Sponsored By:
Today’s Summary
Monday, October 10th, 2022
Indices: Dow -0.32% | Russell 2000 -0.60% | S&P 500 -0.75% | Nasdaq 100 -1.02%
Sectors: 4 of the 11 sectors closed higher. Consumer Staples led, gaining +0.36%. Energy lagged dropping -2.05%.
Commodities: Crude Oil futures fell -1.63% to $91.13 per barrel. Gold futures dropped -1.99% to $1,675 per ounce.
Currencies: The US Dollar Index rose +0.32%.
Crypto: Bitcoin fell -1.07% to $19,237. Ethereum dropped -1.42% to $1,305.
Interest Rates: The US 10-year Treasury yield rose to 3.961%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Long-term Treasuries aren't even stopping for a breather at the 2013 lows…$TLT $TYX pic.twitter.com/pSc9WUoA3H
— Ian McMillan, CMT (@the_chart_life) October 10, 2022
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). It’s a chart of the iShares 20+ Year Treasury Bond ETF ($TLT) since 2010. The bond market was closed for Columbus Day today, but that didn’t stop $TLT from sinking to its lowest level in more than a decade. It’s fallen for six consecutive weeks now, and it dropped below $100 today for the first time since 2011. Ian points out that it sliced right through potential support at the 2013 lows like a hot knife through butter. $TLT needs to reclaim those 2013 lows in the near term, otherwise, there’s no clear support until it reaches the 2011 lows around $88.
Quote of the Day
“Bear markets have two components: Price and Time. Price takes your money. Time takes your patience.”
Top Links
Is Dow Theory Saying Game Over for the Stock Market? – Kimble Charting Solutions
Chris Kimble points out that the three major Dow Indices are all below their 40-week moving averages.
I Can’t Stop Talking About Energy – Means to a Trend
Austin Harrison takes a look at the relentless strength in energy stocks.
Wait ‘Till the VIX Spikes – The Compound and Friends
In this podcast, Katie Stockton of Fairlead Strategies sits down with Josh Brown and Michael Batnick to discuss the current market environment.
3 Charts to Watch – Carson Group
Ryan Detrick highlights three charts that have his attention right now.
Trendlines over Headlines with Special Guest, Steve Strazza – The Chart Report
Catch up on the latest episode of Trendlines over Headlines! In this week’s episode, Steve Strazza of All Star Charts joins us to make sense of the S&P 500, Energy Stocks, Gold, and more!
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/onBErWS6UJ
— Stock Market News – Evan (@StockMKTNewz) October 10, 2022
$SMH -11% from its high last Thursday pic.twitter.com/BlO5ssu980
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 10, 2022
$SOXX vs. $SPX – Semis tend to lead moves in the market.
Is the breakdown in relative performance a sign of more carnage to come? pic.twitter.com/fg1QEYfIQa
— Larry Thompson, CPA (@HostileCharts) October 10, 2022
$XLK also put in a new low on both an absolute and relative basis pic.twitter.com/YuQYZYAR0r
— Stacey.A.Lee (@BBaxter2020) October 10, 2022
Through last Thursday, the Tech sector accounted for close to 40% of the S&P 500's decline since its peak on January 3rd. https://t.co/SNJTLu5TgW pic.twitter.com/thJWGvJX6N
— Bespoke (@bespokeinvest) October 10, 2022
Three Charts That Have My Attention:
Yes, I saw the cover of Barron's. I like sentiment work, but the Mag Cover Indicator is subjective. Price and moving averages are objective. The reversal signal will be price, not the cover a magazine. $DXY is O/B above the 10 & 40 week MAs. pic.twitter.com/y7I5mg90fV
— Dan Russo, CMT (@DanRusso_CMT) October 10, 2022
The trend in the dollar continues to follow the pattern of testing prior key levels and making new highs. This of course won't last forever but there's plenty of bearish calls on the $USD to suggest sentiment remains supportive of the currency along w/ the macro landscape. pic.twitter.com/o9iMlciePx
— Andrew Thrasher, CMT (@AndrewThrasher) October 10, 2022
Crude back in a rude pattern … Brent crude has risen by nearly 14% over past couple weeks, which is strongest gain since March and consistent with wild swings during Russia’s initial invasion of Ukraine pic.twitter.com/5TqVyyd4Ja
— Liz Ann Sonders (@LizAnnSonders) October 10, 2022
Bonds don't care that the bond market is closed today.
TLT is below 100 for the first time since 2011. pic.twitter.com/WrIFpHxQSW
— Willie Delwiche, CMT, CFA (@WillieDelwiche) October 10, 2022
$TLT shares broke through support dating back to 2013. The technical picture is poor but TLT is trading in heavily oversold territory which raises the possibility of a short-term bounce. S/o @the_chart_life for putting this on our radar today. pic.twitter.com/8NSENYD6gW
— Nasdaq Dorsey Wright (@DorseyWrightDWA) October 10, 2022
$ARKK What happens if we break through COVID lows? pic.twitter.com/ebAx3CejWb
— StockChartArt (@CasualtyWar) October 10, 2022
When your portfolio down so bad you ask the Fed to cut rates https://t.co/Fs242uU4Ll
— Dr. Parik Patel, BA, CFA, ACCA Esq. (@ParikPatelCFA) October 10, 2022
You’re all caught up now. Thanks for reading!