Daily Chart Report π Wednesday, September 6, 2023
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Todayβs Summary
Wednesday, September 6, 2023
Indices: Russell 2000 -0.33% | Dow -0.57% | S&P 500 -0.70% | Nasdaq -0.88%
Sectors: 2 of the 11 sectors closed higher. Utilities led, rising +0.23%. Tech lagged, falling -1.06%.
Commodities: Crude Oil futures continued higher for the ninth consecutive day, rising +0.98% to a nine-month high of $87.54 per barrel. Gold futures dropped -0.43% to $1,944 per oz.
Currencies: The US Dollar Index was little changed (+0.05%), and continues to trade at a five month high of $104.84.
Crypto: Bitcoin was flat at $25,748. Ethereum was also flat at $1,632.
Interest Rates: The US 10-year Treasury yield rose to 4.284%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Jay Kaeppel (@jaykaeppel). The Technology sector ETF ($XLK) is flirting with its former highs (around $175) as it attempts to reemerge from a multi-year base. Jay points out that it's entering a period of seasonal weakness as it tests this crucial level. Michael Santoli once said, "Seasonality is climate, not weather." In other words, seasonality is never guaranteed to work, but valuable information can be gleaned even when it fails. If $XLK moves higher despite this seasonal headwind, it will tell us the underlying bid for Tech is unusually strong.
Quote of the Day
"There are no good or bad stocks,
only rising and falling stocks."
β Nicolas Darvas
Top Links
3 Charts to Prepare for the Fall - All Star Charts
JC Parets highlights three of the most important charts right now.
September Opens Typically Weak and Closes Weaker - Almanac Trader
Seasonality expert, Jeff Hirsch shares his take on the worst month of the year.
2% Moves are Back - Bespoke
Bespoke examines the number of days without a 2% move in the Russell 2000 and S&P 500.
This Bull Market is Still Alive and Well, Says Carson Groupβs Ryan Detrick - CNBC
Ryan Detrick discusses the positive developments for stocks.
High Yield Signal Does Not Align with Long Term Bearish Outcomes - Ciovacco Capital Management
Chris Ciovacco looks at what the action in High Yield Bonds could suggest for the S&P 500.