Daily Chart Report π Wednesday, September 27, 2023
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Todayβs Summary
Wednesday, September 27, 2023
Indices: Russell 2000 +0.98% | Nasdaq +0.24% | S&P 500 +0.02% | Dow -0.20%
Sectors: 4 of the 11 sectors closed higher. Energy led, rising +2.49%. Utilities lagged, dropping -1.92%.
Commodities: Crude Oil futures had their best day in three months, rising +3.64% to a new 52-week high of $93.68 per barrel. Gold futures slid -1.51% to a six-month low of $1,891 per oz.
Currencies: The US Dollar Index rose +0.45% to its highest level since November at $106.65.
Crypto: Bitcoin gained +0.58% to $26,361. Ethereum inched higher by +0.26% to $1,597.
Volatility: The Volatility Index fell -3.80% to 18.21.
Interest Rates: The US 10-year Treasury yield rose to a new multi-year high of 4.610%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Hammer time$SPX pic.twitter.com/MkMfL1pb3V
β David Rath, CMT, CFA (@DJwrath) September 27, 2023
Todayβs Chart of the Day was shared by David Rath (@DJwrath). The S&P 500 was unchanged today (+0.02%) but closed +0.85% off the day's lows. David points out that today's intraday rally formed a hammer candle, at a key trendline. This rising trendline has been in place for nearly a year as it connects the October/March intraday lows. Hammer candles often indicate a bullish reversal, but price will need to follow through higher tomorrow for confirmation. RSI (lower pane) closed at 30.50 today, avoiding what would've been its first oversold reading (below 30) since last September. The next task for the bulls is reclaiming the August 2022 highs, around 4,300.
Quote of the Day
"When you're in a major market downturn,
the beta eats the alpha."
β Jeff Gundlach
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
Virtual Chart Summit 2023 - StockMarket TV
Catch up on all of the presentations from Chart Summit 2023.
October Almanac: Bear-Killer, Bargain Month, Turnaround Month - Alamanc Trader
Jeff Hirsch gives an overview of October seasonality.
Stock Market Analysis Sept 27, 2023 - AlphaTrend.net
In this video, Brian Shannon analyzes recent price action and lays out some key levels to watch in the near term.
History Suggests Stock Weakness Could Be Ahead - Schaeffer's Investment Research
Rocky While examines how the S&P 500 has historically performed after a two-day drop of -2.5% or more.