Daily Chart Report ? Monday, September 12th, 2022
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Today’s Summary
Monday, September 12th, 2022
Indices: Russell 2000 +1.23% | Nasdaq 100 +1.20% | S&P 500 +1.06% | Dow +0.71%
Sectors: All 11 sectors closed higher for the second day in a row. Energy led, gaining +1.84%. Consumer Staples lagged but still rose +0.39%.
Commodities: Crude Oil futures gained +1.14% to $87.78 per barrel. Gold futures rose +0.69% to $1,741 per ounce.
Currencies: The US Dollar Index dropped -0.61%.
Crypto: Bitcoin gained +2.56% to $22,393. Ethereum dropped -3.03% to $1,714.
Interest Rates: The US 10-year Treasury yield rose to 3.360%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Greg Rieben (@gregrieben). It’s a daily candlestick chart of the 20+ Year Treasury Bond ETF ($TLT). Bonds are having their worst year in history, and they continue to make new lows on both an absolute and relative basis. The June lows, around $108, are the line in the sand for $TLT. Above $108, the risk is to the upside. Below $108, the risk is to the downside. Bond bulls are hoping this will morph into a failed breakdown, but it’s premature to make that bet as long as we’re below the Junes lows. Are Bonds about to make another leg lower?
Quote of the Day
“Everything is hard before it is easy.”
– Johann Wolfgang Von Goethe
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Top Links
What Oversold Conditions? – All Star Charts
JC Parets points out that the S&P 500 has refused to hit oversold conditions (RSI below 30) this year.
Oil Prices Diverging From Energy Stocks – Means to a Trend
Austin Harrison takes a look at the divergence between Crude Oil and Energy Stocks.
Green Day – The Weekly Trend Podcast
In this podcast, Ian McMillan, Dan Gorghuber and Kevin Firari discuss some of the major technical developments to keep an eye on this week.
Cycles Point to Interim High Friday – Almanac Trader
Seasonality expert, Jeff Hirsch explains why the S&P 500 could put in a short-term peak on Friday.
Trendlines Over Headlines with Special Guest, Dan Russo – The Chart Report
In case you missed it, catch up on the latest episode of Trendlines Over Headlines! In this episode, Dan Russo of Potomac Fund Management joins us to make sense of the current market environment.
Top Tweets
You’re all caught up now. Thanks for reading!