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Today’s Summary
Tuesday, September 6th, 2022
Indices: S&P 500 -0.41% | Dow -0.55% | Nasdaq 100 –0.72% | Russell 2000 -0.96%
Sectors: 4 of the 11 sectors closed higher. Real Estate led, rising +1.04%. Communications lagged, falling -1.24%.
Commodities: Crude Oil futures were flat and continue to trade at around $86.88 per barrel. Gold futures fell -0.56% to $1,713 per ounce.
Currencies: The US Dollar Index rose +0.59% to a fresh 20-year high.
Crypto: Bitcoin dropped -4.22% to $18,952. Ethereum fell -2.29% to $1,581.
Interest Rates: The US 10-year Treasury yield rose to its highest level since mid-June at 3.351%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Consumer Discretionary trying hold this pivot zone $XLY pic.twitter.com/2catPPkrAi
— Hoss Bonaventure, CEO (@ATMcharts) September 6, 2022
Today’s Chart of the Day was shared by Aaron Jackson (@ATMcharts). It’s a daily candlestick chart of the Consumer Discretionary sector ($XLY) over the past year. This is the 3rd largest sector in the S&P 500 behind Technology and Health Care. The 5 largest stocks in this sector include; Amazon, Tesla, McDonald’s, Home Depot, and Nike. Aaron points out that Consumer Discretionary is testing a potential support zone around $153-$157. This level represents the June highs and the 50-day moving average. The S&P 500 already broke below its June highs and its 50-day moving average. Will the Consumer Discretionary sector follow suit? Or, will buyers defend this key level? Either way, this is going to be an important test to watch this week.
Quote of the Day
“The problem with most people who play the market is that they are not flexible.”
– Marty Zweig
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Top Links
Nasdaq Declines for 7th Straight Day – Bespoke
Bespoke examines the 7-day losing streak in the Nasdaq Composite.
The Worst Year Ever – The Irrelevant Investor
Michael Batnick shows that 2022 has clearly been an outlier year so far.
Bullish Divergences Build in Energy Market – Andrew Thrasher
Andrew Thrasher takes a look at the Energy sector.
Store of Value – The Compound and Friends
In this podcast, Josh Brown and Michael Batnick sit down with JC Parets to review some of the most important charts out there.
Trendlines Over Headlines with Special Guest, John Roque | Part Deux – The Chart Report
Catch up on the latest episode of Trendlines Over Headlines! In this week’s episode, John Roque of 22V Research returns to the show to discuss the current state of the markets.
Top Tweets
Fun Fact:
The S&P 500 has closed below its 200-DMA for more than 100 trading days now – the longest streak since the 2008 Financial Crisis.$SPY $SPX pic.twitter.com/1jxtyAatnr
— Jesse Cohen (@JesseCohenInv) September 6, 2022
In each of the last 7 Bear markets, the S&P 500 did not bottom until AFTER the Fed began cutting rates.
On average, the market bottomed 11 months after the first rate cuts. $SPY $QQQ $AAPL $TSLA $NVDA pic.twitter.com/8znwb4fq3L
— David Marlin (@Marlin_Capital) September 5, 2022
Yo, Charts – Here’s a wkly chart for MSFT; below downward sloping 40-Wk MA and tippy relative to S&P. What’re you doing with it here? pic.twitter.com/h40Y1BFMMm
— da Chart Life (@daChartLife) September 6, 2022
Important test for $TAN, absolute and relative. pic.twitter.com/pPgmkFiJuf
— Frank Cappelleri (@FrankCappelleri) September 6, 2022
$TLT potential making a new low pic.twitter.com/rdN60UbMJ8
— Stacey.A.Lee (@BBaxter2020) September 6, 2022
$TLT new low, short the bonds !$TNX $DXY $EURUSD $BND pic.twitter.com/L8qSs3892R
— The Baguette Investor (@TheBaguetteInv1) September 6, 2022
Will $TNX follow the $USDJPY? pic.twitter.com/OPJkTWWWRJ
— Ian Culley (@IanCulley) September 6, 2022
If you've ever wondered why the 10-year yield matters for tech and crypto, here's why.
⬆ rates = ⬆ cost of money = ⬇ future value over time
and many of us invest in tech for what it could be in the future, not for what it is right now pic.twitter.com/GtWczWA1e8
— Callie Cox (@callieabost) September 6, 2022
Fiat making new 20 year highs pic.twitter.com/H0YP8WCGfv
— J.C. Parets (@allstarcharts) September 6, 2022
Bitcoin almost to new lows pic.twitter.com/biWSLH7Tgv
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 6, 2022
#bitcoin pic.twitter.com/4NF05mYLCb
— Adam Singer (@AdamSinger) September 6, 2022
You’re all caught up now. Thanks for reading!