Daily Chart Report ? Thursday, February 24th, 2022
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Today’s Summary
Thursday, February 24th, 2022
Indices: Dow +0.28% | S&P 500 +1.50% | Nasdaq +3.34% | Russell 2000 +2.67%
Sectors: 7 of the 11 sectors closed higher. Tech led, gaining 3.42%. Consumer Staples lagged, dropping 1.72%.
Commodities: Crude Oil futures rose 0.77% to $92.81 per barrel. Gold futures rose 0.83% to $1926 per ounce.
Currencies: The US Dollar Index gained 0.89%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.967%.
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 Steve Strazza (@sstrazza). The Russell 2000 began today in bear market territory, down more than 20% from its all-time highs. It has been the worst-performing major index, but Steve points out that it's currently attempting to carve out a near-term bottom. For starters, it's the only major index that is holding above its January lows. It's also finding support at the Volume Weight Average Price, anchored to the Covid lows (blue line). In other words, this blue line represents the average price that buyers and sellers have transacted at since the Covid low. Lastly, momentum is diverging positively, with RSI failing to reach oversold conditions below 30. As we know, Small-Caps tend to lead the broader market higher or lower, so if the Russell can continue to hold up for the remainder of the week, then stocks could see some sort of relief rally next week.
Quote of the Day
“The intelligent investor is a realist who sells to optimists and buys from pessimists.”
- Benjamin Graham
Top Links
What's Next for Stocks & Commodities - The Chart Report
In this quick video, Ian Culley and I look at what could be next for Stocks and Commodities after today's wild price action.
This Low is Different From the Last - All Star Charts
Steve Strazza takes a look at today's reversal.
Neutral Sentiment Plunges as Bears Move Back Above 50% - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Nasdaq Spikes Higher as Growth Leads - StockCharts.com
David Keller and Todd Sohn discuss some of the latest technical developments.
Assessing the S&P 500's Quick Correction - SentimenTrader
Jason Goepfert examines the speed of the correction in the S&P 500.
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Top Tweets
You’re all caught up now. Thanks for reading!
