Chart of the Day - Thursday, September 7, 2023

Today's Chart of the Day was shared by Aksel Kibar (@TechCharts). The US Dollar Index ($DXY) is on track to book an eight-week winning streak, its longest since 2014 when it rose for 12 consecutive weeks. It closed above $105 today for the first time since March, marking its highest level in nearly six months. Aksel points out that $DXY is approaching a potential inflection point around $105.5. This level acted as resistance in December, January, and March. Stock market bulls are hoping it will act as resistance once more, as Dollar strength continues to be a headwind for stocks and risk assets.