Daily Chart Report 📈 Friday, September 13, 2024

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

FOMO is nearly undefeated.

Big weekly reversals near a high have suffered only a single failure. pic.twitter.com/7uSCuXYY9h
— Jason Goepfert (@jasongoepfert) September 13, 2024

🏆 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 Tweets

Stock Market posts best week since November 2023 pic.twitter.com/NytT7zoHdU
— Barchart (@Barchart) September 13, 2024

The S&P 500 is on pace for a gain of over 4% this week. The last time it fell at least 4% in one week and then rallied more than 4% the next was in June 2022 (-5.8%, +6.4%). pic.twitter.com/Cd4DrEktap
— Bespoke (@bespokeinvest) September 13, 2024

Any of you blokes up for a spot of tea? $ES_F
Well then, jolly good. pic.twitter.com/iCCMEoFo3W
— Peter Brandt (@PeterLBrandt) September 13, 2024

$XLK best week since Oct 2022.

Tech is +0.1% in September so far. pic.twitter.com/2JIhxgydik
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 13, 2024

Energy the Only $SPY Equal Weight Sector Red This Week $RSPT $RSPN $RSPD - Risk On Led pic.twitter.com/ng6pAVNZpP
— Larry Thompson (@HostileCharts) September 13, 2024

SEASONALITY FOR FOMC WEEK. 👇

Over the last two decades, next week is tied for the lowest win rate on $QQQ, with positive returns just 37% of the time.

📊 https://t.co/J3HvTAPIYg pic.twitter.com/Gvjm0ssAZg
— TrendSpider (@TrendSpider) September 13, 2024

Yo, Charts pic.twitter.com/GGkxTghDGq
— da Chart Life (@daChartLife) September 13, 2024

$GLD broke-out yesterday, silver looks like it wants to follow. pic.twitter.com/jhfzTPOu2z
— RenMac: Renaissance Macro Research (@RenMacLLC) September 13, 2024

Solana hasn't reached oversold conditions in over a year. If this was a bear market or an unhealthy environment, we would be seeing oversold conditions. We are not. pic.twitter.com/gC4wK0F6S2
— J.C. Parets (@allstarcharts) September 13, 2024

Here's your reminder that no one likes Monday.

It is officially the worst day of the week for the S&P 500.

It is interesting to note that Friday is up 54.8% of the time, no day is up more often. pic.twitter.com/P5lJ5tcZyr
— Ryan Detrick, CMT (@RyanDetrick) September 13, 2024

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

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