Daily Chart Report 📈 Friday, September 1, 2023

September 1, 2023

Powered By:

Today’s Summary
Friday, September 1, 2023

Indices: Russell 2000 +1.11% | Dow +0.33% | S&P 500 +0.18% | Nasdaq -0.07%

Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +2.05%. Communications lagged, falling -0.93%.

Commodities: Crude Oil futures rose +2.30% to a nine-month high of $85.55 per barrel. Gold futures inched higher by +0.06% to $1,967 per oz.

Currencies: The US Dollar Index gained +0.61% to a five-month high of $104.26.

Crypto: Bitcoin fell -0.52% to $25,798. Ethereum fell -1.03% to $1,629.

Interest Rates: The US 10-year Treasury yield rose to 4.181%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

The $SPX fell 1.8% in Aug after surging 19.5% YTD thru July. The 13 previous times SPX +>10% thru July &⬇️in Aug, it rose every time Sept-Dec by avg of 9.9%. Just one data point, but it supports the case that the Aug decline was a pullback within an ongoing uptrend. @NDR_RESEARCH pic.twitter.com/phypwypnA0
— Ed Clissold (@edclissold) September 1, 2023

Today’s Chart of the Day was shared by Ed Clissold (@edclissold). September has historically been the worst month of the year for the S&P 500. However, any potential weakness this month could end up being a good buying opportunity if history is any guide. Ed points out that when the S&P 500 has been up +10% or more through July, the final four months of the year have always been positive, by an average of +9.9%. Of course, history is under no obligation to repeat itself, but it does tell us strength tends to beget strength.

Quote of the Day

"Knowledge speaks, but wisdom listens."

– Jimi Hendrix

Trendlines > Headlines

https://youtu.be/iRel6qR_AoY

Check out the latest episode of Trendlines over Headlines!

This week, Market Wizard John Netto joins us to discuss the current market environment and his approach to trading.

Top Tweets

Hope you got some rest this week.

September starts tomorrow, and it's historically been the worst month of the year for stocks ⬇⬇⬇ pic.twitter.com/KxVJvpXyKa
— Callie Cox (@callieabost) August 31, 2023

September has historically been the worst month of the year for stocks. However, this weakness tends to occur from the second half of the month. pic.twitter.com/RhKOBnFbD4
— Alfonso De Pablos, CMT (@AlfCharts) September 1, 2023

Stock market performance in September ranks as the worst month of the year. However, if the VIX fell below 14 in August, the S&P 500 was higher 89% of the time over the next month. pic.twitter.com/ptsvSjeeOX
— Dean Christians, CMT (@DeanChristians) September 1, 2023

$VIX lowest weekly close since Jan 2020 pic.twitter.com/SFAt2hlVYb
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 1, 2023

More sectors continue to make golden cross signals with the total now up to nine, the most since the October lows. Only Utilities and Real Estate remain on death crosses. @NDR_Research pic.twitter.com/fX5fvLZeU2
— Rob Anderson (@_rob_anderson) September 1, 2023

money historically rotates into low volatility stocks when there is pressure on markets. They tend to avoid low volatility stocks when it's just a healthy correction within an ongoing uptrend for equities as an asset pic.twitter.com/bWmXS2VlEt
— J.C. Parets (@allstarcharts) September 1, 2023

Agg up 1.6% YTD, while high yield is up nearly 6%.

We've been saying all summer that this leadership from high yield isn't consistent with all those recession calls from economists wearing bowties.

They can have their yield curves, I'll follow credit. pic.twitter.com/RSsh2CvaoC
— Ryan Detrick, CMT (@RyanDetrick) September 1, 2023

Forget tech stocks…

French luxury stocks delivered 2X the returns over the last 30 years.

Impressive.$LVMHF $PPRUY $HESAY $CHDRY $MONRF $LRLCY pic.twitter.com/OsIApgHIY5
— Justin Spittler (@JSpitTrades) September 2, 2023

U.S. Dollar Index $DXY closed at 104.26, its highest close since May. Also had a textbook bounce off the 200D moving average as support this week. pic.twitter.com/WYmE2L0mzM
— Barchart (@Barchart) September 2, 2023

US 10yr yields are one of the most important charts to watch right now.

Today's big bullish reversal points to more upside next week and beyond.

Potentially big implications for the US dollar and indices.$DXY $DJIA pic.twitter.com/4MRWecySeV
— Matt Weller CFA, CMT (@MWellerFX) September 1, 2023

Don't look now, but crude oil made a new 2023 high today.

Okay, go ahead and look: pic.twitter.com/2GtvEOZw4B
— Bespoke (@bespokeinvest) September 1, 2023

#oil 🚀🌙? pic.twitter.com/NeKrupFM5Z
— Enrique Abeyta (@enriqueabeyta) September 1, 2023

Happy Birthday to @WarrenBuffett, holder of the most unbelievable investment stat in the world.

Berkshire stock could decline 99% and still be outperforming the S&P 500 since inception.

If it sounds unbelievable, go look it up (I had to).

via @ChrisBloomstran
— Meb Faber (@MebFaber) September 1, 2023

You’re all caught up now. Thanks for reading!

Filed Under:

Daily Chart Report,

Front Top Content,