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Today’s Summary
Thursday, September 8th, 2022
Indices: Russell 2000 +0.81% | S&P 500 +0.66% | Dow +0.61% | Nasdaq 100 +0.50%
Sectors: 8 of the 11 sectors closed higher. Financials led, rising +1.76%. Consumer Staples lagged, slipping -0.26%.
Commodities: Crude Oil futures rose +1.95% to $83.54 per barrel. Gold futures fell -0.44% to $1,720 per ounce.
Currencies: The US Dollar Index inched higher by +0.12%.
Crypto: Bitcoin was essentially flat (+0.12%) and continues to trade at around $19,299. Ethereum was also flat (+0.02%) and continues to trade at around $1,630.
Interest Rates: The US 10-year Treasury yield rose to 3.319%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
anyone taking this pic.twitter.com/7dmE8bYN67
— Arun S. Chopra CFA CMT? (@FusionptCapital) September 8, 2022
Today’s Chart of the Day was shared by Arun Chopra (@FusionptCapital). It’s a daily candlestick chart of the Financial Sector ($XLF) year-to-date. The five largest stocks within the Financial Sector, include Berkshire Hathaway, JP Morgan, Bank of America, Wells Fargo, and S&P Global. Arun points out that Financials are attempting to form a Head & Shoulders bottom, with neckline resistance around $36. It still needs to break above the neckline before the pattern is confirmed, but this is an encouraging development for the bulls given how vital this sector is to the broader market. On a relative basis, it just broke out to a three-month high and reclaimed its 200-day moving average today, so it’s starting to show some decent relative strength. Are Financials carving out a bottoming here?
Quote of the Day
“Whenever you make a decision in your life, you are betting against your future self had you not made that choice”
– Annie Duke
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Top Links
Cash is Still King – Beat the Bench
Scott Brown examines the outlook for Bonds and Gold.
Bulls Back Below 20% – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
It’s Still Hard to Make the Bullish Case – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
A Clue from the Two – All Star Charts
Ian Culley takes a look at the continued strength in US Treasury yields.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/MET2LukTGG
— Stock Market News – Evan (@StockMKTNewz) September 8, 2022
#ES_F, 6hour
The next big move is around the corner. pic.twitter.com/RqSFPYUoBu
— Yuriy Matso (@yuriymatso) September 8, 2022
How about Financials over the last month? Best relative position in more than 3 months. What's that telling us? $XLF pic.twitter.com/6xsinjMmJp
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 8, 2022
Remember, when you "just own the index" you are making a choice to own more of the bottom trend and less of the top trend…why? Utes ~3% of $SPX, Comm Service >8%. pic.twitter.com/5SK1tDUw4C
— Dan Russo, CMT (@DanRusso_CMT) September 8, 2022
How bearish is individual retail investor sentiment right now? Getting below -35 is rare. The 40-week average for the series has NEVER been as low as it is right now $SPX @AAIISentiment pic.twitter.com/9iRshZTLHB
— David Settle, CMT (@davidsettle42) September 8, 2022
Despite the talk about the equities being unloved and sentiment being at historically low levels, individuals still have above average exposure to stocks. https://t.co/XRq9hCiHHA pic.twitter.com/J3NpU445Zh
— Willie Delwiche, CMT, CFA (@WillieDelwiche) September 7, 2022
I know I know, rising rates, QT, etc. and yes we can easily go lower in time no question (and by no means am I expecting a face ripper like ‘91) but it’s still fascinating to watch people behave in similar fashion throughout the years despite the news always being different. https://t.co/hM1MDQO28y pic.twitter.com/9HJ8BKSSEY
— Ryan Pierpont (@RyanPierpont) September 8, 2022
U.S. dollar is seeing one of its strongest y/y gains in several decades … now up 18.4% pic.twitter.com/nTqkqj7Okw
— Liz Ann Sonders (@LizAnnSonders) September 8, 2022
Is this the most important chart in the world right now?
If not, please submit your nomination pic.twitter.com/ywwXHfxBlV
— Mike Singleton, CFA (@InvictusMacro) September 8, 2022
Gold finding some support at the Feb 2020 highs for what seems like the millionth time. The more times a level is tested, the more likely it is to break- but it hasn't broken yet. And RSI never even got below 30 this time around. One to watch pic.twitter.com/J8OuPPbleZ
— Austin Harrison, CFA, CMT (@meanstoatrend) September 8, 2022
The epitome of mental illness pic.twitter.com/wv7ABwQuqR
— Louis Sykes (@haumicharts) September 8, 2022
You’re all caught up now. Thanks for reading!