September's Most Notable

Some of the most interesting charts from the month of September.

Gold (US$/OZ)

Over the last 2-years, Gold has struggled to digest overhead supply. In May ‘23, the yellow metal put in a new intra-day all-time high - just a few months later and price is below the 200-day moving average eyeing the ‘23 lows. Yuck.

Natural Gas

For mean-reversion / change of trend style investors, it doesn’t get much better than this. Natural gas futures close the month above the 200-day moving average.

Commodities vs. Stocks

In Q3, commodity indices moved back above an upward sloping 200-day moving average. Commodities vs. Stocks price ratio is also back above the 200-day average.

Dollar + Long Bond Yield

Best 2-month stretch for the US Dollar Index since September 2022. Trading above the 200-day moving average.

Rates continue to climb higher as flows poor into long-duration bond ETFs. The 30yr US Treasury Yield is coming into a technical area of interest.

Russell Microcaps

Microcaps are retesting the cycle lows, forming a new monthly closing low. Not what we typically see in a recovery.

Nasdaq 100 Moving Average Breadth

Nasdaq 100 taking a breather. Long-term moving average breadth is below its 200-day moving average.

US Aggregate Bond Index

Weekly chart of the US Aggregate Bond Index. Difficult month for bond fund holders. Price is below the 200-day moving average with trend indicators telling us to expect more pain.

That’s enough out of me. Onward to October!

SM

All indices are unmanaged, and investors cannot actually invest directly into an index. Unlike investments, indices do not incur management fees, charges, or expenses. Past performance does not guarantee future results.