Daily Chart Report π Thursday, September 21, 2023
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Todayβs Summary
Thursday, September 21, 2023
Indices: Dow -1.08% | Russell 2000 -1.56% | S&P 500 -1.64% | Nasdaq 100 -1.84%
Sectors: All 11 sectors closed lower. Health Care led, but still fell -0.87%. Real Estate lagged, dropping -3.47%.
Commodities: Crude Oil futures were flat (-0.03%) at $89.63 per barrel. Gold futures dropped -1.40% to $1,940 per oz.
Currencies: The US Dollar Index ticked lower by just -0.06% to $105.38.
Crypto: Bitcoin dropped -2.08% to $26,563. Ethereum dropped -2.37% to $1,584.
Interest Rates: The US 10-year Treasury yield gapped higher to 4.496% - its highest since 2007.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Steve Strazza (@sstrazza). US Treasury yields accelerated higher across the curve today, with the 5-year, 10-year, and 30-year all closing at their highest in over a decade. Steve points out that the 10-year yield ($TNX) formed what's known as a Breakaway Gap today. Breakaway Gaps occur when price gaps above resistance or below support. They symbolize a decisive resolution in the direction of the gap, and they're often found in the early innings of a new trend. In this case, $TNX gapped above the October 2022 peak, completing an 11-month base. Momentum is confirming the breakout, with RSI reaching overbought (above 70) for the first time since March. Before today, $TNX had marginally broken out, but today's pop adds conviction to the breakout.
Quote of the Day
βAt all times, in all markets, in all parts of the world, the tiniest change in rates changes the value of every financial asset.β
β Warren Buffett
Top Links
Breakdown - Trading Adventures
Andy Moss highlights some key takeaways from recent price action.
Sentiment Drops Ahead of the Fed - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
ETFs & Markets with Todd Sohn - Strategas
Todd Sohn discusses the outlook for Stocks and Bonds.
US Benchmark Rate Hits 16-Year High - All Star Charts
Ian Culley outlines some key levels to watch on the US 10-year yield.
U.S. Dollar Double Top? Precious Metals Sure Hope So! - Kimble Charting Solutions
Chris Kimble points out that the US Dollar Index ($DXY) is testing a potential inflection point.
Top Tweets
One month later and sheβs not looking so hot right now and ironically thatβs when the picture often changes for the better.
Expect the price action to get tricky from here. pic.twitter.com/T85AK3GUci
β Steve Deppe, CMT (@SJD10304) September 21, 2023