After the Close: September 15, 2023

Summary

The preliminary release of the UoM Consumer Sentiment came in below expectations, 67.7 vs 69.0. The market reacted unfavorably and sold off. After failing to recapture the ONL, the ES broke through the yLoD, broke through VWAP, consolidated around 4520, and eventually settled at 4500. Looking at price-action on the SPY, we could not produce a daily higher-high, and are approaching a retest of the higher low at $442.50. A break of this level could send us to testing the daily support trendline. The break and close below of $372 on the QQQ also seems notable. I’ll continue to monitor the weekly resistance downtrend line on the QQQ.

ES & NQ Sep 15, 2023
ES & NQ Sep 15, 2023

Economic

  • Empire State Manufacturing Index 1.9 vs -9.9 expected
  • Prelim UoM Consumer Sentiment 67.7 vs 69.0 expected

S&P Sectors

Tech was down -3.1% on the week, while Financials ended up 1.07% on the week. Although this caused a lot of push-pull in trading earlier in the week, today Tech was down -1.57% from the open, while Financials were up 0.14%.

Observations

  • Gold Futures (GC), solid rally today as we broke through the 1940 resistance level, traded up to 1952.4 (didn’t quite make the 1954 resistance level), and settled just below VWAP at 1946.
  • JP Morgan Chase (JPM), weekly bar closed above the resistance trendline that had broken last week. Watching how the $150 resistance level is treated next week.