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Today’s Summary
Monday, September 11, 2023
Indices: Nasdaq 100 +1.19% | S&P 500 +0.67% | Dow +0.25% | Russell 2000 +0.19%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, rising +2.69%. Energy was the only sector that closed lower, falling -1.31%.
Commodities: Crude Oil futures fell -0.25% to $87.29 per barrel. Gold futures rose +0.23% to $1,947 per oz.
Currencies: The US Dollar Index dropped -0.51% to $104.52.
Crypto: Bitcoin dropped -2.68% to $25,143. Ethereum dropped -4.18% to $1,549.
Interest Rates: The US 10-year Treasury yield rose to 4.294%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Keep it simple$SPY WEEKLY uptrend
drill down from there for entries and risk mgt pic.twitter.com/snL2FfAVze— Brian Shannon, CMT (@alphatrends) September 11, 2023
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). Brain reminds us that the S&P 500 ($SPY) continues to be in a Stage 2 uptrend. In the 1980s, legendary trader Stan Weinstein devised a straightforward way of looking at markets called Stage Analysis. This method classifies a trend into four distinct phases. Stage 1 is the bottoming phase, where price stabilizes and builds a base after a downtrend. The S&P 500 was in Stage 1 at the end of last year and the beginning of this year; however, it transitioned into Stage 2 this Spring when it began making higher highs. Stage 2 is the uptrend phase, the most profitable part of the trend, where price makes higher highs and higher lows. Stage 3 is the topping phase, where price begins to lose momentum before entering Stage 4, the downtrend phase.
Quote of the Day
“When things go badly, people become cautious. Then, their caution causes things to go well, and when things go well, they become incautious. I think that’s a forever cycle.”
– Howard Marks
Top Links
September Quarterly Options Expiration Treacherous, Week After Awful – Almanac Trader
Jeff Hirsch looks at how stocks have historically performed around September options expiration week (this week).
In this Market, Think Supply and Demand; Is Apple a Buy on This Dip? – StockCharts.com
Joe Duarte shares his perspective on Apple ($AAPL), Treasury Yields, Crude Oil, and breadth.
Commodities Provide More Than Just Information – All Star Charts
Ian Culley shares his perspective on Commodities.
Zooming In – Trading Adventures
Andy Moss highlights the importance of analyzing trends in multiple time frames.
Dreamforce Kick Off – Bespoke
Bespoke examines how Salesforce ($CRM) has historically performed before and after its annual Dreamforce event that begins tomorrow.
Top Tweets
$QQQ getting tight here.
Max pain is up. pic.twitter.com/aiHBspPSbo
— Justin Spittler (@JSpitTrades) September 11, 2023
#NQZ23, 4hr
Work of art. pic.twitter.com/rElT5AkSaR
— Yuriy Matso (@yuriymatso) September 11, 2023
Which one is it?$SPY $SPX pic.twitter.com/qKqG8AiYQf
— Jim Denholm, CMT (@denholm_jim) September 11, 2023
$IWM vs $SPY … fresh lows since early 2001 pic.twitter.com/sKOcNB1Prf
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 11, 2023
Large speculators’ net short bets on Russell 2000 increasing, with positioning now at most net short since February this year pic.twitter.com/yqmCVO91tY
— Liz Ann Sonders (@LizAnnSonders) September 11, 2023
A little rug pull there in energy $XLE pic.twitter.com/dvV1hFMsXI
— Michael Nauss, CMT, CAIA 🇨🇦 (@MichaelNaussCMT) September 11, 2023
energy $XLE stocks have been strong, but still recovering from the early year weakness… only 17.4% of stocks in #Stage2 uptrends… pic.twitter.com/IHQEDJK1wh
— David Cox, CMT, CFA (@DavidCoxRJ) September 11, 2023
The NASDAQ ran far more in the 12 years to 2021 than Japanese stocks did in the 12 years to their 1989 peak. pic.twitter.com/Q0zAr3XlZW
— Jeff Weniger (@JeffWeniger) September 11, 2023
#Tesla is up 1.4 #Volkswagen today! pic.twitter.com/74jpwJjLJ5
— jeroen blokland (@jsblokland) September 11, 2023
$AMZN is a must-watch this week as it makes another run at prior resistance
I still have it stuck in the neutral zone 🟡 but a move above ~144 gets it up into bullish territory 🟢 pic.twitter.com/TR3C5b3X2Z
— Grayson Roze (@GraysonRoze) September 11, 2023
I've heard ppl ask if interest rates are having an impact on stocks.
They are, but you have to look on a single-stock level
Just 59% of Russell 3000 stocks are *up* since October 14, even though the index itself is up 23% since then pic.twitter.com/Hw98hHBTXQ
— Callie Cox (@callieabost) September 11, 2023
According to historical seasonal trends, September is the worst month for #Bitcoin, with an average decline of -5.85% since 2011. pic.twitter.com/SjjvOk87k6
— Alfonso Depablos (@AlfCharts) September 11, 2023
Bitcoin – not encouraging at all pic.twitter.com/AJcsR5EG0V
— JasonLeavitt (@JasonLeavitt) September 11, 2023
Cattle Futures have once again closed at an all-time high. Steaks are going to be getting expensive! pic.twitter.com/YjFTkh8Brn
— Barchart (@Barchart) September 11, 2023