Daily Chart Report π Tuesday, September 19, 2023
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Todayβs Summary
Tuesday, September 19, 2023
Indices: Nasdaq 100 -0.22% | S&P 500 -0.22% | Dow -0.31% | Russell 2000 -0.42%
Sectors: 2 of the 11 sectors closed higher. Health Care led, inching higher by just +0.08%. Energy lagged, falling -0.93%.
Commodities: Crude Oil futures inched lower by -0.11% to $90.48 per barrel. Gold futures were flat at $1,954 per oz.
Currencies: The US Dollar Index inched higher by +0.13% to $105.21.
Crypto: Bitcoin rose +1.66% to $27,214. Ethereum gained +0.36% to $1,644.
Interest Rates: The US 10-year Treasury yield rose to 4.361% - its highest since 2007.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Jake Wujastyk (@Jake_Wujastyk). The US Dollar Index ($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. Itβs testing 10-month resistance at $105, while momentum has started to wane. The S&P 500 has stalled since the Dollar reversed higher at the end of July. However, itβs held up fairly well considering its inverse relationship with the Dollar in recent years.
Quote of the Day
"Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market."
β Ron Chernow
Top Links
100 Trading Days and Counting Without S&P 500 Daily Loss of 1.5% or More - Almanac Trader
Jeff Hirsch examines how the S&P 500 has historically performed after going 100 days without a daily loss of 1.5% or more.
The Stock Market Just Entered its Weakest 10-day Stretch of the Year - Business Insider
Stephen Suttmeier shares some stats on the weakness that has historically occurred in the final two weeks of September.
Two Key Groups Take a Turn for the Worse - StockCharts
Arthur Hill examines the recent weakness in Retail ($XRT) and Regional Banks ($KRE).
Most Important Trend on Earth? - All Star Charts
JC Parets highlights the resurgence in Commodities.
Crude Oil & Breakeven Inflation: What Gives? - TradingView
Mike Zaccardi looks at the relationship between Crude Oil and breakeven inflation rates.