Daily Chart Report 📈 Thursday, September 14, 2023
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Today’s Summary
Thursday, September 14, 2023
Indices: Russell 2000 +1.40% | Dow +0.96% | S&P 500 +0.84% | Nasdaq 100 +0.82%
Sectors: All 11 sectors closed higher. Real Estate led, rising +1.82%. Health Care lagged, but still gained +0.32%.
Commodities: Crude Oil futures rose +1.85% to a 10-month high of $90.16 per barrel. Gold futures were flat at $1,933 per oz.
Currencies: The US Dollar Index rose +0.56% to a six month high of $105.34.
Crypto: Bitcoin rose +1.51% to $26,623. Ethereum gained +1.50% to $1,633.
Interest Rates: The US 10-year Treasury yield rose to 4.292%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
bigger question is how this coiled spring resolves... pic.twitter.com/sJZkNPAPQU
— Callum Thomas (@Callum_Thomas) September 14, 2023
Today’s Chart of the Day was shared by Callum Thomas (@Callum_Thomas). The S&P 500 reclaimed its 50-day moving average today. However, Callum points out that price continues to coil into a tight triangle pattern or pennant. These patterns feature rising support and falling resistance, and you can think of them like the tightening of a spring. When a spring gets tightened, potential energy builds until pressure is removed, and the energy is released. Similarly, as price tightens into a narrow range, potential energy builds for a strong resolution, higher or lower. These patterns typically resolve in the direction of the prevailing trend, which, in this case, is higher. Either way, the S&P 500 is nearing a decision point as we approach the apex.
Quote of the Day
"One market paradigm that I take exception to is Buy low and sell high. I believe far more money is made by buying high and selling at even higher prices."
– Richard Driehaus
Top Links
Coming in Hot! - Trading Adventures
Andy Moss reviews the price action we've had so far this week.
Bulls Slump While The Put/Call Ratio Surges - Bespoke
Bespoke breaks down the results of the latest AAII sentiment survey.
Here's Why Gas Prices are Heading Higher - All Star Charts
Ian Culley examines the outlook for Gasoline futures.
Macro Risk's John Kolovos Breaks Down the Technical Read in the Charts
John Kolovos shares his technical perspective on the current market environment.
Facts vs. Feelings Podcast - Carson Group
Here's an excellent discussion on the stock market and the economy with Ryan Detrick, Frank Cappelleri, Sonus Varghese, Sam Ro, and Paul Hickey.