Daily Chart Report ? Wednesday, September 28th, 2022
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Today’s Summary
Wednesday, September 28th, 2022
Indices: Russell 2000 +3.17% | Nasdaq 100 +1.97% | S&P 500 +1.97% | Dow +1.88%
Sectors: All 11 sectors closed higher by more than 1%. Energy led, gaining +4.43%. Tech lagged, but still rose +1.06%.
Commodities: Crude Oil futures rose +4.65% to $82.15 per barrel. Gold futures gained +2.07% to $1,670 per ounce.
Currencies: The US Dollar Index had its worst day since March 2020, dropping -1.29%.
Crypto: Bitcoin rose +2.41% to $19,543. Ethereum gained +1.13% to $1,343.
Interest Rates: The US 10-year Treasury yield dropped to 3.733% after briefly touching 4% for the first time 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 Yuriy Matso (@yuriymatso). Stocks rebounded from extreme oversold conditions today, pushing these three major indices back above their June lows. To be fair, the Dow is still trading below its June low. Interestingly, the Nasdaq 100 (left) and the Russell 2000 (right) never actually breached their June lows on a closing basis. Either way, the June lows continue to be the line in the sand for the major indices. As long as we’re above those levels, we could see a sharp rally in the near term. Whether that will turn out to be another bear-market rally is anyone’s guess. Today was a good start for the bulls but watch for upside follow-through in the coming days to confirm today’s reversal.
Quote of the Day
“A group of people who think differently is a market. A group of people who think alike is a mob.”
– Naval Ravikant
Top Links
The Dow is Back Below 30,000 Now What? – Schaeffer’s Investment Research
Rocky White examines what has historically happened after the Dow breaks below a round number.
Tech Stocks Leadership Reaches Important Trend Lines Support! – Kimble Charting Solutions
Chris Kimble points out Semiconductor stocks are testing an important level relative to the S&P 500.
Long Losing Streaks – CappThesis
Frank Cappelleri highlights some key points about the current market environment.
Seven Charts I’m Watching Right Now for Clues – SentimenTrader
Jay Kaeppel takes a look at seven important ratio charts.
Top Tweets
You’re all caught up now. Thanks for reading!