Daily Chart Report 📈 Monday, September 18, 2023
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Today’s Summary
Monday, September 18, 2023
Indices: Nasdaq 100 +0.15% | S&P 500 +0.07% | Dow +0.02% | Russell 2000 -0.69%
Sectors: 2 of the 11 sectors closed higher. Tech led, rising +0.27%. Real Estate lagged, dropping -1.66%.
Commodities: Crude Oil futures inched lower by -0.21% to $90.58 per barrel. Gold futures rose +0.37% to $1,953 per oz.
Currencies: The US Dollar Index fell -0.24% to $105.07.
Crypto: Bitcoin inched higher by +0.29% to $26,607. Ethereum gained +0.89% to $1,642.
Interest Rates: The US 10-year Treasury yield fell to 4.307%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri). Bulls and bears have been playing a game of chicken for nearly two months, with neither side in control. Volatility has seemingly vanished, and it’s been rare to see daily swings in the S&P 500 exceed +/-1%. Despite the calm tone, pressure is building for a meaningful resolution or trend in either direction. The S&P 500 continues to coil into a triangle pattern, or pennant as it’s also called. We’re getting closer to a decision point as we approach the apex. Frank points out that all that’s missing is a catalyst or headline to spark the powder keg. These narrowing patterns typically resolve in the direction of the underlying trend, but, we’re entering what has historically been the worst two weeks of the year for the S&P 500.
Quote of the Day
"There are no atheists in a foxhole, and there are no pure fundamentalists in a market correction."
– Josh Brown
Top Links
The Dirty Dozen - Bespoke
Bespoke examines the seasonal headwind in the final 12 days of September.
This is Still a Problem - All Star Charts
JC Parets share his thoughts on the current market environment.
A Big Inflection Point in QQQ Nears; Bond Yields Test Top of Key Trading Range - StockCharts.com
Joe Duarte points out that Stocks and Bond yields are at a fork in the road.
Is Nvidia’s Stock Price Forming Monster Bearish Reversal Pattern? - Kimble Charting Solutions
Chris Kimble highlights the recent weakness in Nvidia ($NVDA).
If You Are a Believer in Carvana, Maybe You Can Buy the Dip: Freedom Capital Markets’ Jay Woods - CNBC
Jay Woods shares his technical perspective on Carvana ($CVNA), Nvidia ($NVDA), and KB Homes ($KBH).