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Today’s Summary
Wednesday, September 7th, 2022
Indices: Russell 2000 +2.21% | Nasdaq 100 +2.07% | S&P 500 +1.83% | Dow +1.40%
Sectors: 10 of the 11 sectors closed higher. Utilities led, rising +3.04%. Energy was the only sector that closed lower, falling -1.16%.
Commodities: Crude Oil futures tumbled -6.01% to $81.66 per barrel. Gold futures rose +0.87% to $1,728 per ounce.
Currencies: The US Dollar Index dropped -0.65%.
Crypto: Bitcoin rose +3.20% to $19,390. Ethereum gained +5.94% to $1,650.
Interest Rates: The US 10-year Treasury yield dropped to 3.267%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
DBC is on track to close below its 200-day moving average for the first time since October 2020 pic.twitter.com/DWNFyF5mvI
— Scott Brown, CMT (@scottcharts) September 7, 2022
Today’s Chart of the Day was shared by Scott Brown (@scottcharts). It’s a daily candlestick chart of the Commodity ETF, $DBC, over the past two years. This ETF tracks 14 of the most important Commodities including WTI Crude, Heating Oil, Gasoline, Brent Cude, Gold, Silver, Copper, Wheat, Corn, Soybeans, and more. $DBC closed at a 5-month low today, and Scott points out that it’s below its 200-day moving average for the first time in nearly two years. Commodities have been one of the only asset classes to hide out this year. They’re still up more than 18% YTD, but they’re down nearly 20% from their June highs, and the uptrend is clearly in jeopardy. Was that it for the bull market in Commodities?
Quote of the Day
“In general, ‘the market’ is smarter than the smartest of its individual participants.”
– Robert Bartley
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Top Links
Four Charts On The Worst Month Of The Year – Cason Group
Ryan Detrick breaks down everything you need to know about September seasonality.
Is This A New Bull Market? – All Star Charts
JC Parets looks at where we are in the cycle.
RUT Down 7 Days in A Row. Gotta Bounce…Maybe? – Quantifiable Edges
Rob Hanna takes a look at how the Russell has historically performed after a 7-day losing streak.
Will We Revisit The June Lows? – Research by Potomac
Dan Russo highlights some key takeaways about the current market environment.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/ZSkD3YNU9t
— Stock Market News – Evan (@StockMKTNewz) September 7, 2022
Don't often see utilities lead a 1.8% rally $XLU $SPY pic.twitter.com/JBxKLJbWYL
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 7, 2022
Ran-dumb:$SPY gains between 1-2% on the day & $XLU gains 3%+ on the day?
Only dates that match:
9/7/2022
7/28/2022
9/2/2020
4/9/2020
8/6/2007
1/6/2003
10/21/2002
9/26/2002
8/21/2002
7/30/2002
7/25/2001
3/27/2001
3/26/2001
9/28/2000(h/t @MikeZaccardi & @FrankCappelleri)
— Steve Deppe, CMT (@SJD10304) September 7, 2022
A big day for 61.8% Fibonacci retracement fans…$QQQ $SPY $IWM pic.twitter.com/BaIKrHusMU
— Greg Rieben (@gregrieben) September 7, 2022
$SPX The fact that $VIX has been going sideways these last few days while The Mkt has been selling off as well as the oversold oscillators, all indicated a bounce coming. Next question, will it have staying power? pic.twitter.com/XLucW2Eq8W
— Alan Cohen (@al_xdpg) September 7, 2022
Semiconductors have been one of the worst-performing industry groups since the August highs and are trading at fresh 2-year lows vs the broader market
We tend to see relative strength – not weakness, from these stocks during bull markets pic.twitter.com/ac2HbzumJg
— Steven Strazza (@sstrazza) September 7, 2022
Divergence, #Crude oil Futures #CL_F and the #Energy Sector have diverged by a wide margin. Will crude drag down the energy sector or will it be the other way around?
(not a recommendation) pic.twitter.com/2h5jsb7PST— Pat Mullaly, CMT (@PMullaly_TDA) September 7, 2022
WTI oil down to $82/barrel, Brent down to $88–both down ~20% since July. Not sure exactly what's driving it (even NY Fed says the price drop is not easily explained by demand/supply dynamics). But if a spike in oil is a recession warning sign, this is a welcome move. pic.twitter.com/UlJER8W62L
— Liz Young (@LizYoungStrat) September 7, 2022
Notice how the handoff points of the ⚓️VWAPs (which became support on the way up) flipped to short term support levels on the decline
The next big level for $WTIC $CL_F is ~81.75 the AVWAP from the Covid low
chart from @tradingview pic.twitter.com/cFZyxGiuwQ
— Brian Shannon, CMT (@alphatrends) September 7, 2022
Hard to see yields continue to ignore this pic.twitter.com/PlFmAA13mC
— Arun S. Chopra CFA CMT? (@FusionptCapital) September 7, 2022
Not looking particularly inflationary lately pic.twitter.com/wrfxJnFnsV
— ???????? ????? (@pineconemacro) September 7, 2022
You’re all caught up now. Thanks for reading!