Daily Chart Report ? Wednesday, September 14th, 2022
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Today’s Summary
Wednesday, September 14th, 2022
Indices: Nasdaq 100 +0.84% | Russell 2000 +0.39% | S&P 500 +0.34% | Dow +0.10%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +2.82%. Materials lagged, dropping -1.22%.
Commodities: Crude Oil futures rose +1.37% to $88.48 per barrel. Gold futures fell -0.48% to $1,709 per ounce.
Currencies: The US Dollar Index fell -0.33%.
Crypto: Bitcoin was flat and continues to trade at $20,196. Ethereum rose +2.94% to $1,621.
Interest Rates: The US 10-year Treasury yield inched lower to 3.406%
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 Brian G (@alphacharts). It's a weekly line chart of the Gold ETF, $GLD, over the past six years. Gold has not lived up to its reputation as an inflation hedge at all. Inflation is running hotter than it has in decades and yet $GLD is down -7% YTD, and it's at the same level it was pre-Covid. Despite its lackluster performance, it's at an interesting level to start placing bets...long or short. $157 has acted as support numerous times over the past two years. For futures traders, that level is around $1,675.Will support continue to hold?
Quote of the Day
“Once a trend is established it tends to persist and to run its full course.”
– George Soros
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Top Links
Bad CPI, Ugly Trading, But History of 4% Daily Declines Shows Good Gains...Eventually - Almanac Trader
Jeff Hirsch takes a look at how the S&P 500 has historically performed after dropping 4% or more in one day.
Big Gap Down Takes Out the 50-Day - Bespoke
Bespoke examines prior instances where the S&P 500 gapped 2% or more below its 50-day moving average as it did yesterday.
The Bears are Still in the Arena - Potomac Fund Management
Dan Russo highlights some key points about the current market environment.
What Investor Uncertainty Could Mean for the S&P 500 - Schaeffer's Investment Research
Rocky White shares some insights from the latest Investors Intelligence sentiment survey.
Top Tweets
You’re all caught up now. Thanks for reading!