Daily Chart Report π Friday, September 22, 2023
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Todayβs Summary
Friday, September 22, 2023
Indices: Nasdaq +0.05% | S&P 500 -0.23% | Russell 2000 -0.30% | Dow -0.31%
Sectors: 2 of the 11 sectors closed lower. Technology led, gaining +0.21%. Consumer Discretionary lagged, falling -0.98%.
Commodities: Crude Oil futures rose +0.45% to $90.03 per barrel. Gold futures gained +0.31% to $1,946 per oz.
Currencies: The US Dollar Index rose +0.19% to $105.58, and closed higher for the 10th straight week.
Crypto: Bitcoin was flat at $26,581. Ethereum rose +0.59% to $1,593.
Interest Rates: The US 10-year Treasury yield fell to 4.436%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). Micro Caps ($IWC) remain in a bear market, down -36.5% from the March 2021 peak. Willie points out that $IWC just booked its lowest weekly close in nearly three years. It hasnβt made new lows on a daily closing basis yet, but itβs getting awfully close. Itβs currently testing a major support level, around $100. Not only is this an important psychological level, but it also represents the pre-covid highs and has acted as support several times in the past year. Generally speaking, the more times a level is tested, the more likely it is to fail. If $IWC breaks down here, it would be a major red flag for the broader market.
Quote of the Day
βDo more than you are being paid to do, and youβll eventually be paid more for what you do.β
βZig Ziglar
Trendlines > Headlines
https://youtu.be/nqKLThqGwAU?si=0ims5fxKj4ujU7tw
This week, we sat down with one of the most respected sell-side technicians, John Kolovos, of Macro Risk Advisors. We discuss the outlook for Stocks, Bonds, Commodities, and more!
Top Links
Assessing the Damage of the Latest Pullback β LPL Financial Research
Adam Turnquist looks at how the S&P 500 is holding up amid the recent volatility.
Low Volatility Streak Ends After 102 Days β Whatβs Next? β Almanac Trader
Jeff Hirsch examines what has historically happened after the S&P 500 ends a streak of 100 days or more without a -1.5% decline.
King Dollar is Back β Grindstone Intelligence
Austin Harrison highlights the relentless rally in the US Dollar Index.
100, 99, 98, 97β¦ β Bespoke
Bespoke looks at how the S&P 500 has historically performed in the final 100 trading days of a year.
Fill The Gap Episode Thirty-Two, with Ari Wald, CMT, CFA β CMT Association
In this podcast, David Lundgren and Tyler Wood sit down with Ari Wald, head of Technical Analysis at Oppenheimer & Co.
Top Tweets
Since October: the S&P is up 21%, while the Russell is up just 5%.
In the past, small caps have beaten large by a wide margin in the first year of a bull.
Iβm talking like an average of 28 percentage points.
Smallsβ breakdown could be the biggest threat to this bull pic.twitter.com/c8lrxRlHfw
β Callie Cox (@callieabost) September 22, 2023
Youβre all caught up now. Thanks for reading!