Daily Chart Report π Friday, September 15, 2023
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Todayβs Summary
Friday, September 15, 2023
Indices: Dow -0.83% | Russell 2000 -1.05% | S&P 500 -1.22% | Nasdaq 100 -1.75%
Sectors: All 11 sectors closed lower. Real Estate led but still fell -0.38%. Tech lagged, dropping -1.92%.
Commodities: Crude Oil futures continued higher by +0.68% to a 10-month high of $90.77 per barrel. Gold futures rose +0.69% to $1,946 per oz.
Currencies: The US Dollar Index was unchanged at $105.33, but closed higher for the ninth straight week.
Crypto: Bitcoin inched higher by +0.29% to $26,607. Ethereum gained +0.89% to $1,642.
Interest Rates: The US 10-year Treasury yield rose to 4.334%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Jeff Hirsch (@AlmanacTrader). The S&P 500 dropped -1.22% on Friday, but it was essentially flat this week (+0.16%). Everyone knows September has historically been the worst month for stocks, but the weakness doesnβt typically show up until the second half. As we enter the weaker half, Jeff points out that the major indices fared worse than usual in the better half of September. To understand why this could be a bearish omen for the second half of the month, weβll leave you with that quote from Edson Gould, βIf the market does not rally, as it should during bullish seasonal periods, it is a sign that other forces are stronger and that when the seasonal period ends those forces will really have their say.β
Quote of the Day
βTrading gives you an incredibly intense feeling of what life is all about.β
β Paul Tudor Jones
Top Links
Tech IPOs are Back! - All Star Charts
JC Parets shares his thoughts on recent price action.
Can the Dollar Recovery Continue? - LPL Financial Research
Adam Turnquist examines the relentless rally in the US Dollar Index.
Top Charts in the Consumer Staples Sector - Grindstone Intelligence
Austin Harrison shares a deep dive into the Consumer Staples sector.
ETFs and Markets with Todd Sohn - Strategas
Todd Sohn highlights several noteworthy technical developments across the markets.
Timeless Lessons From The Godfather of Technical Analysis - StockCharts
David Keller sits down with the Godfather of Technical Analysis, Ralph Acampora.
Top Tweets
$DBC commodities up 4 weeks in a row pic.twitter.com/CWIDVMbKHS
β Mike Zaccardi, CFA, CMT π (@MikeZaccardi) September 15, 2023