Daily Chart Report ? Thursday, September 29th, 2022
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Today’s Summary
Thursday, September 29th, 2022
Indices: Dow -1.54% | S&P 500 -2.11% | Russell 2000 -2.35% | Nasdaq 100 -2.86%
Sectors: None of the 11 sectors closed higher. Energy led, closing unchanged. Utilities lagged, dropping -4.01%.
Commodities: Crude Oil futures fell -1.12% to $81.23 per barrel. Gold futures inched lower by -0.08% to $1,669 per ounce.
Currencies: The US Dollar Index dropped -0.84%.
Crypto: Bitcoin inched higher by +0.25% to $19,469. Ethereum inched lower by -0.49% to $1,331.
Interest Rates: The US 10-year Treasury yield rose to 3.790%.
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 Brian Lund (@bclund). Apple was one of the only stocks that didn’t participate in yesterday’s rally, and it continued to sink today dropping nearly 5%. Keep in mind this is the largest stock out there, representing more than 7% of the S&P 500, and more than 13% of the Nasdaq. It has acted as a safe haven, up until recently, considering it hit an all-time high vs. the S&P 500 just a few days ago. However, the past two days have been a stark change of character. It’s going to be hard for the major indices to stage a meaningful rebound if some of the largest and strongest stocks are deteriorating.
Quote of the Day
“We’re in the regret business. If you buy and it goes up, you regret not buying more. If you buy and it goes down, you regret buying.”
– David Lundgren
Top Links
10 Answers to Questions About the Bear Market – Carson Group
Ryan Detrick highlights 10 things to know about bear markets.
Optimism No Where to Be Found – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Not a “Less Intense” Low – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
Junk Bonds Suggesting Stocks Have Much More Downside? – Kimble Charting Solutions
Chris Kimble points out that Junk Bonds are sending an ominous message to Stocks.
Top Tweets
You’re all caught up now. Thanks for reading!