Thursday, October 6th, 2022
Indices: Russell 2000 -0.58% | Nasdaq 100 -0.76% | S&P 500 -1.02% | Dow -1.15%
Sectors: Energy was the only positive sector. It led by a wide margin for the 4th consecutive day, gaining +1.78%. Utilities lagged, dropping -3.30%.
Commodities: Crude Oil futures rose +0.79% to $88.45 per barrel. Gold futures was unchanged at $1,721 per ounce.
Currencies: The US Dollar Index rose +0.47%.
Crypto: Bitcoin fell -1.25% to $19,910. Ethereum was unchanged at $1,353.
Interest Rates: The US 10-year Treasury yield rose to 3.828%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
— Ian Culley (@IanCulley) October 6, 2022
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Energy continues to be the only sector in positive territory this year, up a whopping +53% YTD. It’s been a choppy mess since June, but it’s reasserting its dominance in a big way this week. $XLE is up +14.47% so far this week, putting it on track for its best week in nearly two years. Prior to this week, Energy was breaking its uptrend line, but sure enough, it made a higher low and ripped right back above its trendline. As we know, failed breakdowns often lead to sharp moves higher. At this point, the next upside objective is the June highs, around $92.
Quote of the Day
“Good trading is boring; bad trading is exciting and makes the hair on the back of your neck stand up. You can be a bored rich trader or a thrill-seeking gambler. It’s entirely your choice.”
– Mark Minervini
Three “All Clear” Signals to Watch For – SentimenTrader
Jay Kaeppel highlights three things to watch for before putting cash back to work.
The Secular Bull Market in Stocks That Started in 2009 is Still in Tact Even if the S&P 500 Trades Another 15% Lower, Katie Stockton Says – Business Insider
Katie Stockton shares her thoughts on the S&P 500.
Still Not Impressive – Research by Potomac
Dan Russo points out that breadth continues to be weak despite the recent bounce.
October Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts highlights three themes to keep an eye on in the coming weeks.
Bears Remain Above 50% – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Poll.
Final heat map of the S&P 500's performance from today pic.twitter.com/GaogWgPgjH
— Stock Market News – Evan (@StockMKTNewz) October 6, 2022
10-04-22 Day-2 past the low the S&P 500 posted a 293/1 up-to-down volume ratio. There have been 4 times the S&P 500 generated a daily up volume ratio of > 100/1. Each led to a sustained bull move.8-17-82, 11-28-11, 12-31-12, 12-26-18. pic.twitter.com/JYUaBBbQnZ
— Milton W Berg CFA (@BergMilton) October 6, 2022
Is the Stock Market Dominated by Bears Who Are Still Afraid to Sell?
Features my updated ETF Flow chart:
Watch what they do, not what they say…
No capitulation yet. pic.twitter.com/8GsbHajemv
— Macro Charts (@MacroCharts) October 6, 2022
1 Year ✅
6 Months ✅
3 Months ✅
1 Month ✅
5 Days ✅
1 Day ✅ pic.twitter.com/FaneT0czub
— Larry Thompson, CPA (@HostileCharts) October 6, 2022
people get so angry when I tell them that despite their historic outperformance the last 2 years, Energy stocks still haven't even broken out yet…. pic.twitter.com/eqZBOlCnmW
— J.C. Parets (@allstarcharts) October 6, 2022
Also still trading most below its long-term trend among all sectors. pic.twitter.com/Qy0DxUuJTA
— Rob Anderson (@robanderson_stl) October 6, 2022
$XLE up nearly +14% in 4 days and +20% from the lows…
…at resistance and a 4-month d/t line…
… a good time for a pause and the right shoulder to form. pic.twitter.com/2HyMYK3qVu
— Frank Cappelleri (@FrankCappelleri) October 6, 2022
— Steven Strazza (@sstrazza) October 6, 2022
Not many are talking about this, but the 10yr-3month yield curve never inverted and now it is steepening.
The past 8 recessions saw this invert before the recession started. pic.twitter.com/mLX75rgk0K
— Ryan Detrick, CMT (@RyanDetrick) October 6, 2022
A range of marijuana-focused ETFs recorded their best days ever with market cap surging by more than $200 million on the day across those funds.
— Bespoke (@bespokeinvest) October 6, 2022
What happens if Jim Cramer recommends the Inverse Jim Cramer ETF?
— Genevieve Roch-Decter, CFA (@GRDecter) October 6, 2022
You’re all caught up now. Thanks for reading!