Daily Chart Report ๐ Friday, September 8, 2023
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Todayโs Summary
Friday, September 8, 2023
Indices: Dow +0.22% | S&P 500 +0.14% | Nasdaq +0.14% | Russell 2000 -0.23%
Sectors: 7 of the 11 sectors closed higher. Energy led, rising +0.97%. Real Estate lagged, falling -0.65%.
Commodities: Crude Oil futures gained +0.74% to $87.51 per barrel. Gold futures were flat for the second day at $1,943 per oz.
Currencies: The US Dollar Index was flat, but closed higher for the eighth consecutive week, and continues to trade at a five-month high of $105.05.
Crypto: Bitcoin fell -1.30% to $25,905. Ethereum fell -0.73% to $1,636.
Interest Rates: The US 10-year Treasury yield rose to 4.268%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by John Roque (@daChartLife). While the popular Semiconductor ETF ($SMH) broke out to record highs earlier this year, the Semiconductor Index ($SOX) never officially cleared its December 2021 peak. Instead, $SOX has formed a potential double top on an absolute and relative basis. John points out that $SOX is below a declining 10-week moving average (red), and momentum (MACD) has begun to roll over. It's down roughly -7.5% from its July 31st peak and -11.7% from its all-time highs. Semiconductors led in the first half of 2023, but $SOX is at risk of falling another -10% before reaching potential support at its 40-week moving average (green).
Quote of the Day
โPerfection is not attainable,
but if we chase perfection
we can catch excellence.โ
โ Vince Lombardi
Top Links
Will Semiconductors (SMH) Double Top Take Stocks Down? - Kimble Charting Solutions
Chris Kimble looks at a potentially bearish pattern in Semiconductors ($SMH).
Breaking Down the Breakout in Oil - LPL Financial Research
Adam Turnquist examines the outlook for Crude Oil after its recent pop.
Stock Market Analysis 9/8/23 - AlphaTrends
Brian Shannon reviews this week's price action and lays out some key levels to be aware of next week.
Reasons to Care About the Percentage of Stocks Above their 200-Day Moving Averages - East Coast Charts
Louis Spector tests a popular breadth indicator, proving it can be an effective timing tool.
Top Tweets
Harold's getting ready to try his luck again $IWM pic.twitter.com/kjSzMlEMwQ
โ Arun S. Chopra CFA CMT๐ง (@FusionptCapital) September 8, 2023