SGT Chart Book

Market Observations, SGT Chart Book|04 Sep 2023

Americans Celebrate a Long Labor Day Weekend

Last week highlights:

U.S. employers added 187,000 jobs last month while payrolls in June and July were revised down a combined 110,000, the Labor Department said. Over those three months, a modest 150,000 jobs were added monthly on average, down from an average gain of 238,000 in March through May. The unemployment rate was 3.8% in August, up from 3.5% in July—reflecting more Americans seeking work.

Oil breaks out to top side. Closing above $86 per barrel. Inflation beware.

Apple stock: Posted a 6-consecutive up day, the longest winning streak for over 1½ years.

DOW JONES (USA30)

A slight breach of the uptrend line before rallied into Friday’s non-farm payroll numbers.

SP500

The index put in a good week with a gain of 2.5%, making a YTD 17.6% gain. As mentioned last week, September is not a good month. The potential head and shoulders top we mentioned last week looks to have not materialized (chart patterns often do not completely form, but this also provides chart watchers with trading levels). Key support around the 4325 area.

US-10YEAR

The well-defined up-channel confines rally a few basis points above previous highs indicated by the horizontal blue line.

EURUSD

We had suggested the 1.0750 levels is key to the next move in EURUSD. We initially held and rallied during week with the equity markets. Next week could be key.

USOIL

Oil recorded its largest weekly gain since March 2023, reaching its highest level since November 2022, breaking above the yearly range highs, and closing for the week above $86.

BTCUSD

Crypto woes continue, after a quick spike higher after SEC news regarding BTC ETFs.

Until next week, happy trading…
SGT Trade Desk

Disclaimer: Trading Desk Observations are not trade recommendations. The purpose of these charts is to bring to your attention potential chart patterns you may wish to monitor.