Daily Chart Report π Monday, September 11, 2023
Powered By:
Todayβs Summary
Monday, September 11, 2023
Indices: Nasdaq 100 +1.19% | S&P 500 +0.67% | Dow +0.25% | Russell 2000 +0.19%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, rising +2.69%. Energy was the only sector that closed lower, falling -1.31%.
Commodities: Crude Oil futures fell -0.25% to $87.29 per barrel. Gold futures rose +0.23% to $1,947 per oz.
Currencies: The US Dollar Index dropped -0.51% to $104.52.
Crypto: Bitcoin dropped -2.68% to $25,143. Ethereum dropped -4.18% to $1,549.
Interest Rates: The US 10-year Treasury yield rose to 4.294%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Brian Shannon (@alphatrends). Brain reminds us that the S&P 500 ($SPY) continues to be in a Stage 2 uptrend. In the 1980s, legendary trader Stan Weinstein devised a straightforward way of looking at markets called Stage Analysis. This method classifies a trend into four distinct phases. Stage 1 is the bottoming phase, where price stabilizes and builds a base after a downtrend. The S&P 500 was in Stage 1 at the end of last year and the beginning of this year; however, it transitioned into Stage 2 this Spring when it began making higher highs. Stage 2 is the uptrend phase, the most profitable part of the trend, where price makes higher highs and higher lows. Stage 3 is the topping phase, where price begins to lose momentum before entering Stage 4, the downtrend phase.
Quote of the Day
βWhen things go badly, people become cautious. Then, their caution causes things to go well, and when things go well, they become incautious. I think that's a forever cycle.β
β Howard Marks
Top Links
September Quarterly Options Expiration Treacherous, Week After Awful - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed around September options expiration week (this week).
In this Market, Think Supply and Demand; Is Apple a Buy on This Dip? - StockCharts.com
Joe Duarte shares his perspective on Apple ($AAPL), Treasury Yields, Crude Oil, and breadth.
Commodities Provide More Than Just Information - All Star Charts
Ian Culley shares his perspective on Commodities.
Zooming In - Trading Adventures
Andy Moss highlights the importance of analyzing trends in multiple time frames.
Dreamforce Kick Off - Bespoke
Bespoke examines how Salesforce ($CRM) has historically performed before and after its annual Dreamforce event that begins tomorrow.