Daily Chart Report ? Wednesday, February 9th, 2022
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Today’s Summary
Wednesday, February 9th, 2022
Indices: Dow +0.86% | S&P 500 +1.45% | Nasdaq +2.08 | Russell 2000 +1.86%
Sectors: All 11 sectors closed higher. Communications led, gaining 2.82%. Consumer Staples lagged, but still inched higher by 0.03%.
Commodities: Crude Oil futures rose 0.34% to $89.66 per barrel. Gold futures rose 0.48% to $1,837 per ounce.
Currencies: The US Dollar Index inched lower by 0.07%.
Interest Rates: The US 10-year Treasury yield fell to 1.940%.
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 Arun Chopra (@FusionptCapital). The chart highlights the impact that the US Dollar has had on stocks since the pandemic started. On top, is the S&P 1500, a broad stock market index that covers about 90% of the market cap for US Stocks. Arun points out that the broader stock market started losing momentum last Summer, right when the US Dollar bottomed and began trending higher. The middle panel shows that breadth also began to stall around the same time. The good news is that the Dollar is beginning to lose momentum now. It formed a failed breakout last week around 97, and it’s attempting to break down from that six-month uptrend now. In a comment to The Chart Report, Arun said “I think the inability to hold above 97 recently was important. Dollar strength has been a headwind for the broader market since the Summer, but if it can cool off here, that headwind should cease to exist.”
Quote of the Day
“Every great money manager I’ve ever met, all they want to talk about is their mistakes. There’s a great humility there.”
– Stanley Druckenmiller
Top Links
Midweek Update | Agriculture Commodities are Hot – The Chart Report
In this quick video, Steve Strazza and I discuss the strength in agricultural commodities and more.
Looking for Some Upside Momentum – Potomac Fund Management
Dan Russo highlights some key points about the current market environment.
Technical Trends in SPX, TNX, Bitcoin, and More – TD Ameritrade Network
Frank Cappelleri shares his technical perspective on Stocks, Interest Rates, Bitcoin, and Commodities.
Commodities Keep Winning – All Star Charts
The team at All Star Charts takes a look at the continued strength in Commodities.
February Monthly Options Expiration Week: Russell 2000 Up 13 of Last 16 – Almanac Trader
Jeff Hirsch takes a look at how the major indices have historically performed around February options expiration (next week).
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Top Tweets
You’re all caught up now. Thanks for reading!
