Daily Chart Report π Tuesday, September 26, 2023
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Todayβs Summary
Tuesday, September 26, 2023
Indices: Dow -1.14% | Russell 2000 -1.27% | S&P 500 -1.47% | Nasdaq -1.51%
Sectors: All 11 sectors closed lower. Energy led, but still fell -0.58%. Utilities lagged, dropping -2.99%.
Commodities: Crude Oil futures rose +0.79% to $90.39 per barrel. Gold futures dropped -0.87% to $1,920 per oz.
Currencies: The US Dollar Index rose +0.22% to its highest level since November at $106.18.
Crypto: Bitcoin fell -0.34% to $26,208. Ethereum rose +0.31% to $1,593.
Volatility: The Volatility Index rose +12.08% to 18.93.
Interest Rates: The US 10-year Treasury yield was flat at 4.536%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Brian Shannon (@alphatrends). The S&P 500 ($SPY) fell -1.47% today, closing at a three-month low. Price is searching for support after violating the August 2022 highs. We're currently testing the Volume Weighted Average Price (AVWAP) anchored to the March low (green, $426). If $SPY can't stabilize here, Brian points out that there's a much more solid support level, around $420-$417. This level represents a confluence of the 200-day moving average, the YTD AVWAP, and the 38.2% Fibonacci retracement of the rally off the October lows. Also, $420-$417 was a major resistance level between May '22 and May '23. You'd expect this former resistance level to act as support, given it hasn't been tested since the breakout. If price can't hold such a well-reinforced level, it would confirm that this is more than just a healthy correction during a seasonally weak period.
Quote of the Day
βWhen the time comes to buy,
you won't want to.β
β Walter Deemer
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
Wake Me Up When September Ends - Grindstone Intelligence
Austin Harrison examines how the market has fared this month amid seasonal headwinds and rising yields.
Most Important Chart of 2023 - All Star Charts
JC Parets looks at the relationship between Crude Oil and Interest Rates.
Technical Tuesdays π with The Chart Report - Twitter Spaces
In case you missed it, here's the recording of our discussion on Twitter Spaces from earlier today.
FAANG Is Dead. Here's Why - The Rotation Report
Aaron Jackson shares his thoughts on the relationship between Growth Stocks and Yields.
Ten Things to Know About a Government Shutdown - Carson Research
Ryan Detrick highlights some stats about how the S&P 500 has historically performed around government shutdowns.
Chart Summit is back and better than everβ¦
We have an amazing lineup planned for you this year, with some of the best technicians sharing their ideas and market insight.
Plus, Iβll be presenting on Wednesday afternoon β and Iβd love for you to check it out.