Chart of the Day - Friday, September 29, 2023

Today’s Chart of the Day was shared by Austin Harrison (@meanstoatrend). The US Dollar Index ($DXY) rose +0.54% this week, marking an 11-week winning streak. This is the second-longest weekly winning streak in the history of the US Dollar Index, but it will attempt to tie the record 12-week streak from 2014 next week. While winning streaks are mostly trivial, $DXY also notched its highest weekly close in 10 months. It's currently testing the AVWAP from the September '22 peak, but it's comfortably above $105, which was resistance from the January/March highs. Stock market bulls hope $DXY will find resistance soon, as strength from the Dollar (and yields) was a major headwind for them in Q3.