Daily Plan 09.20.22
Daily Plan 09.20.22
MyntBit's Daily Plan is dedicated to providing traders with today's recap and bringing setups to watch for stocks and futures for the next trading day.
What is included in tomorrow's gameplan?
Daily Recap
Look Ahead - Economic & Earnings Calendar
Key Futures Levels - S&P 500 (/ES) and NASDAQ (/NQ)
Day Trade Stock Ideas - $AAPL | $GOOGL | $RIVN
Today's Recap
Market Snapshot
Market Heatmap
Briefing Market Update
Follow-through selling interest sent the stock market sliding at the open before the S&P 500 flirted with Friday's low (3,837) and found support there. The main indices danced around the unchanged mark for most of the afternoon before catching a bid in the final hour of trade, helped primarily by an uptick in the mega cap stocks and other issues. The S&P 500 broke out of a narrow trading range but found resistance at the 3,900 level, closing a whisker shy of that important level.
There was some hesitation in play ahead of the September 20-21 FOMC meeting and subsequent rate hike decision. In addition, rising Treasury yields were a focal point that pressured stocks early. However, stocks rebounded as Treasury yields fell back from their highest levels of the morning.
The 2-yr and 10-yr note yields reached their highest levels since 2007 and 2011, respectively. The 2-yr note yield reached 3.97% before settling at 3.94% and the 10-yr note yield reached 3.51% before settling at 3.49%.
The major averages squeezed out decent gains by the close, but market breadth still painted a mixed picture. Decliners outpaced advancers by a 4-to-3 margin at the Nasdaq while advancers led decliners by a roughly 3-to-2 margin at the NYSE.
Only two S&P 500 sectors closed with a loss, health care (-0.5%) and real estate (-0.2%). The gainers were led by materials (+1.6%) and consumer discretionary (+1.3%).
Consumer discretionary was boosted by its homebuilder components after KeyBanc upgraded a number of individual names today. The SPDR S&P Homebuilder ETF (XHB) closed up 1.8% and the iShares U.S. Home Construction ETF (ITB) closed up 2.3%. This came as participants awaited the August Housing Starts and Building Permits report tomorrow at 8:30 a.m. ET, and followed the NAHB Housing Market Index release today.
Energy complex futures settled in a mixed fashion with WTI crude oil futures falling 0.5% to $84.96/bbl while natural gas futures rose 0.1% to $7.81/mmbtu.
Today's economic data was limited to the September NAHB Housing Market Index, which came in at 46 (Briefing.com consensus 48) after the prior reading of 49. A number below 50 for this report is indicative of declining confidence.
Looking ahead to Tuesday, market participants will receive the August Housing Starts (Briefing.com consensus 1.448 million; prior 1.446 million) and Building Permits report (Briefing.com consensus 1.610 million; prior 1.674 million) at 8:30 a.m. ET.
Dow Jones Industrial Average: -14.6% YTD
S&P 400: -15.2% YTD
S&P 500: -18.2% YTD
Russell 2000: -19.3% YTD
Nasdaq Composite: -26.3% YTD
source: briefing.com
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Earnings Calendar
Economic Calendar
