Daily Chart Report ? Friday, September 9th, 2022
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Today’s Summary
Friday, September 9th, 2022
Indices: Nasdaq 100 +2.17% | Russell 2000 +1.95% | S&P 500 +1.53% | Dow +1.19%
Sectors: All 11 sectors closed higher. Communications led, gaining +2.79%. Utilities lagged, but still rose +0.40%.
Commodities: Crude Oil futures gained +3.06% to $86.10 per barrel. Gold futures rose +0.43% to $1,728 per ounce.
Currencies: The US Dollar Index dropped -0.63%.
Crypto: Bitcoin jumped +10.73% to $21,394. Ethereum rose +5.31% to $1,722.
Interest Rates: The US 10-year Treasury yield inched lower to 3.314%.
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 @bostonchaahhts. It’s a 3-day candlestick chart of Bitcoin over the past two years. Bitcoin is up more than +10% today, putting it on track for one of its best days this year. As Boston points out, it has formed a potential double bottom pattern, and RSI is diverging positively. It’s still in a nasty downtrend, but as long as it’s above the recent lows (around $19k) it could easily mean revert higher in the near term. Bitcoin and the S&P 500 have been more correlated than ever this year, so keep an eye on Bitcoin over the weekend for clues on how stocks might perform next week.
Quote of the Day
“Everything will be okay in the end. If it’s not okay, it’s not the end.”
– John Lennon
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Speakers include John Bollinger, Craig Johnson, John Kolovos, David Lundgren, Craig Johnson, Jeff Kennedy, and Steve Strazza.
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Top Links
A Year of Friday Action – Bespoke
Bespoke points out that Fridays have been especially volatile this year.
September Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts highlights three themes to watch this month.
Is Crypto Finally Moving Higher? – StockCharts.com
Greg Schnell examines the near-term outlook for Bitcoin and Ethereum.
An Interview with Tyler Wood of the CMT Association – MoneyNet
In this podcast, Tyler Wood, Managing Director of the CMT Association discusses the value of a Technical approach to the markets.
The Midterm Election Is Two Months Away. What Investors Need To Know – Carson Group
Ryan Detrick takes a look at how stocks have historically performed around midterm elections.
Trendlines > Headlines
https://youtu.be/uKGREWCnoeI
Check out the latest episode of Trendlines Over Headlines! This week, Dan Russo of Potomac Fund Management joins us to make sense of this messy market environment. He shares his thoughts on the S&P 500, Breadth, Commodities, and more!
Top Tweets
You’re all caught up now. Thanks for reading!