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Today’s Summary
Thursday, September 22nd, 2022
Indices: Dow -0.35% | S&P 500 -0.84% | Nasdaq 100 -1.17% | Russell 2000 -2.26%
Sectors: Health Care was the only sector that closed higher, gaining +0.53%. Consumer Discretionary lagged, dropping -2.31%.
Commodities: Crude Oil futures moved higher by +0.68% to $83.50 per barrel. Gold futures rose +0.22% to $1,679 per ounce.
Currencies: The US Dollar Index inched lower by -0.07%.
Crypto: Bitcoin gained +4.13% to $19,227. Ethereum rose +5.78% to $1,319.
Interest Rates: The US 10-year Treasury yield rose to 3.718% – its highest in more than a decade.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Outside of the quick 3-day rally in early September, we've seen nothing but selling pressure since all three indices failed to hold their respective June highs…$NDX $SPX $RUT $QQQ $SPY $IWM pic.twitter.com/Vh2PDqgm1C
— Ian McMillan, CMT (@the_chart_life) September 22, 2022
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). September has been living up to its reputation as a troublesome month for stocks. Ian points out that this recent leg lower began at the end of August when the major indices failed to hold above their June highs. As we know, failed breakouts are often followed by sharp moves lower, and that’s exactly what we’ve seen since. All three of the major indices shown above are down more than 10% in the past month. At this point, all eyes are on the June lows in the major indices. If those levels fail to hold, it will be a major issue.
Quote of the Day
“Recognizing bear markets and appreciating and respecting their devastation is one of the most important things you can learn.”
– Fred McAllen
Top Links
Stocks: The Good, The Bad, and The Ugly – Beat the Bench
Scott Brown highlights three stocks from each of the 11 sectors that are either good, bad, or ugly.
Daily Volatility Needs to Calm to Draw Back Equity Buyers – Andrew Thrasher
Andrew Thrasher offers his perspective on volatility.
Today is Showing a Short-Term Oversold Reading, Says Fairlead Strategies’ Stockton – CNBC
In this clip, Katie Stockton shares her thoughts on the S&P 500, Apple, and more.
Gold Bulls Don’t Want to See a Breakdown Here! – Kimble Charting Solutions
Chris Kimble points out that Gold is testing an uptrend line that dates back 20 years.
Gold to Silver Ratio Plummeting – Bespoke
Bespoke takes a look at the Gold/Silver Ratio.
Top Tweets
The stock market had a great rally this summer, 17% in two months. We've now given back 85% of it. pic.twitter.com/8SQS6niZIN
— Eddy Elfenbein (@EddyElfenbein) September 22, 2022
An "average" drawdown for 2022 so far. The $SPX made new lows the other times. pic.twitter.com/h4vJpDMvJa
— Frank Cappelleri (@FrankCappelleri) September 22, 2022
New low for transports $DJT pic.twitter.com/FESB1qQHeo
— Michael Kahn, CMT (@mnkahn) September 22, 2022
What is it about years ending in 2? pic.twitter.com/CVwWvP3yxl
— Bespoke (@bespokeinvest) September 22, 2022
Lot of talk how this year looks a lot like 1962. New Democratic President, midterm year, supply chain issues, Cuban Missile Crisis, etc.
The S&P 500 didn't bottom until Oct 23 that year, but did see a 19% rally into the end of the year. pic.twitter.com/BScEEBTC04
— Ryan Detrick, CMT (@RyanDetrick) September 22, 2022
The BAD NEWS is… tomorrow kicks off the worst seasonal period of the year
The GOOD NEWS is… it only lasts just over a week, and then seasonality becomes a significant tailwind pic.twitter.com/6T5uBEUl3m
— Steven Strazza (@sstrazza) September 22, 2022
Mom and pop have given up.
This week joins just 4 others in 35 years with more than 60% of respondents being despondent in the AAII survey.
One year returns after the others: +22.4%, +31.5%, +7.4%, +56.9%.
But, of course, this time is different. pic.twitter.com/N42aE3szim
— SentimenTrader (@sentimentrader) September 22, 2022
Global equities are printing new 52-week lows. pic.twitter.com/VChlW9saCW
— Alfonso Depablos (@AlfCharts) September 22, 2022
Not throwing in the towel: It’s surprising how little capitulation there has been in the market. Yes, the sentiment surveys are all negative, but actual flows have not been. This seems consistent with the lack of volatility in the market (as illustrated by the muted VIX). pic.twitter.com/HYU9dsADTX
— Jurrien Timmer (@TimmerFidelity) September 22, 2022
The 10-year is imploding! Up 17bps today (now 3.70%) pic.twitter.com/yVBEjuHSae
— Jim Bianco biancoresearch.eth (@biancoresearch) September 22, 2022
$TNX U.S. 10-Year Treasury Yields pic.twitter.com/dXs1Qd6CNR
— Bhagyashree Urdhwareshe, CMT (@sunsofttech) September 22, 2022
The #Ethereum Merge was a classic 'sell the news' type of event. So here's what ETH looks like now testing former resistance pic.twitter.com/9brqulmcxk
— J.C. Parets (@allstarcharts) September 22, 2022
In May 2020, there were 21 countries around the world with negative yields.
Today? Only Japan… pic.twitter.com/4lMUQ45rKA
— Charlie Bilello (@charliebilello) September 22, 2022
You’re all caught up now. Thanks for reading!