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Todayās Summary
Wednesday, September 6, 2023
Indices:Ā Russell 2000Ā -0.33%Ā | DowĀ -0.57%Ā | S&P 500Ā -0.70%Ā | NasdaqĀ -0.88%
Sectors: 2 of the 11 sectors closed higher. Utilities led, risingĀ +0.23%. Tech lagged, fallingĀ -1.06%.
Commodities: Crude Oil futures continued higher for theĀ ninth consecutive day, risingĀ +0.98%Ā to aĀ nine-month highĀ ofĀ $87.54 per barrel. Gold futures droppedĀ -0.43%Ā to $1,944 per oz.
Currencies: The US Dollar Index was little changed (+0.05%), and continues to trade at a five month high of $104.84.
Crypto: Bitcoin was flat at $25,748. Ethereum was also flat atĀ $1,632.
Interest Rates: The US 10-year Treasury yield rose to 4.284%.
Here areĀ the best charts, articles, and ideas shared on the web today!
Chart of the Day
Tech is at significant resistance and entering a period of seasonal weakness. None of this guarantees an impending decline, and no prediction is being made (not by me anyway). Still, it seems like a good time to be paying close attention. @sentimentrader pic.twitter.com/17EBkIacGG
— Jay Kaeppel (@jaykaeppel) September 6, 2023
Todayās Chart of the Day was shared by Jay Kaeppel (@jaykaeppel). The Technology sector ETF ($XLK) is flirting with its former highs (around $175) as it attempts to reemerge from a multi-year base. Jay points out that it’s entering a period of seasonal weakness as it tests this crucial level. Michael Santoli once said,Ā “Seasonality is climate, not weather.”Ā In other words, seasonality is never guaranteed to work, but valuable information can be gleaned even when it fails. If $XLK moves higher despite this seasonal headwind, it will tell us the underlying bid for Tech is unusually strong.
Quote of the Day
“There are no good or bad stocks,
only rising and falling stocks.”
ā Nicolas Darvas
Top Links
3 Charts to Prepare for the Fall – All Star Charts
JC Parets highlights three of the most important charts right now.
September Opens Typically Weak and Closes Weaker – Almanac Trader
Seasonality expert, Jeff Hirsch shares his take on the worst month of the year.
2% Moves are Back – Bespoke
Bespoke examines the number of days without a 2% move in the Russell 2000 and S&P 500.
This Bull Market is Still Alive and Well, Says Carson Groupās Ryan Detrick – CNBC
Ryan Detrick discusses the positive developments for stocks.
High Yield Signal Does Not Align with Long Term Bearish Outcomes – Ciovacco Capital Management
Chris Ciovacco looks at what the action in High Yield Bonds could suggest for the S&P 500.
Top Tweets
Daily Market Mood: Mixed/Risk-Off
1. Stocks down
2. Worst stretch in 2-3 weeks
3. Good news is bad news reverberates
4. Bonds down, yields up
5. FX flatS&P 500 through its 50 DMA should not be brushed off, probably means back to recent lows into/ahead of the Fed.
— Abigail Doolittle (@TheChartress) September 6, 2023
$SPX Someone was paying attention. pic.twitter.com/PcsnVcx4fT
— Frank Cappelleri (@FrankCappelleri) September 6, 2023
We've now gone 136 trading days without a 2%+ daily move in the S&P 500 (up or down). That's the longest streak since February 2018 when a 310-trading day streak came to an end. pic.twitter.com/ONgCW8fNML
— Bespoke (@bespokeinvest) September 6, 2023
Apple struggling with the gap level from August and is moving back under its 50-day moving average this morning. $AAPL pic.twitter.com/aBGe8rqExs
— Andrew Thrasher, CMT (@AndrewThrasher) September 6, 2023
$AAPL 3rd worst day of the year pic.twitter.com/hWBPzxQnYK
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) September 6, 2023
$AAPL vs. $XLK – Interesting. pic.twitter.com/5k4dn6sioP
— Larry Thompson (@HostileCharts) September 6, 2023
With the conclusion of August, the 8-month % change for the S&P 500 ranks in the top quintile historically. Forward returns over the next 8-months are often decent. pic.twitter.com/63uuDxtODF
— Todd Sohn (@Todd_Sohn) September 6, 2023
Breakouts have been concentrated in energy stocks lately with #crudeoil having cleared key resistance; the next hurdle we're watching for WTI is ~$94/bbl. based on the weekly cloud model #fairleadstrategies pic.twitter.com/qRhIP5G4LO
— Katie Stockton, CMT (@StocktonKatie) September 6, 2023
Bitcoin – $BTCUSD
The chart is stuck between the AVWAP's from it's all time high price, and November lows.
For clarity, I don't own Bitcoin, I never will again, I think it's dog shit and I'd much prefer having $25k cash than gamble on a resolution higher from this range. pic.twitter.com/r2yXYUbCLJ
— Sam McCallum (@Honeystocks1) September 6, 2023
$AMC stock just hit an all time low. Getting support from the volume bars. #DiamondHands #ApeStrong pic.twitter.com/pf7OqnNscn
— Ramp Capital (@RampCapitalLLC) September 6, 2023