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Today’s Summary
Friday, September 23rd, 2022
Indices: Dow -1.62% | Nasdaq 100 -1.66% | S&P 500 -1.72% | Russell 2000 -2.48%
Sectors: All 11 sectors closed lower. Health Care led, but still slipped -0.51%. Energy lagged, tumbling -6.90%.
Commodities: Crude Oil futures dropped -4.86% to $79.43 per barrel. Gold futures fell -1.75% to $1,652 per ounce.
Currencies: The US Dollar Index rose +1.58% to a fresh 20-year high.
Crypto: Bitcoin inched lower by -0.25% to $19,355. Ethereum rose +0.39% to $1,331.
Interest Rates: The US 10-year Treasury yield fell to 3.691%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Dow $DJI and NYSE Composite $NYA now below their Feb. 2020 pre-pandemic highs. pic.twitter.com/wipy5iVUj8
— Michael Kahn, CMT (@mnkahn) September 23, 2022
Today’s Chart of the Day was shared by Michael Kahn (@mnkahn). It’s a weekly bar chart of the NYSE Composite over the past five years. Both the NYSE Composite and Dow Jones Industrial Average closed below their June lows today. Perhaps more concerning, Michael points out that the NYSE Composite is back below its pre-covid highs. Other major indices, like the S&P 500, Nasdaq, and Russell 2000, managed to close slightly above their June lows, but they’re skating on thin ice. It would be very constructive to see these levels reclaimed next week, but caution is warranted as long as we’re below them.
Quote of the Day
“Sometimes the questions are complicated and the answers are simple.”
– Dr. Seuss
Trendlines over Headlines
Check out the latest episode of Trendlines Over Headlines! This week, Scott Brown, of Beat the Bench joins us to make sense of the current market environment. We take a look at the S&P 500, Interest Rates, Commodities, Crypto, and more!
Top Links
Slightly More Bearish – Potomac Fund Management
Dan Russo takes a look at some important risk ratios.
Stock Market Analysis for Week Ending September 23, 2022 – Brian Shannon
Brian Shannon reviews this week’s price action and lays out some levels of interest to keep an eye on next week.
Where the Green Grass Grows – All Star Charts
Ian Culley points out that commodities like Corn, Soybeans, and Wheat are firming up for a potential move higher.
Correlations Rise as Bear Extends its Grip – StockCharts
Arthur Hill points out that even the leading sectors like Energy and Utilities have come under pressure recently as the bear market accelerates.
Top Tweets
The S&P 500 is down over 10% in the last nine sessions. pic.twitter.com/BhJNtJ20Ep
— Eddy Elfenbein (@EddyElfenbein) September 23, 2022
September Month-To-Date Performance pic.twitter.com/OhFi8l2Ens
— Jesse Cohen (@JesseCohenInv) September 23, 2022
We knew coming into this month that September can be troublesome (especially when down 15% YTD heading into it).
We also knew that we are currently in the thick of one of the worst times of the year.
Unfortunately, both appear to be playing out. pic.twitter.com/0EpGrXnZLD
— Ryan Detrick, CMT (@RyanDetrick) September 23, 2022
Only 3.6% of $SPX components are above their respective 50-day MA currently. This was > 90% as recently as Aug 18th. This is a fair test of the June lows when the readings were 2.0% on 06/16 and 2.2% on 6/17. $SPY pic.twitter.com/jT3nuTxplM
— Jonathan Harrier, CMT (@jonathanharrier) September 23, 2022
That good old Charles theory…confirmed! pic.twitter.com/n4N7KlfjVx
— conradseric, CMT, CAIA, CEFA (@conradseric) September 23, 2022
60/40 taking it on the chin w/ an oversold breakdown $AOR pic.twitter.com/rHRTAUUy6p
— Drew Wells, CMT, CIMA® (@DrewTheCharts) September 23, 2022
Our "Financial Crisis Watch" is screaming … we've been flagging the remarkable move in U.K. yields all month, now +200bps in just a few weeks – what else breaks? (GBP already is). @StrategasRP pic.twitter.com/fNrUKgUXj0
— Chris Verrone (@verrone_chris) September 23, 2022
The Pound is now at 1.11. This is its lowest level since March 1985.
The number one song at the time? "We are the World."
Seems appropriate. pic.twitter.com/deH0nTZibZ
— Jim Bianco biancoresearch.eth (@biancoresearch) September 23, 2022
Buyers strike. In stocks that is. No shortage of them for the USD. Unreal. $DXY pic.twitter.com/aPnQ234XuM
— Greg Rieben (@gregrieben) September 23, 2022
$DXY +17.7% YTD ? pic.twitter.com/CCAZQvatxc
— Shane C. Murphy (@murphycharts) September 23, 2022
$AAPL vs $SPX pic.twitter.com/D9cGVgGkaF
— Pratty ★ (@PrattyCharts) September 23, 2022
Remember those March 2020 Covid lows? $META does. pic.twitter.com/mRztQZLbGA
— Jay Woods (@JayWoods3) September 23, 2022
You’re all caught up now. Thanks for reading!