Chart of the Day - Tuesday, September 19, 2023

Today’s Chart of the Day was shared by Jake Wujastyk (@Jake_Wujastyk). The US Dollar Index ($DXY) is on track to snap its nine-week winning streak. $DXY has only had four other nine-week winning streaks in its history. Three of the four streaks ended after nine weeks, while the record streak in 2014 lasted another three weeks. Winning streaks are trivial, but Jake points out that $DXY looks due for some pause. It's testing 10-month resistance at $105, while momentum has started to wane. The S&P 500 has stalled since the Dollar reversed higher at the end of July. However, it's held up fairly well considering its inverse relationship with the Dollar in recent years.