Daily Chart Report ? Thursday, September 8th, 2022
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Today’s Summary
Thursday, September 8th, 2022
Indices: Russell 2000 +0.81% | S&P 500 +0.66% | Dow +0.61% | Nasdaq 100 +0.50%
Sectors: 8 of the 11 sectors closed higher. Financials led, rising +1.76%. Consumer Staples lagged, slipping -0.26%.
Commodities: Crude Oil futures rose +1.95% to $83.54 per barrel. Gold futures fell -0.44% to $1,720 per ounce.
Currencies: The US Dollar Index inched higher by +0.12%.
Crypto: Bitcoin was essentially flat (+0.12%) and continues to trade at around $19,299. Ethereum was also flat (+0.02%) and continues to trade at around $1,630.
Interest Rates: The US 10-year Treasury yield rose to 3.319%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Arun Chopra (@FusionptCapital). It’s a daily candlestick chart of the Financial Sector ($XLF) year-to-date. The five largest stocks within the Financial Sector, include Berkshire Hathaway, JP Morgan, Bank of America, Wells Fargo, and S&P Global. Arun points out that Financials are attempting to form a Head & Shoulders bottom, with neckline resistance around $36. It still needs to break above the neckline before the pattern is confirmed, but this is an encouraging development for the bulls given how vital this sector is to the broader market. On a relative basis, it just broke out to a three-month high and reclaimed its 200-day moving average today, so it’s starting to show some decent relative strength. Are Financials carving out a bottoming here?
Quote of the Day
“Whenever you make a decision in your life, you are betting against your future self had you not made that choice”
– Annie Duke
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Top Links
Cash is Still King – Beat the Bench
Scott Brown examines the outlook for Bonds and Gold.
Bulls Back Below 20% – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
It’s Still Hard to Make the Bullish Case – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
A Clue from the Two – All Star Charts
Ian Culley takes a look at the continued strength in US Treasury yields.
Top Tweets
You’re all caught up now. Thanks for reading!