Daily Chart Report ? Wednesday, September 7th, 2022
Sponsored By:
Today’s Summary
Wednesday, September 7th, 2022
Indices: Russell 2000 +2.21% | Nasdaq 100 +2.07% | S&P 500 +1.83% | Dow +1.40%
Sectors: 10 of the 11 sectors closed higher. Utilities led, rising +3.04%. Energy was the only sector that closed lower, falling -1.16%.
Commodities: Crude Oil futures tumbled -6.01% to $81.66 per barrel. Gold futures rose +0.87% to $1,728 per ounce.
Currencies: The US Dollar Index dropped -0.65%.
Crypto: Bitcoin rose +3.20% to $19,390. Ethereum gained +5.94% to $1,650.
Interest Rates: The US 10-year Treasury yield dropped to 3.267%.
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 Scott Brown (@scottcharts). It’s a daily candlestick chart of the Commodity ETF, $DBC, over the past two years. This ETF tracks 14 of the most important Commodities including WTI Crude, Heating Oil, Gasoline, Brent Cude, Gold, Silver, Copper, Wheat, Corn, Soybeans, and more. $DBC closed at a 5-month low today, and Scott points out that it’s below its 200-day moving average for the first time in nearly two years. Commodities have been one of the only asset classes to hide out this year. They’re still up more than 18% YTD, but they’re down nearly 20% from their June highs, and the uptrend is clearly in jeopardy. Was that it for the bull market in Commodities?
Quote of the Day
“In general, ‘the market’ is smarter than the smartest of its individual participants.”
– Robert Bartley
Sponsored:
Don’t miss the TSAA Annual Conference on September 17th! Featuring presentations by some of the top minds in Technical Analysis!
TSAA members can access the presentations via Zoom for free, or you can attend in person in San Francisco and meet the speakers!
Speakers include John Bollinger, Craig Johnson, John Kolovos, David Lundgren, Craig Johnson, Jeff Kennedy, and Steve Strazza.
For more information about the TSAA and to register for the conference, visit tsaasf.org.
Top Links
Four Charts On The Worst Month Of The Year – Cason Group
Ryan Detrick breaks down everything you need to know about September seasonality.
Is This A New Bull Market? – All Star Charts
JC Parets looks at where we are in the cycle.
RUT Down 7 Days in A Row. Gotta Bounce…Maybe? – Quantifiable Edges
Rob Hanna takes a look at how the Russell has historically performed after a 7-day losing streak.
Will We Revisit The June Lows? – Research by Potomac
Dan Russo highlights some key takeaways about the current market environment.
Top Tweets
You’re all caught up now. Thanks for reading!