Daily Chart Report ? Friday, September 23rd, 2022
Sponsored By:
Today’s Summary
Friday, September 23rd, 2022
Indices: Dow -1.62% | Nasdaq 100 -1.66% | S&P 500 -1.72% | Russell 2000 -2.48%
Sectors: All 11 sectors closed lower. Health Care led, but still slipped -0.51%. Energy lagged, tumbling -6.90%.
Commodities: Crude Oil futures dropped -4.86% to $79.43 per barrel. Gold futures fell -1.75% to $1,652 per ounce.
Currencies: The US Dollar Index rose +1.58% to a fresh 20-year high.
Crypto: Bitcoin inched lower by -0.25% to $19,355. Ethereum rose +0.39% to $1,331.
Interest Rates: The US 10-year Treasury yield fell to 3.691%.
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 Michael Kahn (@mnkahn). It's a weekly bar chart of the NYSE Composite over the past five years. Both the NYSE Composite and Dow Jones Industrial Average closed below their June lows today. Perhaps more concerning, Michael points out that the NYSE Composite is back below its pre-covid highs. Other major indices, like the S&P 500, Nasdaq, and Russell 2000, managed to close slightly above their June lows, but they're skating on thin ice. It would be very constructive to see these levels reclaimed next week, but caution is warranted as long as we're below them.
Quote of the Day
“Sometimes the questions are complicated and the answers are simple.”
- Dr. Seuss
Trendlines over Headlines
Check out the latest episode of Trendlines Over Headlines! This week, Scott Brown, of Beat the Bench joins us to make sense of the current market environment. We take a look at the S&P 500, Interest Rates, Commodities, Crypto, and more!
Top Links
Slightly More Bearish - Potomac Fund Management
Dan Russo takes a look at some important risk ratios.
Stock Market Analysis for Week Ending September 23, 2022 - Brian Shannon
Brian Shannon reviews this week's price action and lays out some levels of interest to keep an eye on next week.
Where the Green Grass Grows - All Star Charts
Ian Culley points out that commodities like Corn, Soybeans, and Wheat are firming up for a potential move higher.
Correlations Rise as Bear Extends its Grip - StockCharts
Arthur Hill points out that even the leading sectors like Energy and Utilities have come under pressure recently as the bear market accelerates.
Top Tweets
You’re all caught up now. Thanks for reading!