Daily Chart Report ? Tuesday, September 27th, 2022
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Today’s Summary
Tuesday, September 27th, 2022
Indices: Russell 2000 +0.40% | Nasdaq 100 +0.16% | S&P 500 -0.21% | Dow -0.43%
Sectors: 4 of the 11 sectors closed higher. Energy led, gaining +1.12%. Consumer Staples lagged, falling -1.73%.
Commodities: Crude Oil futures rose +1.63% to $77.96 per barrel. Gold futures inched higher by +0.19% to $1,637 per ounce.
Currencies: The US Dollar Index rose +0.07% to a fresh 20-year high.
Crypto: Bitcoin fell -1.13% to $19,008. Ethereum dropped -1.29% to $1,319.
Interest Rates: The US 10-year Treasury yield continued higher to 3.947% – its highest in more than a decade.
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 Grayson Roze (@GraysonRoze). This chart looks pretty bullish, right? Price is above upward sloping 50-day & 200-day moving averages and it’s breaking out of a three-month base. Unfortunately for the bulls, this is an inverted chart of the S&P 500, so what looks bullish is actually bearish. It might seem silly to look at inverted charts, but it’s actually a valuable exercise, as it forces you to remove any bullish or bearish biases that you might have. As Grayson notes, “If you love it upside down, you gotta hate it right side up.”
Quote of the Day
“Interest has been so low for so long a time that to many people a rising rate produces a sort of alarm, and it is natural to expect a considerable lapse of time before this will disappear under the new conditions.”
– Charles H. Dow (July 24, 1899)
Top Links
Stocks and Sectors with the Biggest Declines – Bespoke
Bespoke takes a look at the most beaten-down stocks and sectors within the Russell 3000.
October Has Been a Midterm Bear Killer – Almanac Trader
Seasonality expert, Jeff Hirsh points out that 12 post-WWII bear markets have ended in October.
The Deep Dive: King Dollar – Beath the Bench
Scott Brown looks at the relentless rise in the US Dollar Index.
Washout – The Irrelevant Investor
Michael Batnick examines the signs of breadth washout in the Nasdaq 100.
Bloomberg Crypto Full Show – Bloomberg
Katie Stockton and Sam Bankman-Fried share their thoughts on the Crypto markets.
Top Tweets
You’re all caught up now. Thanks for reading!