Daily Chart Report ? Thursday, June 16th, 2022
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Today’s Summary
Thursday, June 16th, 2022
Indices: Dow -2.42% | S&P 500 -3.25% | Nasdaq 100 -4.02% | Russell 2000 -4.70%
Sectors: All 11 sectors closed lower. Consumer Staples led, but still fell -0.76%. Energy lagged, dropping -5.63%.
Commodities: Crude Oil futures rose +1.98% to $117.59 per barrel. Gold futures gained +1.67% to $1,850 per ounce.
Currencies: The US Dollar Index dropped -1.00%.
Crypto: Bitcoin slid -8.53% to $20,630. Ethereum tumbled -11.13% to $1,098.
Interest Rates: The US 10-year Treasury yield dropped to 3.199%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). It’s a weekly candlestick chart of the S&P 500 ($SPY) over the past 3½ years. The S&P 500 sliced through its VWAP from the COVID lows on Monday (yellow), and we’ve continued to slide, putting the index on track for its worst week since March 2020. Brian points out that there is a confluence of potential support around $350 (3,500 in the index). For starters, $350 coincides with the VWAP from the 2018 lows (green). Secondly, the 200-week moving average is right around there (blue). Lastly, $350 represents a 50% retracement of the entire post-Covid rally. This level is still about 4% lower from today’s close, so we could have further room to fall before reaching any meaningful support.
Quote of the Day
“At the bottom, stocks will be cheap
and no one will care.”
– Bob Farrell
Top Links
How Bad is it Out There? – The Irrelevant Investor
Michael Batnick shares some key takeaways from the recent sell-off.
The Holdouts Finally Correct | 5 Charts – LPL Financial Research
In this quick video, Ryan Detrick and Scott Brown highlight five noteworthy charts to keep an eye on in the near term.
Sentiment Staying Low – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
NYSE Floor Talk with Jay Woods – NYSE
In this clip, Jay Woods gives his perspective on this week’s volatile price action.
History of Bear Markets Points to an October 2022 Bottom -Almanac Trader
Jeff Hirsch examines the duration and magnitude of ‘average’ bear markets.
Top Tweets
Crude higher on the day vs $XLE lower. Equities disconnecting from the physical. CTAs and fund managers selling stocks as an asset class. pic.twitter.com/ZkGsyl1WYw
— Larry Tentarelli, Blue Chip Daily (@LMT978) June 16, 2022
You’re all caught up now. Thanks for reading!