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Today’s Summary
Wednesday, September 28th, 2022
Indices: Russell 2000 +3.17% | Nasdaq 100 +1.97% | S&P 500 +1.97% | Dow +1.88%
Sectors: All 11 sectors closed higher by more than 1%. Energy led, gaining +4.43%. Tech lagged, but still rose +1.06%.
Commodities: Crude Oil futures rose +4.65% to $82.15 per barrel. Gold futures gained +2.07% to $1,670 per ounce.
Currencies: The US Dollar Index had its worst day since March 2020, dropping -1.29%.
Crypto: Bitcoin rose +2.41% to $19,543. Ethereum gained +1.13% to $1,343.
Interest Rates: The US 10-year Treasury yield dropped to 3.733% after briefly touching 4% for the first time in more than a decade.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
S____U____P____P____O____R____T____S pic.twitter.com/3tfUJXDjIr
— Yuriy Matso (@yuriymatso) September 28, 2022
Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). Stocks rebounded from extreme oversold conditions today, pushing these three major indices back above their June lows. To be fair, the Dow is still trading below its June low. Interestingly, the Nasdaq 100 (left) and the Russell 2000 (right) never actually breached their June lows on a closing basis. Either way, the June lows continue to be the line in the sand for the major indices. As long as we’re above those levels, we could see a sharp rally in the near term. Whether that will turn out to be another bear-market rally is anyone’s guess. Today was a good start for the bulls but watch for upside follow-through in the coming days to confirm today’s reversal.
Quote of the Day
“A group of people who think differently is a market. A group of people who think alike is a mob.”
– Naval Ravikant
Top Links
The Dow is Back Below 30,000 Now What? – Schaeffer’s Investment Research
Rocky White examines what has historically happened after the Dow breaks below a round number.
Tech Stocks Leadership Reaches Important Trend Lines Support! – Kimble Charting Solutions
Chris Kimble points out Semiconductor stocks are testing an important level relative to the S&P 500.
Long Losing Streaks – CappThesis
Frank Cappelleri highlights some key points about the current market environment.
Seven Charts I’m Watching Right Now for Clues – SentimenTrader
Jay Kaeppel takes a look at seven important ratio charts.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/5fndpl8hLh
— Stock Market News – Evan (@StockMKTNewz) September 28, 2022
$NYA NYSE Composite closed the day with a 90%+ Up Volume day. We also had a momentum flip to positive in over 50% of industry groups #stocks #stockmarket #stocks #stockmarket @MarketCharts pic.twitter.com/7NaaVLrFYp
— Victor Riesco, CMT (@Global_Trader) September 28, 2022
They held for a few days pic.twitter.com/oUr6DmMSJ4
— J.C. Parets (@allstarcharts) September 28, 2022
We've noted many times that August and September tend to be weak months, but the good news is some of the best months are coming up next.
In fact, October is the best month of the year during a midterm year. pic.twitter.com/FYqwOc0YqT
— Ryan Detrick, CMT (@RyanDetrick) September 28, 2022
Smallcaps (Russell 2000 Growth + Value)
Growth forming higher lows.
Value forming lower lows. pic.twitter.com/2kgDuzU1JO— Shane C. Murphy (@murphycharts) September 28, 2022
Something to think about in light of today’s $SPY bounce … @StrategasRP pic.twitter.com/0z7AEZ05OY
— Chris Verrone (@verrone_chris) September 28, 2022
10-yr. yields and U.S. Dollar down hard, stocks, bonds and gold all bouncing. Who would have guessed?#sentimentrader https://t.co/bmJLpsxtLX pic.twitter.com/Imwh8ece4M
— Jay Kaeppel (@jaykaeppel) September 28, 2022
$TLT 32bps decline in the 10yr UST, TODAY, after kissing 4% in the overnight. Curious to see how this gravestone doji (weekly period) looks by Friday's close. pic.twitter.com/CQ5rEFHsQv
— brian.joyce.nasdaq (@Nasdaqbjoyce) September 28, 2022
Extreme volatility in both directions is common at turning points
Last time $DXY had a single day GAIN as large as Friday's was 3/19/20
Last time $DXY had a single day LOSS as large as today's was 3/26/20$DXY peaked on 3/20/20
Stocks bottomed the next trading day on 3/23/20 pic.twitter.com/kxJuXxfz8d— Steven Strazza (@sstrazza) September 28, 2022
"Parabolic advances usually go further than you think, but they do not correct by going sideways." — Bob Farrell's Rule #4 pic.twitter.com/BTIiTKYmeD
— Walter Deemer (@WalterDeemer) September 28, 2022
You’re all caught up now. Thanks for reading!