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 $1,608.
Interest Rates: The US 10-year Treasury yield fell to 4.254%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
— Gregory Krupinski (@G_krupins) September 13, 2023
Today’s Chart of the Day was shared by Gregory Krupinski (@G_krupins). Small Caps have continued to struggle, on an absolute and relative basis. The Russell 2000 ($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
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.
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
— Michael Nauss, CMT, CAIA 🇨🇦 (@MichaelNaussCMT) September 13, 2023
— 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.
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 13, 2023
— 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
— 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
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) September 13, 2023