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Today’s Summary
Friday, September 16th, 2022
Indices: Dow -0.45% | Nasdaq 100 -0.55% | S&P 500 -0.72% | Russell 2000 -1.48%
Sectors: 2 of the 11 sectors closed higher. Consumer Staples led, gaining +0.24%. Energy lagged, falling -2.13%.
Commodities: Crude Oil futures fell -0.40% to $84.76 per barrel. Gold futures rose +0.37% to $1,684 per ounce.
Currencies: The US Dollar Index inched lower by -0.09%.
Crypto: Bitcoin was essentially flat at $19,718. Ethereum fell -3.08% to $1,427.
Interest Rates: The US 10-year Treasury yield was unchanged at 3.451%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$TNX pic.twitter.com/uOmqPyQAzi
— David Rath (@DJwrath) September 16, 2022
Today’s Chart of the Day was shared by David Rath (@DJwrath). It’s a daily candlestick chart of the US 10-year Treasury yield since the start of 2022. The 10-year yield just registered its highest weekly close in more than a decade. It hasn’t quite broken out on a daily basis yet, but it’s very close. It peaked in June and spent the Summer building a solid base to potentially launch higher from. Rising yields, along with a strong dollar, have been putting pressure on stocks all year. Particularly growth/tech stocks, which are some of the most widely owned, yet beaten down areas of the market. Keep an eye on the 10-year yield next week as it attempts to resolve higher out of this three-month base.
Quote of the Day
“Education is the ability to listen to almost anything without losing your temper or self-confidence.”
– Robert Frost
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Top Links
Buckle Up, Late September Can Be Rocky – Carson Group
Ryan Detrick points out that we’re approaching the eye of the storm in terms of seasonality.
Stock Market Video Analysis for Week Ending 9/16/22 – AlphaTrends
Brian Shannon analyzes this week’s price action and lays out some key levels to focus on next week.
Neutral with a Bearish Bias – Research by Potomac
Dan Russo examines several important risk ratios and what they could mean for the broader market.
Two Things I Don’t Expect to See in a Bear Market – StockCharts
Julius de Kempenaer highlights two potentially bullish developments amid the recent weakness.
Are You Sure? – The Rotation Report
Aaron Jackson takes a look at several Growth/IPO stocks that are attempting to rebound.
Top Tweets
Weekly $SPX update: no trend reversal yet with the CPI and $FDX news. As long as the 10-wk EMA remains below the 40-wk, any up moves are suspect. pic.twitter.com/oXtLvGAeeS
— Michael Turvey (@MikeTurvey_TDA) September 16, 2022
Three tops in one. $SPX pic.twitter.com/Huo3JOmkj4
— Frank Cappelleri (@FrankCappelleri) September 16, 2022
Respect the trends pic.twitter.com/MSRCqppOyI
— Alfonso Depablos (@AlfCharts) September 16, 2022
$IYT weekly. oof $FDX pic.twitter.com/A6nWgqw993
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 16, 2022
Bear markets can be brutal as witnessed by FedEx.
22% wiped off a $40+ billion staple American company.
Side note: 200d ma has been declining all year!$FDX pic.twitter.com/cNvS2boTbe
— Chris Perruna (@cperruna) September 16, 2022
The fact that low beta (utilities) and late-cycle (energy) sectors are leading tells me that this is not (yet) a new bull market. pic.twitter.com/NWYe6CVOMN
— Jurrien Timmer (@TimmerFidelity) September 16, 2022
MSCI Emerging Markets Index
Fresh lows ? pic.twitter.com/LGfSLWbfn6
— Shane C. Murphy (@murphycharts) September 16, 2022
Chinese A-shares bottomed out earlier than other indices…and seems now to retest earlier! pic.twitter.com/1L6MivtTkD
— conradseric, CMT, CAIA, CEFA (@conradseric) September 16, 2022
From best of times to worst of times:
After seeing blistering gains over course of Q2 & Q3 2020, average household portfolio experienced its worst two-quarter stretch in 40+ years in H1 2022. pic.twitter.com/yHJs3aZjwh
— Willie Delwiche, CMT, CFA (@WillieDelwiche) September 16, 2022
The 30-year mortgage rate in the US has moved above 6% for the first time since November 2008, more than doubling over the last year. pic.twitter.com/8TduOMfLDH
— Charlie Bilello (@charliebilello) September 15, 2022
Cardi B has a better finger on the macro pulse of this economy than literally all of you https://t.co/SY2o0nIK0e
— Bucco Capital (@buccocapital) September 16, 2022
You’re all caught up now. Thanks for reading!