Daily Chart Report πŸ“ˆ Friday, September 13, 2024

Patrick Dunuwila
September 13, 2024

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Today’s Summary

Friday, September 13, 2024
 

Indices: Russell 2000 +2.49% | Dow +0.72% | S&P 500 +0.54% | Nasdaq 100 +0.47%

Sectors: All 11 sectors closed higher. Utilities led, gaining +1.51%. Health Care lagged, but still closed higher by +0.21%. 

Commodities: Crude Oil futures fell -0.46% to $68.65 per barrel. Gold futures gained +1.17% to an all-time high of $2,610 per oz.
 
Currencies: The US Dollar Index fell -0.12% to $101.11.

Crypto: Bitcoin is currently up +4.29% to $60,636. Ethereum is up +3.63% to $2,447.

Volatility: The Volatility Index dropped -2.99% to 16.57.

Interest Rates: The US 10-year Treasury yield fell to 3.655%.
 

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


Chart of the Day


πŸ† Today’s Chart of the Day was shared by Jason Goepfert (@jasongoepfert).
 

  • The S&P 500 closed higher every day this week, gaining +4.02%. This was its best week of the year, while last week was its worst, dropping -4.25%.
     
  • Jason points out that when a big weekly reversal occurs near a new high, the S&P 500 has historically had above-average returns. Since 1957, 10 other significant reversals have occurred within 3% of a 52-week high (-3% week followed by +3% week). 
     
  • Over the next three months, the S&P 500 has been higher 90% of the time, by an average of +5.2% versus a typical three-month average of +3.5%. 
     

Takeaway: The S&P 500 went from its worst week of the year to its best, gaining +4.0% this week. Over the decades, similar reversals have been more bullish than bearish.


Quote of the Day


"If you do not change direction, you may end up where you are heading."

– Lao Tzu

 

Top Links

Dip buyers show up, GLD breaks out, and FOMC meeting looms - Trade Risk
Evan Medeiros breaks down this week's price action. 

Next Leg Higher Starting in Gold & Gold Stocks - The Daily Gold
Jordan Roy-Byrne examines the outlook for Precious Metals. 

Pattern Suggests Silver Could Nearly Double Following A Breakout, Says Joe Friday - Kimble Charting Solutions
Chris Kimble points out that Silver is primed for a new leg higher. 

All Star Charts State Of The Markets - All Star Charts
JC Parets analyzes the current market environment from the top down. 

A DΓ©jΓ  Vu in The Consumer Staples Sector Sends a Strong Warning Signal - StockCharts
Julius de Kempenaer looks at the rotation into defensive sectors. 

 

Top Tweets

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

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