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Today’s Summary
Tuesday, September 5, 2023
Indices: Nasdaq +0.11% | S&P 500 -0.42% | Dow -0.56% | Russell 2000 -2.10%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +2.05%. Communications lagged, falling -0.93%.
Commodities: Crude Oil futures closed higher for the eighth day in a row, rising +1.37% to a nine-month high of $86.72 per barrel. Gold futures dropped -0.80% to $1,951 per oz.
Currencies: The US Dollar Index gained +0.62% to a five-month high of $104.79.
Crypto: Bitcoin was flat at $25,783. Ethereum inched higher by +0.26% to $1,634.
Interest Rates: The US 10-year Treasury yield rose to 4.268%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Crude Oil surges higher for its 8th consecutive green day and closes at its highest price since November pic.twitter.com/0iejGzbECk
— Barchart (@Barchart) September 5, 2023
Today’s Chart of the Day was shared by Barchart (@Barchart). Crude Oil futures continued higher for the eighth consecutive session today, closing at a nine-month high of $86.69. It will be the longest winning streak in over four years if it rises again tomorrow. Last week was its best week since March, as it gained +7% and reclaimed a key area of resistance around $81-$83. The next apparent resistance level is another +7% higher, around $93. Crude Oil’s +30% rise since mid-June has been a boon for Energy stocks. The Energy sector ($XLE) is up +12% in the second half of 2023, making it the best-performing sector by a wide margin. For comparison, the next best sector ($XLC) is up just +3% over the same period.
Quote of the Day
“People are trapped in history
and history is trapped in them.”
– James Baldwin
Top Links
Three Reasons Stocks Might Shine in the Usually Weak September – Carson Group
Ryan Detrick explains why September may not be as bad as advertised.
September Technical Market Outlook – Grindstone Intelligence
Austin Harrison outlines some of the key developments to watch this month.
Don’t Buy Stocks Until These 2 Signals Flash, Technical Analyst Says – Business Insider
Katie Stockton shares her technical outlook on the S&P 500.
Nasdaq 100 Signal Says Stocks Could Post Impressive Multi-Year Gains – Ciovacco Capital Management
Chris Ciovacco highlights a rare bullish signal from the Coppock Curve.
Technical Tuesday’s 📈 with The Chart Report – Twitter Spaces
In case you missed it, here’s the recording from our Twitter Spaces earlier today. We discussed Crude Oil, Energy, Tech, and more!
Top Tweets
A horrible day for breadth with just 114 S&P 500 stocks up versus 389 down. FANG+ is up 1%+ but the small-cap Russell 2,000 is down more than 2%.
— Bespoke (@bespokeinvest) September 5, 2023
Small caps underperforming mega-caps by nearly 300 basis points today. Most since March 2021.$IJR $OEF $IWM $MGC pic.twitter.com/nhAhVBLzDp
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 5, 2023
This is the 5th since 2000 that $QQQ has finished over 2x $IWM – the second time in the past 3 trading sessions. Also, this is the highest close of the 5 instances – the highest in 23 years. pic.twitter.com/6PJ0cPg0EN
— David Settle, CMT (@davidsettle42) September 5, 2023
The Large-cap vs. Small-cap ratio is at a critical level of interest.
Who will outperform in the remainder of the year? pic.twitter.com/2JO2yUmz0H
— Alfonso Depablos (@AlfCharts) September 5, 2023
Over the past 5 years, mega-caps have doubled while micro-caps have lost you money. #breadth pic.twitter.com/k3BfiPBvKM
— Willie Delwiche, CMT, CFA (@WillieDelwiche) September 5, 2023
While September has historically been the worst month for the S&P 500, it hasn't been as bad when the index is above its 200-day moving average and/or up double-digits into the month. @LPLResearch pic.twitter.com/JhVTQE6bYe
— Adam Turnquist, CMT (@adam_turnquist) September 5, 2023
Only 4 times since 1985 has Nasdaq been 20% below 200-DMA and then risen to 20% above the 200-DMA…
1991, 2003, 2009, 2023
Interestingly enough, every August had price consolidation, AND marked THE LOW point through year-end. $SPX $COMPQ $QQQ $SPY pic.twitter.com/juiWoIhKZY
— Seth Golden (@SethCL) September 5, 2023
Yo, Charts – Consumer Stocks are talking and their speech is slurred. Cons. Stpls below. Also, XRT has had negative monthly mo for 13 months in a row. Check beneath surface of XRT – it’s a minefield. pic.twitter.com/Px81UJdUF8
— da Chart Life (@daChartLife) September 6, 2023
$ARKK & $TNX – How long can growth ignore higher rates? pic.twitter.com/wB4oSdXBJP
— Larry Thompson (@HostileCharts) September 5, 2023
Those oil prices tho…🫣 pic.twitter.com/4NcmfE2cTv
— Liz Young (@LizYoungStrat) September 5, 2023
$OVX is confirming the recent strength from energy with the lowest reading in the post-COVID era. pic.twitter.com/0l6n4AUqyg
— Sam Gatlin (@sam_gatlin) September 5, 2023
To think that the Dept of Energy could have started refilling the SPR this year at around an oil price of $70. pic.twitter.com/95yNo2K2Lt
— Peter Boockvar (@pboockvar) September 5, 2023
In the last four days, $MSOS is up 66%. pic.twitter.com/I1JDmJG8q9
— Eddy Elfenbein (@EddyElfenbein) September 5, 2023
bro what year is this pic.twitter.com/Y3Te0k9nkp
— J.C. Parets (@allstarcharts) September 5, 2023