Daily Chart Report ๐ Wednesday, September 20, 2023
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Todayโs Summary
Wednesday, September 20, 2023
Indices: Dow -0.22% | Russell 2000 -0.90% | S&P 500 -0.94% | Nasdaq 100 -1.46%
Sectors: 4 of the 11 sectors closed higher. Real Estate led, inching higher by +0.19%. Technology lagged, falling -1.57%.
Commodities: Crude Oil futures fell -0.91% to $89.66 per barrel. Gold futures gained +0.69% to $1,967 per oz.
Currencies: The US Dollar Index inched higher by +0.12% to $105.33.
Crypto: Bitcoin inched lower by -0.32% to $27,128. Ethereum fell -1.28% to $1,622.
Interest Rates: The US 10-year Treasury yield rose to 4.411% - its highest since 2007.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by John Roque (@daChartLife). The S&P 500 appears to be resolving lower out of a narrowing pattern, as it violated the lower bounds of the pattern today. This pattern suggested that pressure was building for a large move, or trend, in either direction. John points out that todayโs action opens the door for a -4.5% drop to support at 4,200. It would make a lot of sense to revisit 4,200, or โThe Mendoza Line,โ as John calls it. 4,200 coincides with the 200-day moving average, and itโs come into play numerous times over the past two years. Remember, weโre in the midst of what has historically been the worst two weeks of the year for the S&P 500.
Quote of the Day
โBe who you are and say what you feel, because those who mind don't matter, and those who matter don't mind.โ
โ Ron Chernow
Top Links
Another Powell Fed Day Sees Stocks Tank Into the Close - Bespoke
Bespoke points out that today's intraday price action in the S&P 500 was exactly what you'd expect from a Fed Day.
Stock Market Analysis September 20 2023 Alphatrends Anchored VWAP - Alphatrends
Brian Shannon analyzes recent price action and identifies some key levels to pay attention to in the remainder of the week.
What Recent Oil Spikes Could Mean for Stocks - Schaeffer's Investment Research
Rocky White examines how Crude Oil and the S&P 500 have historically fared after a +30% spike in Oil prices.
Is 11-Year Cycle Signaling Gold and Silver Miners Rally? - Kimble Charting Solutions
Chris Kimble looks at what could be next for Precious Metals.