Daily Chart Report π Tuesday, September 5, 2023
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Todayβs Summary
Tuesday, September 5, 2023
Indices: Nasdaq +0.11% | S&P 500 -0.42% | Dow -0.56% | Russell 2000 -2.10%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +2.05%. Communications lagged, falling -0.93%.
Commodities: Crude Oil futures closed higher for the eighth day in a row, rising +1.37% to a nine-month high of $86.72 per barrel. Gold futures dropped -0.80% to $1,951 per oz.
Currencies: The US Dollar Index gained +0.62% to a five-month high of $104.79.
Crypto: Bitcoin was flat at $25,783. Ethereum inched higher by +0.26% to $1,634.
Interest Rates: The US 10-year Treasury yield rose to 4.268%.
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 Barchart (@Barchart). Crude Oil futures continued higher for the eighth consecutive session today, closing at a nine-month high of $86.69. It will be the longest winning streak in over four years if it rises again tomorrow. Last week was its best week since March, as it gained +7% and reclaimed a key area of resistance around $81-$83. The next apparent resistance level is another +7% higher, around $93. Crude Oil's +30% rise since mid-June has been a boon for Energy stocks. The Energy sector ($XLE) is up +12% in the second half of 2023, making it the best-performing sector by a wide margin. For comparison, the next best sector ($XLC) is up just +3% over the same period.
Quote of the Day
"People are trapped in history
and history is trapped in them."
β James Baldwin
Top Links
Three Reasons Stocks Might Shine in the Usually Weak September - Carson Group
Ryan Detrick explains why September may not be as bad as advertised.
September Technical Market Outlook - Grindstone Intelligence
Austin Harrison outlines some of the key developments to watch this month.
Don't Buy Stocks Until These 2 Signals Flash, Technical Analyst Says - Business Insider
Katie Stockton shares her technical outlook on the S&P 500.
Nasdaq 100 Signal Says Stocks Could Post Impressive Multi-Year Gains - Ciovacco Capital Management
Chris Ciovacco highlights a rare bullish signal from the Coppock Curve.
Technical Tuesday's π with The Chart Report - Twitter Spaces
In case you missed it, here's the recording from our Twitter Spaces earlier today. We discussed Crude Oil, Energy, Tech, and more!