Daily Chart Report π Wednesday, September 13, 2023
Powered By:
Todayβs Summary
Wednesday, September 13, 2023
Indices: Nasdaq 100 +0.38% | S&P 500 +0.12% | Russell 2000 -0.78% | Dow -0.20%
Sectors: 6 of the 11 sectors closed higher. Utilities led, rising +1.20%. Real Estate lagged, falling -1.01%.
Commodities: Crude Oil futures fell -0.36% to $88.52 per barrel. Gold futures inched lower by -0.13% to $1,933 per oz.
Currencies: The US Dollar Index rose +0.20% to $104.76.
Crypto: Bitcoin rose +1.48% to $26,226. Ethereum gained +0.93% to $1,608.
Interest Rates: The US 10-year Treasury yield fell to 4.254%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Gregory Krupinski (@G_krupins). Small Caps have continued to struggle, on an absolute and relative basis. The Russell 2000 ($IWM) closed at a two-month low today and a two-decade low relative to the S&P 500 ($IWM/$SPY). Greg points out that it's below the 200-day moving average for the first time since early June, violating the neckline of a potential head and shoulders pattern. The next major support level for $IWM is around $170, but that level has been tested numerous times in the past year.
Quote of the Day
"I measure what's going on, and I adapt to it. I try to get my ego out of the way. The market is smarter than I am, so I bend."
β Marty Zweig
Top Links
Stock Market Near Key Support Band - Ciovacco Capital Management
Chris Ciovacco highlights some key technical developments for stocks.
Tech Stocks Near Major Decision Point: Something Has To Give Soon! - Kimble Charting Solutions
Chris Kimble points out that Tech-related indices are trading deep into narrowing patterns.
Stock Market Video Analysis 9/13/23 - AlphaTrends
Brian Shannon breaks down recent price action and lays out some key levels to watch in the near term.
Sell Rosh Hashanah Buy Yom Kippur Sets Up - Almanac Trader
Jeff Hirsch examines the seasonal weakness between Rosh Hashanah and Yom Kippur.