Daily Chart Report ? Wednesday, February 16th, 2022
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Today’s Summary
Wednesday, February 16th, 2022
Indices: Dow -0.16% | S&P 500 +0.09% | Nasdaq -0.11% | Russell 2000 +0.14%
Sectors: 9 of the 11 sectors closed higher. Energy led, gaining 0.81%. Communications lagged, falling 0.70%.
Commodities: Crude Oil futures rose 1.73% to $93.66 per barrel. Gold futures gained 0.82% to $1,872 per ounce.
Currencies: The US Dollar Index fell 0.21%.
Interest Rates: The US 10-year Treasury yield was flat at 2.042%.
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 Greg Rieben (@gregrieben). It’s a weekly candlestick chart of the Gold Mining ETF, $GDX, over the past six years. Gold continues to wake up from the dead, hitting an eight-month high today. Not surprisingly the companies that mine Gold are also beginning to perk up. $GDX is hitting six-month highs relative to the S&P 500. It’s up about 4.7% year-to-date, while the S&P 500 is down 6%. On an absolute basis, $GDX is breaking out of an 18-month downtrend after having successfully tested long-term support around $30. Keep an eye on the Gold Miners as they’re showing strength on both an absolute and relative basis.
Quote of the Day
“Change is the investor’s only certainty.”
– Thomas Rowe Price Jr.
Top Links
S&P Up 10 of Last 11 Before Presidents’ Day Weekend – Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how stocks have historically performed before Presidents’ day weekend.
All That News and No Change to Trend – Potomac Fund Management
Dan Russo highlights some key takeaways from the current market environment.
Discretionary and Tech are Crucial For The Direction of the Market – StockCharts.com
Julius de Kempenaer breaks down two key sectors of the S&P 500 – Consumer Discretionary and Tech.
Catching the Winners – HoneyStocks
Sam McCallum highlights some noteworthy chart setups.
Gold Nears Inflection Point, As Narrowing Pattern Echos Key Currencies – Kimble Charting Solutions
Chris Kimble takes a look at Gold, the Dollar, and the Euro.
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Top Tweets
You’re all caught up now. Thanks for reading!
