Sponsored By:
Today’s Summary
Thursday, September 15th, 2022
Indices: Dow -0.56% | Russell 2000 -0.72% | S&P 500 -1.13% | Nasdaq 100 -1.71%
Sectors: 2 of the 11 sectors closed higher. Health Care led, gaining +0.56%. Energy lagged, dropping -2.58%.
Commodities: Crude Oil futures dropped -3.81% to $85.11 per barrel. Gold futures dropped -2.06% to a new 2-year low of $1,674 per ounce.
Currencies: The US Dollar Index inched higher by +0.05%.
Crypto: Bitcoin fell -1.95% to $19,840. Ethereum dropped -8.19% to $1,504.
Interest Rates: The US 10-year Treasury yield rose to 3.453% – its 2nd highest close in the past decade.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$XLK vs. $SPX – Making new lows. $XLK makes up ~26% of the S&P 500.
We have not seen these levels since June 2021. pic.twitter.com/uOmnI9Z1FB
— Larry Thompson, CPA (@HostileCharts) September 15, 2022
Today’s Chart of the Day was shared by Larry Thompson (@HostileCharts). It’s a ratio chart of the Technology Sector vs. the S&P 500 ($XLK/$SPX). Tech is down more than 25% YTD, making it the second worst sector in the S&P 500. This is an issue given that Tech represents 26% of the S&P 500, and 50% of the Nasdaq 100. It broke down to new 15-month lows on a relative basis today, below a shelf of support that has been in place for five months. It’s going to be hard for the major indices to make any progress if Tech continues to underperform.
Quote of the Day
“You learn a little about yourself during bull markets.
You learn a lot about yourself during bear markets.”
Sponsored:
Don’t miss the TSAA Annual Conference on September 17th! Featuring presentations by some of the top minds in Technical Analysis!
TSAA members can access the presentations via Zoom for free, or you can attend in person in San Francisco and meet the speakers!
Speakers include John Bollinger, Craig Johnson, John Kolovos, David Lundgren, Craig Johnson, Jeff Kennedy, and Steve Strazza.
For more information about the TSAA and to register for the conference, visit tsaasf.org.
Top Links
The 4 Trillon Dollar Black Hole – The Rotation Report
Aaron Jackson highlights some key things to watch in the near term.
4% Drop with VIX Under 30 Unheard of – Almanac Trader
Jeff Hirsch points out that it’s extremely rare to see the S&P 500 drop 4% or more in a day while the VIX is below 30.
This Hasn’t Happened Often – Research by Potomac
Dan Russo examines a rare breadth signal that occurred on Monday.
Sentiment Condtradicts Price Action – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Is Inflation Cooling Off? Watch This Commodity Index! – Kimble Charting Solutions
Chris Kimble takes a look at commodities & inflation.
Top Tweets
Mega-cap tech down big. Energy & Utes down big
Regional banks, biotech, $ARKK up nicely. pic.twitter.com/4JK6aDzsq4
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 15, 2022
Buckle up, some of this historically weakest days of the year are coming up.
The good news? Some really strong days will be coming up soon after. pic.twitter.com/NHy7kZSlj7
— Ryan Detrick, CMT (@RyanDetrick) September 15, 2022
Yes or no? pic.twitter.com/1fU9X3vOYX
— Alfonso Depablos (@AlfCharts) September 15, 2022
Who's leading whom? $XLE, #CrudeOil pic.twitter.com/Jom4tkUxj5
— Frank Cappelleri (@FrankCappelleri) September 15, 2022
The breadth profile continues to look best for the energy-related sectors. Energy and Utilities are also the only sectors with positive YTD returns. @NDR_Research pic.twitter.com/uKjuDhpDtm
— Rob Anderson (@robanderson_stl) September 15, 2022
$EEM – don't confuse the bottom of the chart with support pic.twitter.com/a77GTjKYm1
— David Rath (@DJwrath) September 15, 2022
$TNX looks a little bit "basey" $SPY $SPX $QQQ $IWM pic.twitter.com/ciPjgZYSlI
— Sam McCallum (@Honeystocks1) September 15, 2022
Yo, Charts – Gold…. pic.twitter.com/Ua1IIgE4uZ
— da Chart Life (@daChartLife) September 15, 2022
Today's most eyebrow-raising chart: pic.twitter.com/ElonIyfNLi
— Walter Deemer (@WalterDeemer) September 15, 2022
2.21% of the S&P 500 ?
Best looking chart of the mega-caps pic.twitter.com/8TFfArgdms
— Tyler Lovingood (@Tyler_Lovingood) September 14, 2022
$TSLA vs $QQQ
Tesla vs Nasdaq 100 pic.twitter.com/qpXDrckDHL— Pratty ★ (@PrattyCharts) September 15, 2022
He's a $10 but he used to be a $59.26. pic.twitter.com/K49hZ4qXZK
— Tracy Alloway (@tracyalloway) September 15, 2022
You’re all caught up now. Thanks for reading!