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Today’s Summary
Thursday, May 12th, 2022
Indices: Russell 2000 +1.24% | S&P 500 -0.13% | Nasdaq 100 -0.18% | Dow -0.33%
Sectors: 6 of the 11 sectors closed higher. Communications led, gaining +1.09%. Tech lagged, falling -1.03%.
Commodities: Crude Oil futures rose +0.40% to $106.13 per barrel. Gold futures dropped -1.57% to a three month low of $1,825 per ounce.
Currencies: The US Dollar Index gained +0.72% to its highest level since 2002.
Crypto: Bitcoin fell -1.30% to $28,612. Ethereum dropped -7.43% to $1,918.
Interest Rates: The US 10-year Treasury yield moved lower for the fourth straight day to 2.852%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
AAPL. Potential morning doji star formation near support. pic.twitter.com/4m6mixCKFP
— Louis Spector (@EastCoastCharts) May 12, 2022
Today’s Chart of the Day was shared by Louis Spector (@EastCoastCharts). It’s a daily candlestick chart of Apple Inc. ($AAPL) over the past two years. Apple has held up relatively well this year, however, it’s finally starting to cave this week with the stock closing at a six-month low today. Louis points out that its currently testing a crucial level around $135-$140. Keep in mind, this is the largest stock in both the S&P 500 and the Nasdaq 100. It has a bigger impact on the S&P 500 than the entire Energy sector. The indices are already in a delicate place and do not need another heavyweight breaking down. Will buyers step in at this key level, or, will Apple be the final shoe to drop?
Quote of the Day
“One of the things you learn in this business is humility because you see your mistakes the next day.”
– Walter Schloss
Top Links
Frowny Faces – All Star Charts
JC Parets takes a look at some of the topping patterns that have formed.
Apple’s Fall is Endemic of a Bear Market, Says Renaissance Macro’s Jeff DeGraaf – CNBC
Jeff DeGraaf shares his thoughts on the recent weakness in $AAPL.
Sentiment Just Like Other Bear Markets – Bespoke
Bespoke breaks down the results of the most recent AAII Sentiment Survey.
Is the Commodities Bull Market Nearing Another Breakout Buy Signal? – Kimble Charting Solutions
Chris Kimble points out that the Commodities ETF, $DBC, is attempting to breakout again.
Oh Great, Here Comes Friday the 13th – LPL Financial Research
The team at LPL Financial Research offers some interesting stats that put the recent weakness into perspective.
Top Tweets
Daily Market Mood: Wild
Big intraday swings end in small gains & losses as $RTY +1.24% to outperform.$SOX up too plus meme stocks surge & $ARKK up >5% all points to some risk buying.
Will it lead to bear mkt rally? Prob depends on $AAPL & if it holds support.
Today it did.
— Abigail Doolittle (@TheChartress) May 12, 2022
Worse than COVID pic.twitter.com/amqQMgCook
— Bespoke (@bespokeinvest) May 12, 2022
$NDX down double-digits on a year-over-year basis for the first time since 2009.
This is unfamiliar territory for a generation of investors. pic.twitter.com/s1Egl2jWbt
— Willie Delwiche, CMT, CFA (@WillieDelwiche) May 12, 2022
FAAMG stocks leading the market lower. pic.twitter.com/NrWBqOxQMq
— Andrew Thrasher, CMT (@AndrewThrasher) May 12, 2022
The magnetic force field is strong to the Covid ⚓️VWAP
and below that is 38.2% retrace and then ⚓️VWAP from pre-Covid peak pic.twitter.com/znQ2irVDHO
— Brian Shannon, CMT (@alphatrends) May 12, 2022
Today, more than 29% of issues on the NYSE have hit a 52-week low. On the Nasdaq, it's more than 33%.
There have been only 18 similar days since 1984.
The S&P 500 showed a loss a year later once, for -0.2%. Its median return was +32.0%. pic.twitter.com/Tt6965m8Y5
— Jason Goepfert (@jasongoepfert) May 12, 2022
And… Another one down pic.twitter.com/LtljcBjI0o
— Mike Singleton, CFA (@InvictusMacro) May 12, 2022
Am told the junk bond chart is very important to watch here re bond market confidence. (15.5 on my public StockCharts list: https://t.co/dTidkse4Du) pic.twitter.com/YqSUWi50xU
— Walter Deemer (@WalterDeemer) May 12, 2022
Spreads still widening… pic.twitter.com/rUR0ufAfr1
— Dan Russo, CMT (@DanRusso_CMT) May 12, 2022
$BTC Weekly. pic.twitter.com/aDg1ORFye1
— Brian G (@alphacharts) May 12, 2022
If you invested $10,000 in Luna last week, you now have $2 pic.twitter.com/JYGMXOlIID
— Fintwit (@fintwit_news) May 12, 2022
Weekly heatmap heading into Friday the 13th ?? pic.twitter.com/BrqpSG445v
— Stocktwits (@Stocktwits) May 12, 2022
You’re all caught up now. Thanks for reading!