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Today’s Summary
Monday, September 12th, 2022
Indices: Russell 2000 +1.23% | Nasdaq 100 +1.20% | S&P 500 +1.06% | Dow +0.71%
Sectors: All 11 sectors closed higher for the second day in a row. Energy led, gaining +1.84%. Consumer Staples lagged but still rose +0.39%.
Commodities: Crude Oil futures gained +1.14% to $87.78 per barrel. Gold futures rose +0.69% to $1,741 per ounce.
Currencies: The US Dollar Index dropped -0.61%.
Crypto: Bitcoin gained +2.56% to $22,393. Ethereum dropped -3.03% to $1,714.
Interest Rates: The US 10-year Treasury yield rose to 3.360%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
New lows for the 20-year $TLT pic.twitter.com/AYTOBT8NH2
— Greg Rieben (@gregrieben) September 12, 2022
Today’s Chart of the Day was shared by Greg Rieben (@gregrieben). It’s a daily candlestick chart of the 20+ Year Treasury Bond ETF ($TLT). Bonds are having their worst year in history, and they continue to make new lows on both an absolute and relative basis. The June lows, around $108, are the line in the sand for $TLT. Above $108, the risk is to the upside. Below $108, the risk is to the downside. Bond bulls are hoping this will morph into a failed breakdown, but it’s premature to make that bet as long as we’re below the Junes lows. Are Bonds about to make another leg lower?
Quote of the Day
“Everything is hard before it is easy.”
– Johann Wolfgang Von Goethe
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Speakers include John Bollinger, Craig Johnson, John Kolovos, David Lundgren, Craig Johnson, Jeff Kennedy, and Steve Strazza.
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Top Links
What Oversold Conditions? – All Star Charts
JC Parets points out that the S&P 500 has refused to hit oversold conditions (RSI below 30) this year.
Oil Prices Diverging From Energy Stocks – Means to a Trend
Austin Harrison takes a look at the divergence between Crude Oil and Energy Stocks.
Green Day – The Weekly Trend Podcast
In this podcast, Ian McMillan, Dan Gorghuber and Kevin Firari discuss some of the major technical developments to keep an eye on this week.
Cycles Point to Interim High Friday – Almanac Trader
Seasonality expert, Jeff Hirsch explains why the S&P 500 could put in a short-term peak on Friday.
Trendlines Over Headlines with Special Guest, Dan Russo – The Chart Report
In case you missed it, catch up on the latest episode of Trendlines Over Headlines! In this episode, Dan Russo of Potomac Fund Management joins us to make sense of the current market environment.
Top Tweets
$SPX $SPY Strong close today near the highs. Price ended above its declining 20 DMA. Non stop momentum is wrecking the shorts. #stocks #stockmarket pic.twitter.com/VAdxMhcBle
— Victor Riesco, CMT (@Global_Trader) September 12, 2022
The $SPX testing 4100 again ahead of tomorrow morning's CPI report. Funny how these levels come back into play. pic.twitter.com/HK9M2dBg5v
— Austin Harrison, CFA, CMT (@meanstoatrend) September 12, 2022
For most of the last 30+ years, CPI was a non-event. Now it is a market-moving number that has generated oversized volatility. $SPX range on CPI days have been nearly 30% wider than other days over the last several months. Next release is 9/13/22 8:30am EST. $SPY #CPI #inflation pic.twitter.com/vXqY6VNevO
— Quantifiable Edges (@QuantifiablEdgs) September 12, 2022
Get your bearish bets in by the end of the week?
Sept 17-30 can be bumpy. $SPY
Wake me up when the month is over.from @RyanDetrick pic.twitter.com/CMCxMkcli2
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 12, 2022
SPX – Full 4-year Presidential Election cycle seasonal tendency. pic.twitter.com/7bx60lhxKj
— Nautilus Research (@NautilusCap) September 12, 2022
SPX – Full 4-year Presidential Election cycle seasonal tendency. pic.twitter.com/7bx60lhxKj
— Nautilus Research (@NautilusCap) September 12, 2022
Longer-term correlation (200-day) between S&P 500 and U.S. dollar remains firmly negative; currently the longest streak since correlation turned negative during GFC pic.twitter.com/juBSQJo2xJ
— Liz Ann Sonders (@LizAnnSonders) September 12, 2022
All eyes on the $DXY witch is extended from above the 40-week MA. pic.twitter.com/tjPhBzF804
— Dan Russo, CMT (@DanRusso_CMT) September 12, 2022
$TLT vs $SPY new lows pic.twitter.com/E5JPhXEEvK
— Hoss Bonaventure, CEO (@ATMcharts) September 12, 2022
The US bond market is on pace for its worst year in history with a loss of 11.6%.
Entering the year, the 2.9% decline for bonds in 1994 was the largest ever. pic.twitter.com/a9kyuDfJfq
— Charlie Bilello (@charliebilello) September 12, 2022
$AAPL literally trying to drag the market higher as it moves into this gap resistance area. pic.twitter.com/PT7yMnYDk4
— Brian Lund (@bclund) September 12, 2022
Imagine being $AAPL and adding $100B in market cap today. Like happy freakin’ Monday?
— Jenny Horne (@J_B_Horne) September 12, 2022
You’re all caught up now. Thanks for reading!