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Today’s Summary
Friday, July 22nd, 2022
Indices: Dow -0.43% | S&P 500 -0.93% | Russell 2000 -1.62% | Nasdaq 100 -1.77%
Sectors: 3 of the 11 sectors closed higher. Utilities led, gaining +1.37%. Communications lagged, dropping -3.47%.
Commodities: Crude Oil futures fell -1.31% to $95.09 per barrel. Gold futures rose +0.69% to $1,725 per ounce.
Currencies: The US Dollar Index inched lower by -0.06%.
Crypto: Bitcoin slipped -2.01% to $22,698. Ethereum fell -2.69% to $1,534.
Interest Rates: The US 10-year Treasury yield dropped to 2.752%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Thinking about buying the dip in copper? Not saying it can’t or won’t bounce (it certainly is due for a bounce and nothing moves in a straight line indefinitely).
But seasonality suggests there might be opportunities with better odds. #sentimentrader pic.twitter.com/CJupSWQ9TV— Jay Kaeppel (@jaykaeppel) July 22, 2022
Today’s Chart of the Day was shared by Jay Kaeppel (@jaykaeppel). It’s a chart of Copper over the past five years, with its seasonal pattern below. Copper has lost a third of its value over the past year, and it’s now testing crucial support around 3.30. One would expect at least a bounce at this level, but Jay points out that Copper seasonality tends to peak around this time of year. As we know, Copper is perceived as a leading indicator for both the stock market and the economy. Will Copper bounce at key support? Or, will it follow its seasonal pattern lower from here?
Quote of the Day
“The bad news is time flies.
The good news is you’re the pilot.”
– Michael Altshuler
Trendlines Over Headlines
In this week’s episode of Trendlines Over Headlines, John Roque of 22V Research joins us to share his outlook on the markets.
Top Links
August is Worst DJIA and S&P 500 Since 1988 – Almanac Trader
Seasonality expert, Jeff Hirsch breaks down how the major indices have historically performed in August.
Pay Attention to These Recent Lows – PFT Trading
Greg Rieben examines the recent bounce in Financials, Transports, and Software stocks.
Will Commodities Find a Floor? – All Star Charts
Ian Culley takes a look at what could be next for Commodities.
Stock Market Analysis July 22, 2022 – AlphaTrends.net
Brian Shannon recaps this week’s price action and lays out a few key levels to watch in the next week.
Why the Market May Be Over Your Recession Worries – eToro
Callie Cox points out that the S&P 500 tends to bottom 3-months ahead of the economy, on average.
Top Tweets
Solid week for the big stock areas. We'll know a lot more by the end of next week! #earnings #fed pic.twitter.com/ehFsWupBqe
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) July 22, 2022
The Nasdaq Composite has been outperforming the S&P 500 since Late May. This week was no different. Watching the 12,000 level next week. pic.twitter.com/XbGaZdUDl3
— Louis Spector (@EastCoastCharts) July 22, 2022
the market was due for some back and filling… esp with a huge week ahead #FOMC & big earnings reports
– watching to see if $QQQ can hold above the July Value Area $300 level to watch
– also note $VIX subdued. flat today 23 pic.twitter.com/DA8QpU4oZ2— Christian Fromhertz ?? (@cfromhertz) July 22, 2022
Another example of summer vol? Lack thereof?$SPX down 1% and vol complex does not care ? pic.twitter.com/Jp0bqY2yX1
— Jim Carroll (@vixologist) July 22, 2022
2022 is looking awfully similar to 2008 in terms of the relationship between volatility and strength (or the lack there of). pic.twitter.com/3HnJYz3IGX
— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 22, 2022
The S&P 500 closed this week back above its 10-week simple moving average – after having closed each of the prior 12 weeks below its 10-week simple moving average.
"The bottom is in!"
Maybe, or maybe not.
(I do find it fascinating that July of 1962 & 1970) are on the table) pic.twitter.com/Qw677HVrnO
— Steve Deppe, CMT (@SJD10304) July 22, 2022
i'm only posting this because we're finally at July, 2022… I had played with the @Optuma cycles tool and spotted something I thought was interesting… have watched the chart take shape in recent years… pic.twitter.com/ZZfDEzvOXu
— David Cox, CMT, CFA (@DavidCoxWG) July 22, 2022
The $USDJPY is rolling over today as the US 10y yield $TNX carves out a potential top. pic.twitter.com/OkmNEVSnd5
— Ian Culley (@IanCulley) July 22, 2022
$TNX lots of people are watching ~2.7 pic.twitter.com/n6e5VZ9p6G
— Hoss Bonaventure, CEO (@ATMcharts) July 22, 2022
Coincidence? $ARKK $TNX pic.twitter.com/jgF5HLsaQX
— Mike Singleton, CFA (@InvictusMacro) July 22, 2022
SNAP Gap. pic.twitter.com/iCgG8N2hMs
— Walter Deemer (@WalterDeemer) July 22, 2022
You’re all caught up now. Thanks for reading!