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Daily Chart Report 📈 Wednesday, September 13, 2023

September 13, 2023 Patrick Dunuwila

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Today’s Summary
Wednesday, September 13, 2023

Indices: Nasdaq 100 +0.38% | S&P 500 +0.12% | Russell 2000 -0.78% | Dow -0.20% 

Sectors: 6 of the 11 sectors closed higher. Utilities led, rising +1.20%. Real Estate lagged, falling -1.01%.

Commodities: Crude Oil futures fell -0.36% to $88.52 per barrel. Gold futures inched lower by -0.13% to $1,933 per oz.

Currencies: The US Dollar Index rose +0.20% to $104.76.

Crypto: Bitcoin rose +1.48% to $26,226. Ethereum gained +0.93% to $1,608.

Interest Rates: The US 10-year Treasury yield fell to 4.254%.

Here are the best charts, articles, and ideas shared on the web today!


Chart of the Day

$IWM update on the small caps. Closed below and just barely below 200 day. We'll see what happens pic.twitter.com/Jhx6J097fw

— Gregory Krupinski (@G_krupins) September 13, 2023

Today’s Chart of the Day was shared by Gregory Krupinski (@G_krupins). Small Caps have continued to struggle, on an absolute and relative basis. The Russell 2000 ($IWM) closed at a two-month low today and a two-decade low relative to the S&P 500 ($IWM/$SPY). Greg points out that it’s below the 200-day moving average for the first time since early June, violating the neckline of a potential head and shoulders pattern. The next major support level for $IWM is around $170, but that level has been tested numerous times in the past year.


Quote of the Day

“I measure what’s going on, and I adapt to it. I try to get my ego out of the way. The market is smarter than I am, so I bend.”

– Marty Zweig


Top Links

Stock Market Near Key Support Band – Ciovacco Capital Management
Chris Ciovacco highlights some key technical developments for stocks.

Tech Stocks Near Major Decision Point: Something Has To Give Soon! – Kimble Charting Solutions
Chris Kimble points out that Tech-related indices are trading deep into narrowing patterns.

Stock Market Video Analysis 9/13/23 – AlphaTrends
Brian Shannon breaks down recent price action and lays out some key levels to watch in the near term.

Sell Rosh Hashanah Buy Yom Kippur Sets Up – Almanac Trader
Jeff Hirsch examines the seasonal weakness between Rosh Hashanah and Yom Kippur.


Top Tweets

Daily Mkt Mood: Neutral

1. Stocks close mixed/down
2. R2K closes below its 200 DMA
3. Bonds rally a little
4. Commodities very mixed
5. FX small moves

Small cap is breaking down again, sub 200 DMA, thanks @IceBridgeTrader for highlighting.

Begs qstn of whether Russell 2000 is…

— Abigail Doolittle (@TheChartress) September 13, 2023

"Just wait for CPI" they said.
"That will move the market" they said.$SPY pic.twitter.com/PTALg96eBQ

— Michael Nauss, CMT, CAIA 🇨🇦 (@MichaelNaussCMT) September 13, 2023

$SPY daily chart – not quite an inside day, but still very much inside the tightening range. pic.twitter.com/8IpJZAO6vS

— Andrew Moss, CMT (@Andy__Moss) September 13, 2023

How dead is it? We are once again on pace to do sub 10 bil shares of volume – we have been under 10 bil every day in Sep – the longest streak since Aug '21 pic.twitter.com/SjA8qAkK7R

— Tom Hearden (@followtheh) September 13, 2023

$VIX back under 14. Wake me up in September.

oh.. pic.twitter.com/vxFq4vgF2V

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 13, 2023

Fresh HODs for the Nasdaq 100 $NDX – still holding above its 50-day EMA despite persistent weakness in $AAPL, its largest holding. pic.twitter.com/puR460aVUo

— Matt Weller CFA, CMT (@MWellerFX) September 13, 2023

The Nasdaq 100 has closed Wednesday with the smallest 4-day range (actual activity) since December 2021 while the $VXN Nasdaq Volatility Index (implied activity) has dropped to its lowest level since Feb 14, 2020

Exceptionally 'quiet' pic.twitter.com/8rDsVWvC9G

— John Kicklighter (@JohnKicklighter) September 13, 2023

$QQQ Sept can be a tough month but not always. The Chaikin Oscillator is a computation of the Adv-Decl & an indicator of trend. It says to hang in there for now. pic.twitter.com/oqVJbBYbaN

— Alan Cohen (@al_xdpg) September 13, 2023

Yesterday’s muted move for S&P 500 has been norm rather than exception in past 6 months; 140 trading days without moving 2%+ in either direction (longest stretch since one that ended in early 2018 & 2nd-longest in >15 years)@SPDJIndices pic.twitter.com/78JfJ1OQnm

— Liz Ann Sonders (@LizAnnSonders) September 13, 2023

11-months since the October index low… next 11-months can be trickier, at least historically, but that’s the price of investing. pic.twitter.com/0NKVK2PLE5

— Todd Sohn (@Todd_Sohn) September 13, 2023

🚨August CPI comes out today (8:30 AM ET):

Crude oil is the best barometer of inflation expectations. The chart below shows the price (black line) achieving its highest levels in over a year ($89/barrel), along with the CPI YoY %-Change (blue line).

Will this usher in a… pic.twitter.com/k8o7fHo8TN

— Alfonso Depablos (@AlfCharts) September 13, 2023

Ended up being 1 day before the trading low $GS https://t.co/pShzA4YkcK pic.twitter.com/YOU3IkWofN

— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) September 13, 2023


You’re all caught up now. Thanks for reading!

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