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Today’s Summary
Tuesday, September 26, 2023
Indices: Dow -1.14% | Russell 2000 -1.27% | S&P 500 -1.47% | Nasdaq -1.51%
Sectors: All 11 sectors closed lower. Energy led, but still fell -0.58%. Utilities lagged, dropping -2.99%.
Commodities: Crude Oil futures rose +0.79% to $90.39 per barrel. Gold futures dropped -0.87% to $1,920 per oz.
Currencies: The US Dollar Index rose +0.22% to its highest level since November at $106.18.
Crypto: Bitcoin fell -0.34% to $26,208. Ethereum rose +0.31% to $1,593.
Volatility: The Volatility Index rose +12.08% to 18.93.
Interest Rates: The US 10-year Treasury yield was flat at 4.536%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
If we see a bounce materialize in $SPY in this area I am hoping (market doesn't care) for a bounce to make a lower high and then come down to 420-417 area
Year-to-Date AVWAP (blue)
200 DMA
38.2 retrace of 22 low to 23 high
and prior resistance pic.twitter.com/Zqna9452H9— Brian Shannon, CMT (@alphatrends) September 26, 2023
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). The S&P 500 ($SPY) fell -1.47% today, closing at a three-month low. Price is searching for support after violating the August 2022 highs. We’re currently testing the Volume Weighted Average Price (AVWAP) anchored to the March low (green, $426). If $SPY can’t stabilize here, Brian points out that there’s a much more solid support level, around $420-$417. This level represents a confluence of the 200-day moving average, the YTD AVWAP, and the 38.2% Fibonacci retracement of the rally off the October lows. Also, $420-$417 was a major resistance level between May ’22 and May ’23. You’d expect this former resistance level to act as support, given it hasn’t been tested since the breakout. If price can’t hold such a well-reinforced level, it would confirm that this is more than just a healthy correction during a seasonally weak period.
Quote of the Day
“When the time comes to buy,
you won’t want to.”
– Walter Deemer
Trendlines > Headlines
This week, we sat down with one of the most respected sell-side technicians, John Kolovos, of Macro Risk Advisors. We discuss the outlook for Stocks, Bonds, Commodities, and more!
Top Links
Wake Me Up When September Ends – Grindstone Intelligence
Austin Harrison examines how the market has fared this month amid seasonal headwinds and rising yields.
Most Important Chart of 2023 – All Star Charts
JC Parets looks at the relationship between Crude Oil and Interest Rates.
Technical Tuesdays 📈 with The Chart Report – Twitter Spaces
In case you missed it, here’s the recording of our discussion on Twitter Spaces from earlier today.
FAANG Is Dead. Here’s Why – The Rotation Report
Aaron Jackson shares his thoughts on the relationship between Growth Stocks and Yields.
Ten Things to Know About a Government Shutdown – Carson Research
Ryan Detrick highlights some stats about how the S&P 500 has historically performed around government shutdowns.
Chart Summit is back and better than ever…
We have an amazing lineup planned for you this year, with some of the best technicians sharing their ideas and market insight.
Plus, I’ll be presenting on Wednesday afternoon — and I’d love for you to check it out.
Top Tweets
Whole lotta red for stocks today–90% of stocks in the S&P 500 finished lower & all sectors and industry groups were down. Yuck. pic.twitter.com/rI8vBCqc1l
— Liz Young (@LizYoungStrat) September 26, 2023
$SPX in full support discovery mode. pic.twitter.com/pYDGJu0aSA
— Frank Cappelleri (@FrankCappelleri) September 26, 2023
S&P large, mid, and small caps all below their August 2023 highs. pic.twitter.com/Wrq7e4fRgH
— Louis Spector, CMT (@EastCoastCharts) September 26, 2023
$DJIA $DIA pic.twitter.com/giUc1uIW1V
— Ian McMillan, CMT (@the_chart_life) September 26, 2023
The S&P 500 fell 1.5% today, the 22nd daily decline of 1% or more this yr. Seems like a lot but is actually quite normal (the average yr since 1928 has 30 such declines) and mild compared to what investors experienced in 2022 (63 large down days).
Post: https://t.co/YirjSCFuLH pic.twitter.com/aidnyc2vUN
— Charlie Bilello (@charliebilello) September 26, 2023
This year, the S&P 500 Index has closed 2% or more lower on just ONE occasion, February 21.
In 2022, we had 24 such days.#equities pic.twitter.com/yxJ0yVGMDd— jeroen blokland (@jsblokland) September 26, 2023
This year, the S&P 500 Index has closed 2% or more lower on just ONE occasion, February 21.
In 2022, we had 24 such days.#equities pic.twitter.com/yxJ0yVGMDd— jeroen blokland (@jsblokland) September 26, 2023
$XLE vs. $QQQ is probably the most important chart in the stock market right now. It's breaking out. What does that tell you? pic.twitter.com/PK94UCqZT6
— Caleb Franzen (@CalebFranzen) September 26, 2023
JUST IN: The U.S. Dollar Index has now climbed above 106 and is trading at its highest level since November. $DXY is going for its 11th consecutive green week which would be its longest weekly winning streak since 2014! pic.twitter.com/eURt4bcEEa
— Barchart (@Barchart) September 26, 2023
The average small-cap stock in the Russell 2,000 is now 33% below its 52-week high. Health Care, Communication Services, and Technology names are down even more. pic.twitter.com/Z330OcveAW
— Bespoke (@bespokeinvest) September 26, 2023
The S&P 500 equal-weight chart looks – pardon my French – rather fugly pic.twitter.com/Nr56IzL5my
— Florian Kronawitter (@fkronawitter1) September 26, 2023