Daily Chart Report π Friday, September 1, 2023
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Todayβs 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
Todayβs 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."
β 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 Links
September Spoiler - LPL Financial Research
Adam Turnquist examines the outlook for the S&P 500 in September.
Stock Market Analysis AlphaTrends Anchored VWAP - AlphaTrends
Brian Shannon breaks down this week's price action and lays out some key levels to watch next week.
Ready for Higher Oil Prices??? - All Star Charts
JC Parets highlights the strength in Crude Oil and Energy stocks.
New Stock Signals Say Long-Term Opportunity for Investors - Ciovacco Capital Management
Chris Ciovacco shares some noteworthy charts that point to a new bull market.
Tuesday After Labor Day - DJIA and S&P 500 Down Six Straight - Almanac Trader
Jeff Hirsch looks at how the major indices have performed on the day after Labor Day.