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Today’s Summary
Tuesday, September 12, 2023
Indices: Russell 2000 +0.01% | Dow -0.05% | S&P 500 -0.57% | Nasdaq 100 -1.11%
Sectors: 3 of the 11 sectors closed higher. Energy led by a wide margin, rising +2.36%. Tech lagged, falling -1.81%.
Commodities: Crude Oil futures rose +1.78% to a 10-month high of $88.84 per barrel. Gold futures dropped -0.62% to $1,935 per oz.
Currencies: The US Dollar Index was flat at $104.54.
Crypto: Bitcoin rose +3.26% to $25,975. Ethereum gained +3.00% to $1,598.
Interest Rates: The US 10-year Treasury yield inched lower to 4.284%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Crude oil volatility index at multi-year lows. $OVX $USOIL $CL_F pic.twitter.com/YlVOmaHDlL
— Shane C. Murphy (@murphycharts) September 12, 2023
Today’s Chart of the Day was shared by Shane Murphy (@MurphyCharts). Crude Oil futures settled at a 10-month high of $88.84 per barrel today. Meanwhile, the Crude Oil Volatility Index ($OVX) closed at a three-year low. George Soros once famously said, “Short-term volatility is greatest at turning points and diminishes as a trend becomes established.” That’s exactly what’s going on with Crude Oil… It’s establishing an orderly uptrend. The path of least resistance is higher, and the next upside objective will be the October/November highs around $93 per barrel.
Quote of the Day
“Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.”
–Michael Steinhardt
Top Links
A Declining Number of Stocks are Outperforming the S&P 500 – Thrasher Analytics
Andrew Thrasher takes a unique look at market breadth.
What the Most Important Charts in the Stock Market are Telling Us Right Now – Investopedia
In this podcast, Katie Stockton and Caleb Silver discuss the most noteworthy technical developments across the markets.
Are Utilities Sending Ominous Message to Broader Market? – Kimble Charting Solutions
Chris Kimble examines the weakness in the Utilities sector and what it could mean for the broader market.
Looks Like a Strong Rotation to The Leading RRG Quadrant is Around the Corner for Three Sectors – StockCharts
Julius de Kempenaer points out that Tech, Discretionary, and Communications could reassert their leadership in the near term.
Stock Market Is In Trouble, Says Technician Who Predicted Rally | Milton Berg – Blockworks Macro
Milton Berg shares his thoughts on the current market environment.
Top Tweets
Both ATR and BBand Width are tanking. Things are getting tight. $SPY pic.twitter.com/FO6gqO7W7S
— Michael Nauss, CMT, CAIA 🇨🇦 (@MichaelNaussCMT) September 12, 2023
#NQ_F, 1d
The big move is coming… pic.twitter.com/PLthLzZNlp
— Yuriy Matso (@yuriymatso) September 12, 2023
Berkshire Hathaway $BRK.B just closed at new all-time highs today. Price needs to hold ~362.50 to confirm the base breakout. pic.twitter.com/SDTGWosCig
— Alfonso Depablos (@AlfCharts) September 12, 2023
Why you should care about Apple’s launch event today
(even if you’re not an Apple investor or tech nerd)$AAPL
🍎⬇️⬇️⬇️ pic.twitter.com/zlhzlWJWKn
— Callie Cox (@callieabost) September 12, 2023
Bringing back an old favorite… top 5 SPY weights scored a new high at the end of August. pic.twitter.com/rFAP4I2px9
— Todd Sohn (@Todd_Sohn) September 12, 2023
Lots of focus on Apple given largest company in S&P 500 … it has underperformed broader market for 3 consecutive months, which last happened near end of 2020
[Past performance is no guarantee of future results; individual stock shown for illustration purposes] pic.twitter.com/LCEkr5MJx0
— Liz Ann Sonders (@LizAnnSonders) September 12, 2023
$ORCL bulls didn't see this coming. Worst sesh since 2002 pic.twitter.com/6HrPMX4THS
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 12, 2023
After turning positive in February, #Bitcoin now experiencing a dark cross and in a negative trend. Generally, good things happen in uptrends, bad things happen in downtrends. pic.twitter.com/hB0o8H27fs
— RenMac: Renaissance Macro Research (@RenMacLLC) September 12, 2023
#CRUDE #OIL headed to next strong resistance at $94 pic.twitter.com/CrCgkTbEFW
— Aksel Kibar, CMT (@TechCharts) September 12, 2023
Monthly chart of crude – reminder of the last undeveloped area (above 125)…previous undeveloped areas have all been repaired (Rectangle boxes). pic.twitter.com/fQ2JatwoWq
— Linda Raschke (@LindaRaschke) September 12, 2023
It looks like the chase is on in uranium. $URA $CCJ #SPUT #Uranium #Nuclear pic.twitter.com/tF2Iz7BmZZ
— Greg Rieben (@gregrieben) September 12, 2023
Steak, Eggs, Rice, Sugar, and Orange Juice may no longer be affordable but at least we have Corn which is approaching price levels not seen since 2020 pic.twitter.com/LfBMCdktgo
— Barchart (@Barchart) September 12, 2023
see you tomm 😐☕️☕️🥃 pic.twitter.com/mtjb9C5MBC
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) September 12, 2023