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Today’s Summary
Friday, September 8, 2023
Indices: Dow +0.22% | S&P 500 +0.14% | Nasdaq +0.14% | Russell 2000 -0.23%
Sectors: 7 of the 11 sectors closed higher. Energy led, rising +0.97%. Real Estate lagged, falling -0.65%.
Commodities: Crude Oil futures gained +0.74% to $87.51 per barrel. Gold futures were flat for the second day at $1,943 per oz.
Currencies: The US Dollar Index was flat, but closed higher for the eighth consecutive week, and continues to trade at a five-month high of $105.05.
Crypto: Bitcoin fell -1.30% to $25,905. Ethereum fell -0.73% to $1,636.
Interest Rates: The US 10-year Treasury yield rose to 4.268%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Yo, Charts – Curt Schilling’s bloody Sox for the Red Sox in the playoffs vs the Yanks in Game 6 of the 2004 playoffs might just be eclipsed by what’s setting up below. pic.twitter.com/78ZK7tmRpb
— da Chart Life (@daChartLife) September 8, 2023
Today’s Chart of the Day was shared by John Roque (@daChartLife). While the popular Semiconductor ETF ($SMH) broke out to record highs earlier this year, the Semiconductor Index ($SOX) never officially cleared its December 2021 peak. Instead, $SOX has formed a potential double top on an absolute and relative basis. John points out that $SOX is below a declining 10-week moving average (red), and momentum (MACD) has begun to roll over. It’s down roughly -7.5% from its July 31st peak and -11.7% from its all-time highs. Semiconductors led in the first half of 2023, but $SOX is at risk of falling another -10% before reaching potential support at its 40-week moving average (green).
Quote of the Day
“Perfection is not attainable,
but if we chase perfection
we can catch excellence.”
– Vince Lombardi
Top Links
Will Semiconductors (SMH) Double Top Take Stocks Down? – Kimble Charting Solutions
Chris Kimble looks at a potentially bearish pattern in Semiconductors ($SMH).
Breaking Down the Breakout in Oil – LPL Financial Research
Adam Turnquist examines the outlook for Crude Oil after its recent pop.
Stock Market Analysis 9/8/23 – AlphaTrends
Brian Shannon reviews this week’s price action and lays out some key levels to be aware of next week.
Reasons to Care About the Percentage of Stocks Above their 200-Day Moving Averages – East Coast Charts
Louis Spector tests a popular breadth indicator, proving it can be an effective timing tool.
Top Tweets
They came for the leaders this week. 👀 $AAPL $NVDA pic.twitter.com/zkui4vmHTv
— TrendSpider (@TrendSpider) September 8, 2023
After the bulls fumbled once again and the $SPX dropped below 4450, I think that opens us up for a retest of the recent low and possibly a drop down into the 4200-4300 region next. At the very least, the recent response has made me less enthused to take longs. $SPY pic.twitter.com/o8HAC6KSSl
— Andrew Adams CFA, CMT (@DayTraderGator) September 8, 2023
Uptick in most recent week for @AAIISentiment bull-bear spread … not yet back to recent peak but recent dip also not near extreme pessimism territory pic.twitter.com/zNqUtwYUSf
— Liz Ann Sonders (@LizAnnSonders) September 8, 2023
Harold’s getting ready to try his luck again $IWM pic.twitter.com/kjSzMlEMwQ
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) September 8, 2023
Software ETF $IGV on track for highest weekly close since January 2022. pic.twitter.com/IjToWilrES
— Justin Spittler (@JSpitTrades) September 8, 2023
Coming up in the TTG Premarket Session
If Software $IGV is starting to outperform the $QQQ , what names in the space to we want to consider?
I will review $IGV / $QQQ chart pic.twitter.com/ps1FE6Y79C— Christian Fromhertz 🇺🇸 (@cfromhertz) September 8, 2023
A chart for Energy sector bulls, there’s been an exodus out of the ETF space over the last year. Flows not necessarily a signal, but a helpful sentiment data point to give some thought towards. pic.twitter.com/Up75dV4z1b
— Todd Sohn (@Todd_Sohn) September 8, 2023
This is the last 3 weeks on $BTC…… pic.twitter.com/ANTEX5z20W
— Michael Nauss, CMT, CAIA 🇨🇦 (@MichaelNaussCMT) September 8, 2023
It has been a sideways market for cryptocurrencies since mid-2022 😴#Bitcoin pic.twitter.com/qqmCoU21ch
— Alfonso Depablos (@AlfCharts) September 8, 2023
Count 'em. 1, 2, 3, 4, 5, 6, 7, 8 straight weeks of gains for the US Dollar Index.
Over the last 40 years, it's only happened two other times. $DXY pic.twitter.com/71am4MLpqY
— Austin Harrison, CFA, CMT (@meanstoatrend) September 8, 2023
The 10YR UST Yield has been consolidating nearly 11 months with a base size of 110bps and recently 4 straight weeks of sideways consolidation (handle?) below the oct 2022 high, 4.34%. pic.twitter.com/R5pVNLzGzU
— brian.joyce.nasdaq (@Nasdaqbjoyce) September 8, 2023
$USD near the highest level in 20 yrs$TNX at the highest level in 16 years
Fed SOMA reduced by more than $1 trillion since its peak in April 2022$SPX total return up more than 20% in the past year and 4% away from it's ATH pic.twitter.com/twy4lvEU8W— Urban Carmel (@ukarlewitz) September 8, 2023