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Today’s Summary
Thursday, January 20th, 2022
Indices: Dow -0.89% | S&P 500 -1.10% | Nasdaq -1.30% | Russell 2000 -1.88%
Sectors: Utilities was the only sector that closed higher, inching up 0.13%. Consumer Discretionary lagged, dropping 1.82%.
Commodities: Crude Oil futures slipped 0.29% 85.55 per barrel. Gold futures were unchanged at $1,843 per ounce.
Currencies: The US Dollar Index rose 0.16%.
Interest Rates: The US 10-year Treasury yield dropped to 1.808%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$IWM has broken more hearts than the NY Jets. pic.twitter.com/uVyLYyFYjv
— Walter Deemer (@WalterDeemer) January 20, 2022
Today’s Chart of the Day was shared by Walter Deemer (@WalterDeemer). The Russell 2000 has been one of the most frustrating charts over the past year. It’s been a trendless mess for months now, but we’re starting to see it resolve lower. It broke below a clear support level earlier this week, and it has continued to drop, closing at a fresh 52-week low today. Small-Caps tend to lead the broader market higher or lower, so there’s really nothing bullish to say about this breakdown. It would be constructive to see $IWM reclaim support around $208 in the near term. But until that happens, the path of least resistance is lower.
Quote of the Day
“What do you call a stock that’s down 90%? A stock that was down 80% and then got cut in half.”
– David Einhorn
Top Links
Value, Energy, and Gold Catch a Bid | Midweek Update – The Chart Report
In this quick video, Steve Strazza and I discuss some of the biggest technical developments across the markets.
How Often Should You Expect a Stock Market Correction? – A Wealth of Common Sense
Ben Carlson puts the current correction into perspective.
Sentiment Survey Sounds Bearish Alarm – Schaeffer’s Investment Research
Rocky White analyzes the results of the latest AAII Sentiment Survey.
Breadth Takes a Turn for the Worse – Potomac Fund Management
Dan Russo points out that Breadth has continued to deteriorate this week.
January Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five important themes to keep an eye on.
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Top Tweets
This close is weak AF pic.twitter.com/hqZzFwm3Kq
— Eddy Elfenbein (@EddyElfenbein) January 20, 2022
9:30am vs. 4:00pm pic.twitter.com/LbnbYlEsdP
— Fintwit (@fintwit_news) January 20, 2022
One of the worst months for last-hour trading on record: pic.twitter.com/pKXb9F216P
— Bespoke (@bespokeinvest) January 20, 2022
The Nasdaq 100 ETF closed below its 200-day moving average today for the first time since April 2020, ending one of the longest runs in history (450 trading days). $QQQ
Charting via @ycharts pic.twitter.com/5lvEzSmSI9
— Charlie Bilello (@charliebilello) January 20, 2022
Updated correction levels as of today:
S&P 500 -6.5%
Nasdaq 100 -10.5%
Russell 2000 -17.3% pic.twitter.com/Y70yw3ojbw
— Ben Carlson (@awealthofcs) January 20, 2022
ICYMI! At the close of yesterday, the S&P 500 Index already had a bigger #drawdown this year than in the whole of 2021. pic.twitter.com/kMsIksYLZ4
— True Insights (@true_insights_) January 20, 2022
The Nasdaq 100 has been below its respective September highs for a few days. The S&P 500 has also now closed below the same behavioral level…$SPX $NDX $SPY $QQQ pic.twitter.com/06neUszDTM
— Ian McMillan, CMT (@the_chart_life) January 20, 2022
Bears!!!! Latest AAII survey shows a net 25% of investors are bearish.. the most negative reading since July 2020. pic.twitter.com/xIDk3ERFVU
— Dani Burger (@daniburgz) January 20, 2022
$KRX KBW Regional Bank Index is down 5.6% so far this week, worst weekly decline since June of '21; however, +4.9% YTD and currently retesting the breakout of a prior 10-month resistance level … @TheChartReport pic.twitter.com/jVpAYqTuqS
— brian.joyce.nasdaq (@Nasdaqbjoyce) January 20, 2022
Now what? $XLK / $SPY pic.twitter.com/xcbeitpjFb
— Grant Hawkridge (@granthawkridge) January 20, 2022
Maybe the emerging markets just need a weaker dollar to push prices higher.$EEM $DXY pic.twitter.com/FN1jl3sNR3
— Alfonso Depablos (@AlfCharts) January 20, 2022
When you hear calls for $100 oil, it is entirely in line with the technicals. Not a prediction. #CrudeOil pic.twitter.com/y9Rj2V1pbc
— Michael Kahn, CMT (@mnkahn) January 20, 2022
What do you call a stock that is down 85%?
A stock that was down 70% and then got cut in half again
In other words…Peloton pic.twitter.com/TeGnB1NPVA
— Ben Carlson (@awealthofcs) January 20, 2022
You’re all caught up now. Thanks for reading!