Daily Chart Report ? Thursday, February 10th, 2022
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Today’s Summary
Thursday, February 10th, 2022
Indices: Dow -1.47% | S&P 500 -1.81% | Nasdaq –2.10% | Russell 2000 -1.55%
Sectors: All 11 sectors closed lower. Materials led, but still fell 0.48%. Real Estate lagged, dropping 2.85%.
Commodities: Crude Oil futures inched higher by 0.25% to $89.88 per barrel. Gold futures were flat and continue to trade at $1,837 per ounce.
Currencies: The US Dollar Index rose 0.25%.
Interest Rates: The US 10-year Treasury yield rose above 2% for the first time since 2019, closing at 2.035%
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 Ian McMillan (@the_chart_life). It’s a daily candlestick chart of the Russell 2000 over the past year and a half. The Russell 2000 rebounded more than 8% off the January lows in less than two weeks, however, it reversed hard today at a very familiar level. That $208~211 level acted as support several times last year until it finally broke a few weeks ago. As we know, former support levels tend to act as resistance when they’re retested, and that’s exactly what we’re seeing now. Ian also points out that the 200-day moving average (orange) is beginning to slope downward and the Anchored VWAPs (purple) from precious highs are continuing to act as resistance. Small-Caps tend to lead the broader market higher or lower, so this doesn’t exactly bode well for the bulls.
Quote of the Day
“One market paradigm that I take exception to is: Buy low and sell high. I believe that far more money is made buying high and selling at even higher prices.”
– Richard Driehaus
Top Links
Semiconductors at Risk! – StockCharts.com
Julius de Kempenaer examines rotation within the Technology sector.
Are Semiconductors Flashing Green Light or About to Tank??? – Kimble Charting Solutions
Chris Kimble points out that the Semiconductor Index (SOX) is testing an important long-term Fibonacci level.
What Happens When Interest Rates Rise for 7 Straight Weeks – SentimenTrader
Jason Goepfert takes a look at the 2-year Treasury yield’s seven-week winning streak.
Neutral Sentiment Crosses Above 40 – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Midweek Update | Agricultural Commodities are Hot – The Chart Report
In case you missed it, here’s yesterday’s Midweek update video in which we highlight the noteworthy trends across the markets.
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Top Tweets
$IWM I’m gonna call that first attempt at the $208 level unsuccessful pic.twitter.com/yrA8A109d4
— Matt Petrallia (@theEquilibrium) February 10, 2022
Current sentiment pic.twitter.com/qguRAsVbaL
— Urban Carmel (@ukarlewitz) February 10, 2022
You’re all caught up now. Thanks for reading!
