Daily Chart Report ? Thursday, September 1st, 2022

Patrick Dunuwila
September 1, 2022

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Today’s Summary
Thursday, September 1st, 2022

Indices: Dow +0.46% | S&P 500 +0.30% | Nasdaq 100 +0.02% | Russell 2000 -1.15%

Sectors: 8 of the 11 sectors closed higher. Health Care led, rising +1.64%. Energy lagged, dropping -2.46%.

Commodities: Crude Oil futures dropped -3.28% to $86.61 per barrel. Gold futures fell -0.98% to $1,709 per ounce.

Currencies: The US Dollar Index gained +0.87% to a fresh 20-year high.

Crypto: Bitcoin inched higher by +0.30% to $20,120. Ethereum gained +2.34% to $1,591.

Interest Rates: The US 10-year Treasury yield rose to a 2-month high of 3.257%.

Here are the best charts, articles, and ideas being shared on the web today!

Chart of the Day

It is in late September when more weakness is seen. pic.twitter.com/0ZoG2OWwDX

— Alfonso Depablos (@AlfCharts) September 1, 2022

Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). September is notoriously the worst month for stocks, with the S&P 500 falling an average of -0.54% since 1950. Alfonso breaks the month down by average daily performance, pointing out that the weakest part of September tends to occur towards the end of the month. Other technicians, like Ryan Detrick, have pointed out recently that September can be especially tricky when the year is already off to a bad start. As we kick off the new month, be aware that we're fighting a seasonal headwind, especially later this month.

Quote of the Day

“During the dry years, the people forgot about the rich years, and when the wet years returned, they lost all memory of the dry years. It was always that way.”

- John Steinbeck

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Top Links

S&P 500 Posting Big Bearish Reversal in August - Kimble Charting Solutions
Chris Kimble points out that the S&P 500 printed a bearish reversal candle in August.

September Pain or Gain? - Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at September's reputation as the worst month.

What Happens When Large Speculators Go Short - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed after large speculators get aggressively short.

Reasons to Believe a Bull Market Could Occur Soon, But Expect Pullbacks into Early October: Strategist - BNN Bloomberg
In this clip, Ed Clissold of Ned Davis Research shares his thoughts on the current market environment.

Bears Back Above 50% - Bespoke
Bespoke breaks down the most recent AAII sentiment survey.

Top Tweets

You’re all caught up now. Thanks for reading!

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