Daily Chart Report π Thursday, September 28, 2023
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Todayβs Summary
Thursday, September 28, 2023
Indices: Russell 2000 +0.87% | Nasdaq +0.84% | S&P 500 +0.59% | Dow +0.35%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, rising +1.12%. Utilities lagged by a wide margin, dropping -2.16%.
Commodities: Crude Oil futures dropped -2.10% to $91.71 per barrel. Gold futures fell -0.65% to a six-month low of $1,891 per oz.
Currencies: The US Dollar Index dropped -0.49% to $106.13.
Crypto: Bitcoin rose +2.52% to $27,024. Ethereum gained +3.36% to $1,651.
Volatility: The Volatility Index fell -4.78% to 17.34.
Interest Rates: The US 10-year Treasury yield fell to 4.577%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Ian McMillan (@the_chart_life). Weβre witnessing the David vs. Goliath of Head & Shoulders patterns right now in the S&P 500. Ian points out that, in the process of filling the gap from June 8th, S&P 500 futures have formed what appears to be a small Head & Shoulders pattern (blue box). This 3-day H&S bottom will attempt to invalidate a much larger, and more obvious 3-month H&S top. A close above 4,350 would confirm a failure of the 3-month H&S top that everyone saw. As mentioned on Monday, failed patterns are often more powerful than successful ones. If David defeats Goliath ($SPX > 4,350), we could see a sharp reaction higher.
Quote of the Day
"More money has been lost reaching for yield than at the point of a gun."
β Raymond DeVoe Jr.
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
A Chart for the Ages - The Irrelevant Investor
Michael Batnick points out that money has continued to flow into Treasury Bonds ETFs despite their abysmal performance.
Why Stocks Should Rally in the Fourth Quarter - Carson Research
With one trading day left in Q3, Ryan Detrick explains why Q4 will likely be stronger.
S&P Tests Key Support - All Star Charts
Alfonso Depablos looks at some key levels in the S&P 500.
ETFs and Markets with Todd Sohn - Strategas
Todd Sohn highlights some key points about the current market environment in this video.
Virtual Chart Summit 2023 - StockMarket TV
Catch up on all of the presentations from Chart Summit 2023.