Daily Chart Report ? Wednesday, September 21st, 2022
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Today’s Summary
Wednesday, September 21st, 2022
Indices: Russell 2000 -1.42% | Dow -1.70% | S&P 500 -1.71% | Nasdaq 100 -1.80%
Sectors: All 11 sectors closed lower for the second day in a row. Consumer Staples led, but still fell -0.38%. Communications lagged, dropping -2.45%.
Commodities: Crude Oil futures dropped -1.19% to $82.94 per barrel. Gold futures rose +0.28% to $1,676 per ounce.
Currencies: The US Dollar Index rose +1.05% to a fresh 20-year high.
Crypto: Bitcoin fell -2.30% to $18,446. Ethereum dropped -6.42% to $1,238.
Interest Rates: The US 10-year Treasury yield fell to 3.532%.
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 Dan Russo (@DanRusso_CMT). The 200-day moving average has been falling for 104 consecutive days now, and the S&P 500 has been trading below it for 114 consecutive days. Both of these streaks are the longest since 2008, and they're not going to end anytime soon. The S&P 500 would have to rally more than 10% to reclaim its 200-DMA and it would have to spend a few weeks above it before the slope flips positive. Judging by this chart, it's fair to say the S&P 500 hasn't been this technically damaged since The Great Financial Crisis, and it's going to take some time to repair the trend.
Quote of the Day
“Everything is relative. We need the bad to appreciate the good.”
- Shania Twain
Top Links
Stock Market Analysis September 21, 2022 - AlphaTrends
In this quick video, Brian Shannon reviews this week's price action and some key levels to watch in the near term.
The Ten-Year Note Breaks Its June Lows - Research by Potomac
Dan Russo highlights some key technical developments to be aware of.
Technical Areas to Watch For in the S&P 500 - TD Ameritrade Network
Willie Delwiche shares his thoughts on the current market environment.
Where Have All the Call Buyers Gone? - Schaeffer's Investment Research
Rocky White examines the lack of call buying and what it could mean for the S&P 500.
Top Tweets
You’re all caught up now. Thanks for reading!