Daily Chart Report 📈 Thursday, September 7, 2023

September 7, 2023

Powered By:

Today’s Summary
Thursday, September 7, 2023

Indices: Dow +0.17% | S&P 500 -0.32% | Nasdaq -0.73% | Russell 2000 -0.99%

Sectors: 5 of the 11 sectors closed higher. Utilities led, rising +1.31%. Tech lagged, falling -1.45%.

Commodities: Crude Oil futures snapped a nine-day winning streak, falling -0.77% to $86.87 per barrel. Gold futures were flat at $1,943 per oz.

Currencies: The US Dollar Index rose +0.20% to a five-month high of $105.05.

Crypto: Bitcoin rose +1.93% to $26,245. Ethereum gained +0.96% to $1,648.

Interest Rates: The US 10-year Treasury yield fell to 4.248%.

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

Chart of the Day

$DXY is getting closer to a strong resistance. pic.twitter.com/9Oi6id7UNf
— Aksel Kibar, CMT (@TechCharts) 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 12 consecutive weeks. It's 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 has been a headwind for stocks and risk assets.

Quote of the Day

“I would like to see more volatility in the markets. Small shocks remind us that a bigger shock might occur. And, we protect ourselves to some extent.”

– Myron Scholes

Top Tweets

$DJI holding just right above that ascending trendline support level - How delicate! pic.twitter.com/AYMc2Vhn34
— Dash, CMT, CFP (@Dash_charts) September 7, 2023

9 of the 11 SPDR Sector ETFs beat the $SPX today, with only $XLK & $XLY underperforming (dragged down by $AAPL & $NVDA, and $TSLA & $AMZN). Using our custom breadth feature, 67% of stocks beat the index today (29.2% on a YTD basis). pic.twitter.com/kugNmgbYmo
— Optuma (@Optuma) September 6, 2023

$AAPL's 6.6% 2-day drop is very normal pic.twitter.com/lQjNsEBypO
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 7, 2023

Despite all the accolades heaped on $AAPL the past 12 months, celebrating its stellar performance, the stock actually has been underperforming the S&P 500 Information Technology Sector for 11 months and counting.

We remain sellers of Apple.

Website: https://t.co/RRxJAeLcgO pic.twitter.com/GA9FePPkeg
— Carter Braxton Worth (@CarterBWorth) September 7, 2023

Here is TECH in Equal-weighted terms vs Equal-weighted S&P- This goes against the popular narrative of a Tech Wreck- Tech has done phenomenally well since 8/18 & broke out vs S&P heading into Sept $RSPT vs $RSP pic.twitter.com/Brd2AcY4x0
— Mark Newton CMT (@MarkNewtonCMT) September 7, 2023

Here is Technology relative to the S&P500 approaching those former Tech Bubble highs from March 2000. But Tech still needs over 10% relative appreciation to get back up there. Still no where near those former highs pic.twitter.com/2VoU68DhUW
— J.C. Parets (@allstarcharts) September 7, 2023

$VALUG also continues to bumble around in a sea of nothingness... pic.twitter.com/gRcWxCjMOP
— Ian McMillan, CMT (@the_chart_life) September 7, 2023

#Bitcoin continues to look ready for a big upside move. pic.twitter.com/UYdQcjbzJQ
— Jake Wujastyk (@Jake__Wujastyk) September 7, 2023

Crude oil snapped a nine-day winning streak today, the longest since early 2019.

Read more in tonight's Closer: https://t.co/DdMxfoj1ZX pic.twitter.com/U29Jfm7yHa
— Bespoke (@bespokeinvest) September 7, 2023

Cattle Futures have soared to all-time highs pic.twitter.com/iLpCJLpI2x
— Barchart (@Barchart) September 7, 2023

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

Filed Under:

Daily Chart Report,

Front Top Content,

Daily Chart Report 📈 Thursday, September 7, 2023

Chart of the Day

Quote of the Day

Top Links

Top Tweets

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

Share Article