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Today’s Summary
Thursday, September 7, 2023
Indices: Dow +0.17% | S&P 500 -0.32% | Nasdaq -0.73% | Russell 2000 -0.99%
Sectors: 5 of the 11 sectors closed higher. Utilities led, rising +1.31%. Tech lagged, falling -1.45%.
Commodities: Crude Oil futures snapped a nine-day winning streak, falling -0.77% to $86.87 per barrel. Gold futures were flat at $1,943 per oz.
Currencies: The US Dollar Index rose +0.20% to a five-month high of $105.05.
Crypto: Bitcoin rose +1.93% to $26,245. Ethereum gained +0.96% to $1,648.
Interest Rates: The US 10-year Treasury yield fell to 4.248%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$DXY is getting closer to a strong resistance. pic.twitter.com/9Oi6id7UNf
— Aksel Kibar, CMT (@TechCharts) September 7, 2023
Today’s Chart of the Day was shared by Aksel Kibar (@TechCharts). The US Dollar Index ($DXY) is on track to book an eight-week winning streak, its longest since 2014 when it rose 12 consecutive weeks. It’s closed above $105 today for the first time since March, marking its highest level in nearly six months. Aksel points out that $DXY is approaching a potential inflection point around $105.5. This level acted as resistance in December, January, and March. Stock market bulls are hoping it will act as resistance once more, as Dollar strength has been a headwind for stocks and risk assets.
Quote of the Day
“I would like to see more volatility in the markets. Small shocks remind us that a bigger shock might occur. And, we protect ourselves to some extent.”
– Myron Scholes
Top Links
Short Week, But Not Short on Action – Trading Adventures
Andy Moss looks at the price action in Stocks, Bonds, and Commodities so far this week.
Crude Oil Vs Natural Gas Price: Diversification Importance – Schwab Network
Jerry Parker discusses the current trends in Commodities and Currencies.
Bulls Bounce as S&P Stumbles – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Stock Market Winners and Losers – The Irrelevant Investor
Michael Batnick looks at how the components of the S&P 500 have fared since the fed backed off of QE.
Top Tweets
$DJI holding just right above that ascending trendline support level – How delicate! pic.twitter.com/AYMc2Vhn34
— Dash, CMT, CFP (@Dash_charts) September 7, 2023
9 of the 11 SPDR Sector ETFs beat the $SPX today, with only $XLK & $XLY underperforming (dragged down by $AAPL & $NVDA, and $TSLA & $AMZN). Using our custom breadth feature, 67% of stocks beat the index today (29.2% on a YTD basis). pic.twitter.com/kugNmgbYmo
— Optuma (@Optuma) September 6, 2023
$AAPL's 6.6% 2-day drop is very normal pic.twitter.com/lQjNsEBypO
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 7, 2023
Despite all the accolades heaped on $AAPL the past 12 months, celebrating its stellar performance, the stock actually has been underperforming the S&P 500 Information Technology Sector for 11 months and counting.
We remain sellers of Apple.
Website: https://t.co/RRxJAeLcgO pic.twitter.com/GA9FePPkeg
— Carter Braxton Worth (@CarterBWorth) September 7, 2023
Here is TECH in Equal-weighted terms vs Equal-weighted S&P- This goes against the popular narrative of a Tech Wreck- Tech has done phenomenally well since 8/18 & broke out vs S&P heading into Sept $RSPT vs $RSP pic.twitter.com/Brd2AcY4x0
— Mark Newton CMT (@MarkNewtonCMT) September 7, 2023
Here is Technology relative to the S&P500 approaching those former Tech Bubble highs from March 2000. But Tech still needs over 10% relative appreciation to get back up there. Still no where near those former highs pic.twitter.com/2VoU68DhUW
— J.C. Parets (@allstarcharts) September 7, 2023
$VALUG also continues to bumble around in a sea of nothingness… pic.twitter.com/gRcWxCjMOP
— Ian McMillan, CMT (@the_chart_life) September 7, 2023
#Bitcoin continues to look ready for a big upside move. pic.twitter.com/UYdQcjbzJQ
— Jake Wujastyk (@Jake__Wujastyk) September 7, 2023
Crude oil snapped a nine-day winning streak today, the longest since early 2019.
Read more in tonight's Closer: https://t.co/DdMxfoj1ZX pic.twitter.com/U29Jfm7yHa
— Bespoke (@bespokeinvest) September 7, 2023
Cattle Futures have soared to all-time highs pic.twitter.com/iLpCJLpI2x
— Barchart (@Barchart) September 7, 2023