Daily Chart Report 📈 Thursday, September 14, 2023

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 Tweets

Daily Mkt Mood: Risk-On

1. Stocks close solidly higher
2. $SPX best day of September
3. $RTY bounces back off 200 DMA
4. Yields up, dollar up
5. Oil above $90

Markets support $ARM & $ARM boosts market, but potentially bearish ranges stay in play.#Fed is now the main event.
— Abigail Doolittle (@TheChartress) September 14, 2023

middle of the range. get comfortable. pic.twitter.com/eajVIkdEJf
— J.C. Parets (@allstarcharts) September 14, 2023

Seasonally, Sept. hasn't been a great month for equities, but we are starting that small period where stocks have done okay before going into the historically rough period at month-end. $SPX $SPY pic.twitter.com/9oiFuYc8GN
— Andrew Thrasher, CMT (@AndrewThrasher) September 14, 2023

🚨Some Crazy $VIX Stats:

*The $VIX just closed below 13 to end at the lowest level since January 2020.

*The $VIX has closed below the 200 dma (red line) for 123 straight trading days - the most since 2009.

*The $VIX is going on 118 straight trading days without having… pic.twitter.com/kiJBwHEl7X
— Jesse Cohen (@JesseCohenInv) September 14, 2023

Today was the 8th day in a row with new lows > new highs and the S&P 500 moving less than 1%. That’s the longest stretch since 2018 and fifth longest in the past quarter century.

Persistently quiet weakness is a market anomaly. pic.twitter.com/9vxd1GEDbh
— Willie Delwiche, CMT, CFA (@WillieDelwiche) September 14, 2023

Crude Oil closed above $90 a barrel for the first time since last November and is now 12% higher on the year. pic.twitter.com/ovplkYtzIW
— Charlie Bilello (@charliebilello) September 14, 2023

$DXY highest since early May.
Stocks seem ok with that. Small caps +1.2% today. pic.twitter.com/MuRxlaDlsL
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 14, 2023

Monster rally in the US dollar index $DXY today - bulls eyeing up the YTD high near 105.65 as we move through the middle of the month pic.twitter.com/qlqGQCD7rC
— Matt Weller CFA, CMT (@MWellerFX) September 14, 2023

Highest correlation for Crude and US Dollar in 20+ years. Not too often these assets move in the same direction for an extended period of time...$CL_F $DXY pic.twitter.com/nFPH7ln5qK
— Ian McMillan, CMT (@the_chart_life) September 14, 2023

pic.twitter.com/jcSAwIiEH2
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) September 14, 2023

You’re all caught up now. Thanks for reading!

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Daily Chart Report 📈 Thursday, September 14, 2023

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