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Today’s Summary
Monday, September 26th, 2022
Indices: Nasdaq 100 -0.51% | S&P 500 -1.03% | Dow -1.11% | Russell 2000 -1.41%
Sectors: Consumer Staples was the only sector that closed higher, but by just +0.07%. Real Estates lagged, dropping -2.70%.
Commodities: Crude Oil futures fell -2.58% to $76.71 per barrel. Gold futures dropped -1.34% to a 2-year low of $1,633 per ounce.
Currencies: The US Dollar Index rose +0.96% to a fresh 20-year high.
Crypto: Bitcoin rose +1.66% to $19,126. Ethereum gained +2.78% to $1,328.
Interest Rates: The US 10-year Treasury yield rose to 3.926% – 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
British Pound #Cable $GBPUSD retesting all time low established 37 years ago pic.twitter.com/1yQPzcPPqU
— Peter Brandt (@PeterLBrandt) September 26, 2022
Today’s Chart of the Day was shared by Peter Brandt (@PeterLBrandt). It’s a quarterly candlestick chart of the Pound vs. the US Dollar over the past five decades. Fun fact; this currency pair got its nickname ‘Cable’ from the transatlantic cable installed in the mid-1800s to transmit the exchange rate between New York and London. Anyways, It crashed to its lowest level since 1985 today. It breached the all-time lows intraday, but it managed to close above it. The Pound is the 3rd largest component in the US Dollar Index, which closed at a fresh 20-year high today. Dollar strength has been a major headwind for risk assets all year, and we’re seeing that trend accelerate.
Quote of the Day
“Intuition will tell the thinking mind where to look next.”
– Jonas Salk
Top Links
Currency Capitulation – Means to a Trend
Austin Harrison takes a look at some of the wild moves in the currency market.
Under Pressure – The Weekly Trend
In this podcast, David Zarling, Ian McMillan, and Pratyush Tulsian discuss some of the most significant technical developments to be aware of.
NYSE Composite Breakdown, Taking Out the June Lows, Another Warning to Bulls – Kimble Charting Solutions
Chris Kimble points out that the NYSE Composite is below its Pre-Covid highs.
10 Chart Monday – Compound
Charlie Bilello highlights 10 noteworthy charts.
Trendlines Over Headlines with Special Guest, Scott Brown – The Chart Report
Catch up on the latest episode of Trendlines over Headlines. In this week’s episode, Scott Brown shares his perspective on the S&P 500, The Dollar, Crypto, Commodities, and more!
Top Tweets
The S&P 500 is down 11.1% over the past 10 days.
That is the worst 10 day return since June 2022, Feb/March 2020, August 2011, and March 2009.
— Ryan Detrick, CMT (@RyanDetrick) September 26, 2022
$SPY and $RSP both below their June low pic.twitter.com/OtVWHedMVq
— Stacey.A.Lee (@BBaxter2020) September 26, 2022
Also a lower low RSI.. $SPX pic.twitter.com/fYdY3MTKtU
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 26, 2022
Last line of defence… the 200 Week Simple Moving Average.
The optimist in me would like to see these levels hold up and the US Dollar $DXY retreat, but having a game plan in case they don't seems sensible.
$SPY $SPX $QQQ pic.twitter.com/HpQZaiQe07— Sam McCallum (@Honeystocks1) September 26, 2022
Think it’s right to be “long vol” right now. VIX won’t be sitting this bear market out any longer. pic.twitter.com/LJZNKTGKMP
— da Chart Life (@daChartLife) September 26, 2022
Decision time!
Get ready! pic.twitter.com/et8cvtOm8m
— Yuriy Matso (@yuriymatso) September 26, 2022
"Major market bottoms have occurred in October more than any other month" – @AriWald pic.twitter.com/Cw8UxLLcNt
— Sam Ro ? (@SamRo) September 24, 2022
$HYG Daily. High Yield Corporates (and Junk Bonds in the $JNK ETF) being conveniently overlooked by those calling for a rally, opting for Put/Call Ratio charts instead. But high yield tends to lead, and decisively made new yearly lows here vs. indices. pic.twitter.com/r19JRgmqR2
— Chess (@chessNwine) September 26, 2022
5/6
This lack of breaking is causing the dollar to surge, and US 10-year yields rose 24bps today, tied for the second biggest one-day rise since the financial crisis.
Today was historically bad for the bond market. This kills equities. pic.twitter.com/79iCEp59m4
— Jim Bianco biancoresearch.eth (@biancoresearch) September 26, 2022
Funny how since Jackson Hole INFLATION PAIN NARRATIVE…the bond yield has totally ignored the oil price collapse. pic.twitter.com/Wmyxr0JBOh
— conradseric, CMT, CAIA, CEFA (@conradseric) September 26, 2022
Oil almost flat YoY pic.twitter.com/ecJRBZJSU9
— Mike Singleton, CFA (@InvictusMacro) September 26, 2022
British Pound at all-time lows sporting crisis-like momentum & trend readings $GBP ?? pic.twitter.com/zNltSB4Oy3
— Steven Strazza (@sstrazza) September 26, 2022
$DXY US Dollar Index + 20-day BB
4 consecutive daily closes above the 20-day upper bollinger band. pic.twitter.com/N1Yki7fnJe
— Shane C. Murphy (@murphycharts) September 26, 2022
U.S. dollar index (DXY) is thus far having its best year in history, now up 18.3% YTD
[Past performance is no guarantee of future results] pic.twitter.com/PoSkY8HtRe— Liz Ann Sonders (@LizAnnSonders) September 26, 2022
it's probably just a coincidence pic.twitter.com/y3bW5IligU
— J.C. Parets (@allstarcharts) September 26, 2022
You’re all caught up now. Thanks for reading!