Daily Chart Report π Tuesday, September 12, 2023
Powered By:
Todayβs Summary
Tuesday, September 12, 2023
Indices: Russell 2000 +0.01% | Dow -0.05% | S&P 500 -0.57% | Nasdaq 100 -1.11%
Sectors: 3 of the 11 sectors closed higher. Energy led by a wide margin, rising +2.36%. Tech lagged, falling -1.81%.
Commodities: Crude Oil futures rose +1.78% to a 10-month high of $88.84 per barrel. Gold futures dropped -0.62% to $1,935 per oz.
Currencies: The US Dollar Index was flat at $104.54.
Crypto: Bitcoin rose +3.26% to $25,975. Ethereum gained +3.00% to $1,598.
Interest Rates: The US 10-year Treasury yield inched lower to 4.284%.
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 Shane Murphy (@MurphyCharts). Crude Oil futures settled at a 10-month high of $88.84 per barrel today. Meanwhile, the Crude Oil Volatility Index ($OVX) closed at a three-year low. George Soros once famously said, "Short-term volatility is greatest at turning points and diminishes as a trend becomes established.β That's exactly what's going on with Crude Oil... It's establishing an orderly uptrend. The path of least resistance is higher, and the next upside objective will be the October/November highs around $93 per barrel.
Quote of the Day
"Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake."
βMichael Steinhardt
Top Links
A Declining Number of Stocks are Outperforming the S&P 500 - Thrasher Analytics
Andrew Thrasher takes a unique look at market breadth.
What the Most Important Charts in the Stock Market are Telling Us Right Now - Investopedia
In this podcast, Katie Stockton and Caleb Silver discuss the most noteworthy technical developments across the markets.
Are Utilities Sending Ominous Message to Broader Market? - Kimble Charting Solutions
Chris Kimble examines the weakness in the Utilities sector and what it could mean for the broader market.
Looks Like a Strong Rotation to The Leading RRG Quadrant is Around the Corner for Three Sectors - StockCharts
Julius de Kempenaer points out that Tech, Discretionary, and Communications could reassert their leadership in the near term.
Stock Market Is In Trouble, Says Technician Who Predicted Rally | Milton Berg - Blockworks Macro
Milton Berg shares his thoughts on the current market environment.