Daily Chart Report ? Wednesday, February 23rd, 2022
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Today’s Summary
Wednesday, February 23rd, 2022
Indices: Dow -1.38% | S&P 500 -1.84% | Nasdaq -2.57% | Russell 2000 -1.82%
Sectors: Energy was the only sector that closed higher, gaining 1.03%. Consumer Discretionary lagged, dropping 3.34%.
Commodities: Crude Oil futures rose 0.21% to $92.10 per barrel. Gold futures inched higher by 0.16% to $1910 per ounce.
Currencies: The US Dollar Index gained 0.13%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.977%.
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 David Zarling (@AdaptivCharts). It's a daily candlestick chart of the Industrial sector ETF, $XLI, over the past three years. The top-weighted holdings in this sector include, $UNP, $UPS, $RTX, $HON, and $BA. David points out that $XLI broke a key support level today, closing at its lowest level in nearly a year. The Industrial sector is one of the most positively correlated sectors to the S&P 500. This is another one to add to the growing list of bearish developments for the broader market.
Quote of the Day
“Keep in mind that progress is not always linear. It takes constant course correcting and often a lot of zigzagging. Unfortunate things happen, accidents occur, and setbacks are usually painful, but that does not mean we quit.”
- Buzz Aldrin
Top Links
Stocks Move Into a Correction - LPL Financial Advisors
With the S&P 500 officially down 10% from its highs, the team at LPL Financial Research examines how the index has historically performed after corrections and bear markets.
The 55-Day Phenomenon - Options Strategist
Lawrence McMillan points out that the crashes in '29 and '87 both occurred exactly 55 calendar days after the market made an all-time high. We're currently at 51 calendar days.
What to Expect After the Nasdaq's Recent Death Cross - Schaeffer's Investment Research
Rocky White explains that the death cross indicator has historically been more of a buy signal than a sell signal for the Nasdaq.
February Conference Call: 5 Key Takeaways - All Star Charts
The team at All Star Charts highlights five noteworthy charts and themes to keep an eye on.
Russia (RSX) Falling Off the Table - Bespoke
Bespoke breaks down the performance of global markets, highlighting the strength in Brazil and the weakness in Russia.
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Top Tweets
You’re all caught up now. Thanks for reading!
