HoneyStocks
Sam McCallum highlights some noteworthy chart setups.
Gold Nears Inflection Point, As Narrowing Pattern Echos Key Currencies – Kimble Charting Solutions
Chris Kimble takes a look at Gold, the Dollar, and the Euro.
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Top Tweets
Another day of a lot of noise but little progress for markets. Recent trends continued as energy and travel stocks moved higher while last year's tech growth stocks broke lower. Nasdaq had net lows & NYSE net highs, displaying the need for strong industry focus. $DVN $EXPE pic.twitter.com/y5hcCuKyxa
— Matt Caruso, CFA, CMT (@Trader_mcaruso) February 16, 2022
Stuck in the middle with you…$SPX stuck in a range below the 50 and 100 DMAs with the RSI pinned to the middle of the range as well. But Russia, but the Fed! pic.twitter.com/StYdHRK4bx
— Dan Russo, CMT (@DanRusso_CMT) February 16, 2022
Local acts of war usually have limited impacts on stocks. We identified 18 events associated with equity-market declines since 1940. On average, SPX dropped 1.5% on event date and the average total drawdown was 5.4%.
Ex major conflagrations, the averages were 0.8% and 2.6%. pic.twitter.com/iYcsYJYVyD— Gina Martin Adams (@GinaMartinAdams) February 16, 2022
$IWM Russel 2k looks like it is working on a big bear flag. If this breaks, things could get really ugly… no confirmAtion yet. pic.twitter.com/X6aBfeK1XX
— Jack (@alphacharts365) February 16, 2022
$IWM – this is the scariest chart out there. If it breaks down, look out below. pic.twitter.com/XtG1kZjZil
— JasonLeavitt (@JasonLeavitt) February 16, 2022
The average small cap stock outperforming the S&P 600 as we are on the brink of global war probably won't be in any business school textbooks. $IJR $SML pic.twitter.com/z6iavfNeZ5
— Drew Wells, CMT, CIMA® (@DrewTheCharts) February 16, 2022
YTD it's $XLE and then everything else
Shout out to $XLF for a positive return too. pic.twitter.com/0THDhcJOfx— Mike Zaccardi, CFA, CMT (@MikeZaccardi) February 16, 2022
Energy is in the process of reclaiming the dot-com bubble lows relative to technology.
Notice that momentum reached overbought conditions for the first time since 2011 (on a weekly time frame).$XLE / $XLK pic.twitter.com/hvqjLPOUe5
— Alfonso Depablos (@AlfCharts) February 16, 2022
nice action still pic.twitter.com/pYa57wUty4
— kkernttb (@kkernttb) February 16, 2022
messy pic.twitter.com/PyzZyrf17U
— J.C. Parets (@allstarcharts) February 16, 2022
You’re all caught up now. Thanks for reading!