Daily Chart Report ? Tuesday, September 20th, 2022
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Today’s Summary
Tuesday, September 20th, 2022
Indices: Nasdaq 100 -0.85% | Dow -1.01% | S&P 500 -1.13% | Russell 2000 -1.40%
Sectors: All 11 sectors closed lower. Consumer Staples led, but still fell -0.55%. Real Estate lagged, dropping -2.63%.
Commodities: Crude Oil futures dropped -1.66% to $83.94 per barrel. Gold futures fell -0.42% to $1,671 per ounce.
Currencies: The US Dollar Index rose +0.55%.
Crypto: Bitcoin dropped -3.38% to $18,878. Ethereum fell -3.82% to $1,323.
Interest Rates: The US 10-year Treasury yield rose to 3.567% - its highest level since 2011.
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 Rob Hanna (@QuantifiablEdges). The Fed is expected to raise interest rates by 75bp tomorrow. Many are anticipating the market to sell-off in response, but Rob points out that the S&P 500 has actually rallied 1% or more on all four of the rate hike announcement days that we've had this year. If anything, people should be more concerned about the day after the announcement considering two of the four dates listed above were followed by a >3% drop the next day. To be clear, we're not predicting how the market will react tomorrow. The key point here is that one day doesn't make a trend. The longer-term trend will remain lower regardless of tomorrow’s action.
Quote of the Day
“There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.”
- John Kenneth Galbraith
Top Links
Worse Before It Gets Better - Bespoke
Bespoke shows that we're in the eye of the storm in terms of S&P 500 seasonality.
When $SPX Closes at a 5-Day Low and Below the 200MA Before a Fed Day - QuantifiableEdges
Rob Hanna takes a look at how the S&P 500 has historically performed when it's this weak ahead of a Fed day.
Surveillance: Fed Tightening with Jones - Bloomberg
In this podcast, Chris Verrone of Strategas Research shares his thoughts on the current market environment.
China Breaking Down, Sends Fresh Bearish Message to World Stock Markets! - Kimble Charting Solutions
Chris Kimble points out that China ($FXI) is breaking below a 10-year trading range on a monthly basis.
Now What? | Who Charted? - Research by Potomac
In this video, Dan Russo and Drew Wells highlight six noteworthy charts in six minutes.
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Top Tweets
You’re all caught up now. Thanks for reading!