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Today’s Summary
Wednesday, February 23rd, 2022
Indices: Dow -1.38% | S&P 500 -1.84% | Nasdaq -2.57% | Russell 2000 -1.82%
Sectors: Energy was the only sector that closed higher, gaining 1.03%. Consumer Discretionary lagged, dropping 3.34%.
Commodities: Crude Oil futures rose 0.21% to $92.10 per barrel. Gold futures inched higher by 0.16% to $1910 per ounce.
Currencies: The US Dollar Index gained 0.13%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.977%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
One of the more important developments from today. Industrials losing an important level. Bulls want to see Industrials participate to the upside and reclaim 98.50 on $XLI pic.twitter.com/EIqfOxX7sc
— David Zarling, CMT (@AdaptivCharts) February 23, 2022
Today’s Chart of the Day was shared by David Zarling (@AdaptivCharts). It’s a daily candlestick chart of the Industrial sector ETF, $XLI, over the past three years. The top-weighted holdings in this sector include, $UNP, $UPS, $RTX, $HON, and $BA. David points out that $XLI broke a key support level today, closing at its lowest level in nearly a year. The Industrial sector is one of the most positively correlated sectors to the S&P 500. This is another one to add to the growing list of bearish developments for the broader market.
Quote of the Day
“Keep in mind that progress is not always linear. It takes constant course correcting and often a lot of zigzagging. Unfortunate things happen, accidents occur, and setbacks are usually painful, but that does not mean we quit.”
– Buzz Aldrin
Top Links
Stocks Move Into a Correction – LPL Financial Advisors
With the S&P 500 officially down 10% from its highs, the team at LPL Financial Research examines how the index has historically performed after corrections and bear markets.
The 55-Day Phenomenon – Options Strategist
Lawrence McMillan points out that the crashes in ’29 and ’87 both occurred exactly 55 calendar days after the market made an all-time high. We’re currently at 51 calendar days.
What to Expect After the Nasdaq’s Recent Death Cross – Schaeffer’s Investment Research
Rocky White explains that the death cross indicator has historically been more of a buy signal than a sell signal for the Nasdaq.
February Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five noteworthy charts and themes to keep an eye on.
Russia (RSX) Falling Off the Table – Bespoke
Bespoke breaks down the performance of global markets, highlighting the strength in Brazil and the weakness in Russia.
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Top Tweets
The Nasdaq is now down 18.3% from its high. Another decline like today and it's a new bear market.
— Bespoke (@bespokeinvest) February 23, 2022
$SPY loses 8 months of gains. pic.twitter.com/7fJ0a4ytLI
— Dr. Stoxx (@DrStoxx) February 23, 2022
S&P 500 $SPX down 12% from Closing ATH on Jan 3rd. Percent of S&P 500 stocks above their 200-Day SMA sits at only 35% – lowest level since June 2020. Oversold @OJRenick?! @TDANetwork pic.twitter.com/kPwAKMyTun
— Tom White (@TomWhite_TDAN) February 23, 2022
Plot thickens as II bull-bear spread collapses. Getting close to bears > bulls on this survey. pic.twitter.com/GKzoW7Z7Du
— Willie Delwiche, CMT, CFA (@WillieDelwiche) February 23, 2022
The real action is under the surface – the average stock in the $SPX has been doing quite well. It's the index heavyweights that are struggling. $SPY $RSP pic.twitter.com/REkBn9IjZR
— Drew Wells, CMT, CIMA® (@DrewTheCharts) February 23, 2022
David vs. Goliath – David has the rock in hand. pic.twitter.com/b7OmBqxUY9
— Larry Thompson (@HostileCharts) February 23, 2022
There's always a bull market somewhere… Commodities Edition
?️⛽️??⛏️??? pic.twitter.com/dWGjE0buhq
— ??????? ??? ??? (@BrandonVanZee) February 23, 2022
$GLD breadth (% of currencies above 250dma) recently went from quite poor levels to 100%. Good sign if you're looking for a larger move in GC. pic.twitter.com/P5c4GE9E7W
— Teddy Vallee (@TeddyVallee) February 23, 2022
$GDX 35 area looks to be an important spot pic.twitter.com/BShcImuU0u
— Gregory Krupinski (@G_krupins) February 23, 2022
$SRUUF https://t.co/Qwun69eZxA $URA $URNM Uranium could be ready to go and could go BIG… pic.twitter.com/4o3ioJfUne
— Greg Rieben (@gregrieben) February 23, 2022
Peak-to-date change in price:$PTON $TDOC $ZM $PYPL $DOCU $SQ $ARKK $TWTR $NFLX $FB $CRM $ADBE $AMD $TSLA $NVDA $AMZN $MSFT $QQQ $GOOG $AAPL @GuyAdami @CNBC @TheChartReport @jimcramer pic.twitter.com/mcSHjAxTyo
— Stage 2 Stocks (@Stage2Stocks) February 23, 2022
gm frens pic.twitter.com/MNdE92qaK3
— E-BIT-dee-AY Exit Multi?️le.usd (?,?) (@ExitMultiple) February 23, 2022
You’re all caught up now. Thanks for reading!