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Today’s Summary
Wednesday, September 14th, 2022
Indices: Nasdaq 100 +0.84% | Russell 2000 +0.39% | S&P 500 +0.34% | Dow +0.10%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +2.82%. Materials lagged, dropping -1.22%.
Commodities: Crude Oil futures rose +1.37% to $88.48 per barrel. Gold futures fell -0.48% to $1,709 per ounce.
Currencies: The US Dollar Index fell -0.33%.
Crypto: Bitcoin was flat and continues to trade at $20,196. Ethereum rose +2.94% to $1,621.
Interest Rates: The US 10-year Treasury yield inched lower to 3.406%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$GLD Weekly. Can't catch a break. pic.twitter.com/o8Ev76i5J4
— Brian G (@alphacharts) September 14, 2022
Today’s Chart of the Day was shared by Brian G (@alphacharts). It’s a weekly line chart of the Gold ETF, $GLD, over the past six years. Gold has not lived up to its reputation as an inflation hedge at all. Inflation is running hotter than it has in decades and yet $GLD is down -7% YTD, and it’s at the same level it was pre-Covid. Despite its lackluster performance, it’s at an interesting level to start placing bets…long or short. $157 has acted as support numerous times over the past two years. For futures traders, that level is around $1,675.Will support continue to hold?
Quote of the Day
“Once a trend is established it tends to persist and to run its full course.”
– George Soros
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Top Links
Bad CPI, Ugly Trading, But History of 4% Daily Declines Shows Good Gains…Eventually – Almanac Trader
Jeff Hirsch takes a look at how the S&P 500 has historically performed after dropping 4% or more in one day.
Big Gap Down Takes Out the 50-Day – Bespoke
Bespoke examines prior instances where the S&P 500 gapped 2% or more below its 50-day moving average as it did yesterday.
The Bears are Still in the Arena – Potomac Fund Management
Dan Russo highlights some key points about the current market environment.
What Investor Uncertainty Could Mean for the S&P 500 – Schaeffer’s Investment Research
Rocky White shares some insights from the latest Investors Intelligence sentiment survey.
Top Tweets
Since 1950, the S&P 500 has fallen >4% 55 times.
49 of those times happened beneath the 200-day MA.
The truth is most volatility happens beneath the 200-day.
— Ryan Detrick, CMT (@RyanDetrick) September 14, 2022
$SPX off >4% pic.twitter.com/0nL0PrYB3p
— Mark Ungewitter (@mark_ungewitter) September 14, 2022
it's easy to think that one day means something, but when we're talking about the long term trend, one day is pretty meaningless. this $NDX monthly is what matters for the next few years. where do we go? pic.twitter.com/SB23BcCPH8
— bostoncharts (@bostonchaahhts) September 14, 2022
#NQ_F, 5min
'You shall not pass' pattern… literally. pic.twitter.com/2lC4HqQYam
— Yuriy Matso (@yuriymatso) September 14, 2022
Big drop for big tech … yesterday was worst day for NASDAQ 100 since March 2020
[Past performance is no guarantee of future results] pic.twitter.com/DBW5XzlqU8— Liz Ann Sonders (@LizAnnSonders) September 14, 2022
New relative high for utilities today…
Don't overthink it, that's classic risk-off$XLU $SPY pic.twitter.com/zzX4Jz7c4N
— Mike Singleton, CFA (@InvictusMacro) September 14, 2022
Worth remembering the $TRAN was weak long before any talk of a "rail strike." Ignore the narrative, focus on the price. Here's Transports relative to the Utilities… @StrategasRP pic.twitter.com/6ba2aIrMBR
— Chris Verrone (@verrone_chris) September 14, 2022
You should probably be watching what Exxon Mobil $XOM does here.
Energy #stocks $XLE $XOP have been great. They really have. $SPX $SPY $DIA pic.twitter.com/sUv8aoCRy5— Sam McCallum (@Honeystocks1) September 14, 2022
The SPR tap is set to shut off at the end of October and the Biden administration has already been considering its plan to refill the reserves that now sit at a 35-year low. Oil has historically seen strong gains when the government is a buyer. pic.twitter.com/XGuZzKx00P
— Rob Anderson (@robanderson_stl) September 14, 2022
$UNG screaming back higher pic.twitter.com/BpAbUZAQCx
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 14, 2022
Yo, Charts – CPI Food at Home; rising at fastest rate in 43 years pic.twitter.com/Dy0DzAvXHB
— da Chart Life (@daChartLife) September 14, 2022
You’re all caught up now. Thanks for reading!