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Today’s Summary
Tuesday, September 13th, 2022
Indices: Russell 2000 -3.91% | Dow -3.94% | Nasdaq 100 -5.54% | S&P 500 -4.32%
Sectors: All 11 sectors closed lower by more than 2.5%. Energy led, but still fell -2.52%. Communications lagged, dropping -5.49%.
Commodities: Crude Oil futures fell -0.54% to $87.31 per barrel. Gold futures dropped -1.33% to $1,717 per ounce.
Currencies: The US Dollar Index jumped +1.58%.
Crypto: Bitcoin tumbled -10.10% to $20,141. Ethereum dropped -7.20% to $1,592.
Interest Rates: The US 10-year Treasury yield rose to 3.410%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Resistance still working. $SPX pic.twitter.com/ZteufXFbp6
— Frank Cappelleri (@FrankCappelleri) September 13, 2022
Today’s Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri). It’s a daily bar chart of the S&P 500 over the past two months. Today was the worst day for the S&P 500 in more than two years, with the index sliding -4.32%. Frank points out that today’s big drop occurred at a key level around 4100-4200. We’ve seen several reversals around that 4100-4200 level this year, so it’s clearly an important battleground for buyers and sellers. The risk is to the downside as long as we’re below it.
Quote of the Day
“Bull markets are about making progress.
Bear markets are about preserving capital.”
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Top Links
Can Anything Slow US Dollar Currency Strength? – Kimble Charting Solutions
Chris Kimble takes a look at the relentless strength of the US Dollar.
Breadth Doesn’t Get Much Hotter – Bespoke
Bespoke points out that the 5-day A/D line was at an extreme heading into today’s large drop.
Don’t Fight the Trend – All Star Charts
Ian Culley highlights some noteworthy trends in the currency market.
Volatility Spikes as SPX Nears 3900 – The Final Bar
In this video, David Keller and guest, Dave Landry break down the current market environment.
Top Tweets
*Dow wipes out 4 days of back-to-back gains of 0.5% or more — a first, going back to inception in 1896$DJI, $INDU pic.twitter.com/vgoyp35T72
— Jared Blikre (@SPYJared) September 13, 2022
The S&P 500 closed down 4.3% today, its largest daily decline since June 2020 and 8th daily decline of 3% or more this year.
In the last 70 years, the only years with more 3+% down days than we've already seen in 2022?
2008, 2009 and 2020$SPX pic.twitter.com/NnyD4XGNlw
— Charlie Bilello (@charliebilello) September 13, 2022
Over the past 25 years, there haven't been too many days when every big tech stock drops.
Today was one – every member of the Nasdaq 100 $NDX declined.
Good time to sell? Eh. pic.twitter.com/CshPiZJnaU
— SentimenTrader (@sentimentrader) September 13, 2022
Hey, at least the trendline is still intact $SPX pic.twitter.com/FRUGGu1A55
— David Rath (@DJwrath) September 13, 2022
Friday's gap has been filled… but now I spy an island. pic.twitter.com/4l6xFcwF8F
— Walter Deemer (@WalterDeemer) September 13, 2022
#VIX $VIX – Continuing to hold to 50 day cycle. pic.twitter.com/I6mij9bZY9
— Nautilus Research (@NautilusCap) September 13, 2022
The dollar is an absolute rocket ship after US CPI data was released, reversing losses, and surging over 1.03% higher. pic.twitter.com/MqPvA33P01
— Markets & Mayhem (@Mayhem4Markets) September 13, 2022
Only five of 24 industry groups remain positive on the year–Energy, Utilities, Insurance, Food Bev & Tobacco, and Telecommunications. I have to believe a few more flip positive before year-end, but this is a painful year that hasn't spared many. pic.twitter.com/K2jq9n7GqX
— Liz Young (@LizYoungStrat) September 13, 2022
This is how stocks, #Bitcoin , gold and dollar reacted to the CPI report this morning. One of this looks different from the rest. pic.twitter.com/VH8ICCEuVm
— Alfonso Depablos (@AlfCharts) September 13, 2022
US Dollar: 2nd best day since March 2020 $UUP pic.twitter.com/ZiJu8sHs5J
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 13, 2022
Just a little reminder that a hotter-than-expected inflation report is no excuse to quote the Dow Jones Industrial Average in points.
— Elena Popina (@lena_popina) September 13, 2022
You’re all caught up now. Thanks for reading!