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Today’s Summary
Thursday, February 17th, 2022
Indices: Dow -1.78% | S&P 500 -2.12% | Nasdaq -2.88% | Russell 2000 -2.46%
Sectors: 2 of the 11 sectors closed higher. Consumer Staples led, gaining 0.77%. Technology lagged, falling 2.99%.
Commodities: Crude Oil futures dropped 3.87% to $90.04 per barrel. Gold futures rose 1.63% to $1902 per ounce.
Currencies: The US Dollar Index was flat (0.02%).
Interest Rates: The US 10-year Treasury yield dropped to 1.975%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Yo, Charts —
What’re you doing here? RTY getting the Dikembe treatment at resistance. pic.twitter.com/Gpe869gcqC— da Chart Life (@daChartLife) February 17, 2022
Today’s Chart of the Day was shared by John Roque (@daChartLife). It’s a daily bar chart of the Russell 2000 over the past year and a half. The Russell continues to bump its head on the ceiling every time it tries to stand up. John calls it the ‘Dikembe treatment’, alluding to Dikembe Mutombo, the seven-foot NBA defender who was known for swatting down shots at the hoop. As we know, Small-Caps tend to lead the broader market higher or lower. So, this rejection continues to be a problem in the intermediate term.
Quote of the Day
“We must recognize when the odds are less in our favor and tread more carefully.”
– Howard Marks
Top Links
Strength Outside of the U.S. and the Breakout in Gold – The Chart Report
In this quick video, Steve Strazza and I discuss some of the areas of strength across the markets.
Diminishing Relative Strength for the US – Bespoke
Bespoke points out that Emerging Markets have begun to outperform US Stocks recently.
U.S. = Worst Performer in Western Hemisphere – All Star Charts
JC Parets takes a look at the strength outside of US Stocks.
Looking South for Long-Term Opportunities – SentimenTrader
Jason Goepfert examines the momentum in Brazilain stocks.
Improvements in the Small-Cap Data – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
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Top Tweets
Second-worst day of the year for the S&P 500.
— Eddy Elfenbein (@EddyElfenbein) February 17, 2022
last year it was almost unthinkable that $SPX would even approach the 200dma
every dip to the 50dma was a buy
but now,
-it lives below the 50
–rallies to the 50 are a sell
-made multiple forays below the 200
–winter Olympian: sport of skating on thin ice pic.twitter.com/t5t3MjVIjF— Callum Thomas (@Callum_Thomas) February 17, 2022
The Nasdaq Composite $CCMP is approaching a “death cross” — a technical pattern where its 50-day moving average crosses below its longer term 200-day moving average. If it happens, it would mark the first time since April 2020. pic.twitter.com/l5hGTySSWw
— Jessica Menton (@JessicaMenton) February 18, 2022
Bear flag forming on Russell 2000 $RTY
Typical bear market price action:
– Clear breakdown with trends moving lower
– A retracement towards prior support / moving averages
– Continued breakdownLather, rinse, repeat. pic.twitter.com/RIpjxR8Dw3
— Brandon Beylo (@marketplunger1) February 17, 2022
emerging markets right up (again) against the weekly downtrendline… #bulldivergence on RSI been there in recent months and now, for the first time, we have the #MACDhist turning positive – is this time different? pic.twitter.com/aNULevrUjr
— David Cox, CMT, CFA (@DavidCoxWG) February 17, 2022
A thick crayon needed, but trend in $EEM is pretty clear pic.twitter.com/Y4jIKQcvsg
— David Rath (@DJwrath) February 17, 2022
#GC_F, daily
Big break out! pic.twitter.com/HpcavW36ks
— Yuriy Matso (@yuriymatso) February 17, 2022
Silver. Got any?#silver $SLV pic.twitter.com/USZeictEF2
— Greg Rieben (@gregrieben) February 17, 2022
$GLD : $SPY – Pet Rock looks to be waking up from a nice nap. pic.twitter.com/nKdesT4uO0
— Larry Thompson (@HostileCharts) February 17, 2022
Miners and silver don't necessarily need to lead gold. Check out $GLD leading the way vs $GDX and $SLV the first 5 years of this chart during that massive run pic.twitter.com/o56WJwznRp
— Gregory Krupinski (@G_krupins) February 17, 2022
Remarkable charts today with strongest #Gold breakout in many weeks $GDXU $NUGT and #CrudeOil price pattern breaking negative and $ARKK fund in bearish stair steps with potential for another leg down. #ETF #ETFs #trading #investing #StockMarket pic.twitter.com/1QAo2mDAiv
— JD Henning, PhD, CFE, CAMS (@jdhenning) February 17, 2022
Roku joins the 'Great Roundtrip' …
Sell tech, buy coal…2022 is lit
$roku pic.twitter.com/MB3fKmD0oc— KustomerLindzon (@howardlindzon) February 17, 2022
This is not Bitcoin, Ethereum or even a shitcoin. It’s Paypal pic.twitter.com/4mFKCRLLqO
— Not Jerome Powell (@alifarhat79) February 17, 2022
You’re all caught up now. Thanks for reading!