- The S&P 500 sold off by 1.01% as tensions between Russia and Ukraine continued; only 23% of the S&P’s components finished positive
- Equity charts still look ugly; all major equity indices have strongly bearish postures and are trading below falling 30 day moving averages
- The Dow Jones Industrial Average was down 1.42%, the NASDAQ Composite was down 1.23%, and the Russell 2000 was down 1.45%
- While not breaching intraday lows, the Dow Jones Industrial Average and S&P 500 suffered their lowest closing prices of the past several months
- Remarkably, if the S&P 500 were to end the year at this exact level, it would make 2022 the 2nd worst calendar year performance of the last 20 years
- With it being 2/22/22, we are throwing a 22% off sale for the next 2 days on a Market Scholars 3-Year Premium subscription (using coupon code 22off)
- Energy is still atop the Sector Selector (by a long shot); Technology finds itself at the bottom for the third time in the last four weeks
- Gold has recently turned into a star performer; it has a strongly bullish intermediate posture and is trading well above its rising 30 day moving average
- Oil was up over 1% today on geopolitical concerns; however, it closed near the lows of the day and now has a weakly bearish intermediate posture
- Long-Term U.S. Treasuries rallied 0.26%, which was their 4th straight positive session; they now have a weakly bullish posture (but still under their 30 DMA)
- The 10 Year U.S. Treasury Yield fell to 1.94%; despite the pullback in rates over the past week, they remain in a significant uptrend
- Bitcoin sold off with other risk assets today; it was down 5% (but closed near the highs of the session) and now has a weakly bearish posture
- After a brief amount of recent outperformance, emerging markets joined the developed foreign markets back below their falling 30 day moving average
- All sectors closed lower today; Consumer Discretionary was the worst (down about 3%)
- Consumer Staples are now the only sector with a weakly bullish posture (but they are still below their falling 30 day moving average)
- Energy stocks surprisingly closed lower (despite higher oil prices); they closed near their lows and are weakly bearish even though they are still above their 30 DMA
- Our trade application example featured selling a put on Home Depot (HD) due to it getting hammered after reporting earnings (despite increasing its dividend 15%); the put was sold with a strike price at a historically-attractive dividend yield area where we’d be comfortable purchasing the stock for the long term
Here's the intro of today's #MarketOutlook video from @MarketScholars
— 𝐁𝐫𝐚𝐧𝐝𝐨𝐧 𝐕𝐚𝐧 𝐙𝐞𝐞 (@BrandonVanZee) February 23, 2022
Watch the full video here:https://t.co/Xd9A2WVo8P
Mentioned: $SPY $SPX $QQQ $COMP $IWM $RUT $UUP $TLT $TNX $EFA $EEM $USO $GLD $BTC $XLP $MSFT $CLX $XLV $XLRE $NFLX $BA $XOM $EOG $DE $HES $PFF $HD pic.twitter.com/wWajWwbs1t
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