Powered By:
Today’s Summary
Friday, September 15, 2023
Indices: Dow -0.83% | Russell 2000 -1.05% | S&P 500 -1.22% | Nasdaq 100 -1.75%
Sectors: All 11 sectors closed lower. Real Estate led but still fell -0.38%. Tech lagged, dropping -1.92%.
Commodities: Crude Oil futures continued higher by +0.68% to a 10-month high of $90.77 per barrel. Gold futures rose +0.69% to $1,946 per oz.
Currencies: The US Dollar Index was unchanged at $105.33, but closed higher for the ninth straight week.
Crypto: Bitcoin inched higher by +0.29% to $26,607. Ethereum gained +0.89% to $1,642.
Interest Rates: The US 10-year Treasury yield rose to 4.334%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Mid-Sept Seasonal Market Peak
W/ Fed on sidelines, end-Q portfolio rebalancing & quarterly OpEx key forces driving market. DJIA up 0.53% in Sept on 9/14. S&P 500, NASDAQ, & R2K still red. Except for DJIA, Sept perf has been below average. Does not bode well for the 2nd half Sept pic.twitter.com/VW4hE6qGjz— Jeffrey A. Hirsch (@AlmanacTrader) September 15, 2023
Today’s Chart of the Day was shared by Jeff Hirsch (@AlmanacTrader). The S&P 500 dropped -1.22% on Friday, but it was essentially flat this week (+0.16%). Everyone knows September has historically been the worst month for stocks, but the weakness doesn’t typically show up until the second half. As we enter the weaker half, Jeff points out that the major indices fared worse than usual in the better half of September. To understand why this could be a bearish omen for the second half of the month, we’ll leave you with that quote from Edson Gould, “If the market does not rally, as it should during bullish seasonal periods, it is a sign that other forces are stronger and that when the seasonal period ends those forces will really have their say.”
Quote of the Day
“Trading gives you an incredibly intense feeling of what life is all about.”
– Paul Tudor Jones
Top Links
Tech IPOs are Back! – All Star Charts
JC Parets shares his thoughts on recent price action.
Can the Dollar Recovery Continue? – LPL Financial Research
Adam Turnquist examines the relentless rally in the US Dollar Index.
Top Charts in the Consumer Staples Sector – Grindstone Intelligence
Austin Harrison shares a deep dive into the Consumer Staples sector.
ETFs and Markets with Todd Sohn – Strategas
Todd Sohn highlights several noteworthy technical developments across the markets.
Timeless Lessons From The Godfather of Technical Analysis – StockCharts
David Keller sits down with the Godfather of Technical Analysis, Ralph Acampora.
Top Tweets
No happy Friday for US stocks! pic.twitter.com/2QeXFnBdd6
— jeroen blokland (@jsblokland) September 15, 2023
The S&P 500 has now declined in 13 of the last 15 triple witching days
Couple that with the fact that options volumes have more than doubled since 2019 and you've got an interesting lil narrative on your hands$SPX pic.twitter.com/TgJOGs2hfJ
— Callie Cox (@callieabost) September 15, 2023
$IWM – If you think S&P 500 MUST resolve soon look no further than the Russell 2000.
73 Weeks of Chop
Market doesn't care about our impatience. pic.twitter.com/KAxqJ394c0
— Larry Thompson (@HostileCharts) September 15, 2023
$IWM Probably one of the most important charts heading into next week…
Potential H&S on the 200sma and Y2D aVWAP with a volume gap below. 🫣 pic.twitter.com/JrkzstS5Hf
— TrendSpider (@TrendSpider) September 15, 2023
I'm not sure how much this market can rally with leading sectors starting to roll over.
Semis look like they are topping out.
Transportation stocks have been weak for a while now.$SMH $IYT pic.twitter.com/d0VlYLE5RF
— Greg Rieben (@gregrieben) September 15, 2023
If S&Ps were going to resolve this range lower, I would expect these lines to be trending down, not up pic.twitter.com/HPv78Ilypz
— J.C. Parets (@allstarcharts) September 15, 2023
$AMZN Amazon, one of the top holdings in $SPY and $QQQ, is currently set to print a higher weekly high above an upward sloping 200-week moving average. AMZN is up 2.90% for the week. pic.twitter.com/Jou0i8hvoq
— Chris Ciovacco (@CiovaccoCapital) September 15, 2023
Make it 9!
9 straight weeks of gains for the US Dollar index. 1997 and 2014 are the only other times we've seen it $DXY pic.twitter.com/dtgyjZo4Xw
— Austin Harrison, CFA, CMT (@meanstoatrend) September 15, 2023
$DBC commodities up 4 weeks in a row pic.twitter.com/CWIDVMbKHS
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 15, 2023
Brent crude accelerating rather quickly of late … 60-day rate of change (orange) fastest since April 2022
[Past performance is no guarantee of future results] pic.twitter.com/g0Ue4igX2B
— Liz Ann Sonders (@LizAnnSonders) September 15, 2023
TLT retest underway. Perhaps a double bottom, but obviously not an uptrend. 🤪 pic.twitter.com/9BM4jmRjOc
— Mark Ungewitter (@mark_ungewitter) September 15, 2023
When the edibles finally kick in.$MSOS #SAFEbanking pic.twitter.com/qOHdkR22WW
— Carl Quintanilla (@carlquintanilla) September 15, 2023