Today’s Summary
Wednesday, September 21st, 2022
Indices: Russell 2000 -1.42% | Dow -1.70% | S&P 500 -1.71% | Nasdaq 100 -1.80%
Sectors: All 11 sectors closed lower for the second day in a row. Consumer Staples led, but still fell -0.38%. Communications lagged, dropping -2.45%.
Commodities: Crude Oil futures dropped -1.19% to $82.94 per barrel. Gold futures rose +0.28% to $1,676 per ounce.
Currencies: The US Dollar Index rose +1.05% to a fresh 20-year high.
Crypto: Bitcoin fell -2.30% to $18,446. Ethereum dropped -6.42% to $1,238.
Interest Rates: The US 10-year Treasury yield fell to 3.532%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$SPX pic.twitter.com/QoyqNrOln8
— Dan Russo, CMT (@DanRusso_CMT) September 21, 2022
Today’s Chart of the Day was shared by Dan Russo (@DanRusso_CMT). The 200-day moving average has been falling for 104 consecutive days now, and the S&P 500 has been trading below it for 114 consecutive days. Both of these streaks are the longest since 2008, and they’re not going to end anytime soon. The S&P 500 would have to rally more than 10% to reclaim its 200-DMA and it would have to spend a few weeks above it before the slope flips positive. Judging by this chart, it’s fair to say the S&P 500 hasn’t been this technically damaged since The Great Financial Crisis, and it’s going to take some time to repair the trend.
Quote of the Day
“Everything is relative. We need the bad to appreciate the good.”
– Shania Twain
Top Links
Stock Market Analysis September 21, 2022 – AlphaTrends
In this quick video, Brian Shannon reviews this week’s price action and some key levels to watch in the near term.
The Ten-Year Note Breaks Its June Lows – Research by Potomac
Dan Russo highlights some key technical developments to be aware of.
Technical Areas to Watch For in the S&P 500 – TD Ameritrade Network
Willie Delwiche shares his thoughts on the current market environment.
Where Have All the Call Buyers Gone? – Schaeffer’s Investment Research
Rocky White examines the lack of call buying and what it could mean for the S&P 500.
Top Tweets
Final heat map of the S&P 500's performance from today after Jerome Powell and the FOMC pic.twitter.com/0ERz1uaqYo
— Stock Market News – Evan (@StockMKTNewz) September 21, 2022
At 2:45 we had an upside outside reversal day. An hour later we have a downside outside reversal day. pic.twitter.com/n9kYrUdumw
— Walter Deemer (@WalterDeemer) September 21, 2022
Dow Industrials are only 1% above their June lows. pic.twitter.com/cnWeecyrQ4
— Willie Delwiche, CMT, CFA (@WillieDelwiche) September 21, 2022
$SPY certainly looks like a test of the June lows is coming ? pic.twitter.com/TC5YhW9oYJ
— BT (@BTstocktrading) September 21, 2022
#ES, 1d
3666 is a level to watch. pic.twitter.com/L8SPjyzHXZ
— Yuriy Matso (@yuriymatso) September 21, 2022
$XLY closed below its June uptrend, as $XLY: $XLP met resistance for the forth time at these levels pic.twitter.com/Lzwr8kkr0s
— Stacey.A.Lee (@BBaxter2020) September 21, 2022
The 60/40 portfolio breaking an important level$AOR pic.twitter.com/ZxDynAjdPj
— David Zarling, CMT (@AdaptivCharts) September 21, 2022
Chinese Large Caps lurking around Weekly closing levels not seen since *checks notes * 2009…$FXI pic.twitter.com/0PAxyI3AyW
— Ian McMillan, CMT (@the_chart_life) September 21, 2022
Heading into the Fed meeting, 64% of Treasury yield curves are inverted, a record for this cycle. High inversion breadth has been consistent with a weakening economy and an eventual recession. @NDR_Research pic.twitter.com/M4uAOG4FUq
— Rob Anderson (@robanderson_stl) September 21, 2022
$DXY 111 – highest since June 2002
+24% since May last year pic.twitter.com/OmqI06m4Lg
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 21, 2022
#Bitcoin Watch out below. pic.twitter.com/WoypDAxACC
— Jake Wujastyk (@Jake__Wujastyk) September 21, 2022
You’re all caught up now. Thanks for reading!