Daily Chart Report ? Thursday, January 20th, 2022
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Today’s Summary
Thursday, January 20th, 2022
Indices: Dow -0.89% | S&P 500 -1.10% | Nasdaq -1.30% | Russell 2000 -1.88%
Sectors: Utilities was the only sector that closed higher, inching up 0.13%. Consumer Discretionary lagged, dropping 1.82%.
Commodities: Crude Oil futures slipped 0.29% 85.55 per barrel. Gold futures were unchanged at $1,843 per ounce.
Currencies: The US Dollar Index rose 0.16%.
Interest Rates: The US 10-year Treasury yield dropped to 1.808%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Walter Deemer (@WalterDeemer). The Russell 2000 has been one of the most frustrating charts over the past year. It’s been a trendless mess for months now, but we’re starting to see it resolve lower. It broke below a clear support level earlier this week, and it has continued to drop, closing at a fresh 52-week low today. Small-Caps tend to lead the broader market higher or lower, so there’s really nothing bullish to say about this breakdown. It would be constructive to see $IWM reclaim support around $208 in the near term. But until that happens, the path of least resistance is lower.
Quote of the Day
“What do you call a stock that’s down 90%? A stock that was down 80% and then got cut in half.”
- David Einhorn
Top Links
Value, Energy, and Gold Catch a Bid | Midweek Update – The Chart Report
In this quick video, Steve Strazza and I discuss some of the biggest technical developments across the markets.
How Often Should You Expect a Stock Market Correction? – A Wealth of Common Sense
Ben Carlson puts the current correction into perspective.
Sentiment Survey Sounds Bearish Alarm – Schaeffer’s Investment Research
Rocky White analyzes the results of the latest AAII Sentiment Survey.
Breadth Takes a Turn for the Worse – Potomac Fund Management
Dan Russo points out that Breadth has continued to deteriorate this week.
January Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five important themes to keep an eye on.
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Top Tweets
Updated correction levels as of today:
S&P 500 -6.5%
Nasdaq 100 -10.5%
Russell 2000 -17.3% pic.twitter.com/Y70yw3ojbw
— Ben Carlson (@awealthofcs) January 20, 2022
You’re all caught up now. Thanks for reading!
