Daily Chart Report π Monday, September 16, 2024
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Todayβs Summary
Monday, September 16, 2024
Indices: Dow +0.55% | Russell 2000 +0.31% | S&P 500 +0.13% | Nasdaq 100 -0.47%
Sectors: 9 of the 11 sectors closed higher. Financials led, gaining +1.30%. Technology lagged, falling -0.38%.
Commodities: Crude Oil futures rose +2.10% to $70.09 per barrel. Gold futures were flat (-0.07%) at $2,609 per oz.
Currencies: The US Dollar Index fell -0.44% to $100.67.
Crypto: Bitcoin is currently down -1.21% to $58,061. Ethereum is down -1.82% to $2,288.
Volatility: The Volatility Index rose +3.38% to 17.13.
Interest Rates: The US 10-year Treasury yield fell to a 52-week low of 3.618%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Optuma (@Optuma).
- The S&P 500 closed higher for the sixth consecutive day on Monday, inching up +0.13%. September has notoriously been the worst month, but $SPX is hardly down this month (-0.27%) while flirting with record highs.
- Optuma points out that since 1998, the worst days of September have historically occurred in the second half of the month. The index is usually positive at this point before turning negative.
- Real Estate has been the best-performing sector this month, gaining +4.16%. However, Optuma adds that it has historically suffered more than any other sector in September, averaging a meaningful loss of -4.83%.
Takeaway: The S&P 500 is flirting with all-time highs as we enter what has historically been the weakest part of the worst month. Seasonality doesn't always pan out accordingly, but even when it "fails," there's still valuable information to glean. If the market rises despite these seasonal headwinds, it will tell us that the underlying bid is unusually strong.
Quote of the Day
"An intelligent investor gets satisfaction from the thought that their operations are exactly opposite to those of the crowd."
β Benjamin Graham
Top Links
A View from the Floor with Jay Woods, CMT - Freedom Capital Markets
Jay Woods highlights several things to watch this week.
CHART THIS with David Keller, CMT Monday 9/16/24 - Market Misbehavior
David Keller breaks down the recent price action, sentiment, and trends across the markets.
Common Sense Breadth Thrust - Hostile Charts
Larry Thompson looks at the recent breadth expansion.
Can We Trust Last Week's BIG Rally? - StockCharts.com
Tom Bowley charts out the major indices after last week's rebound.
Timeframe Matters - The Weekly Trend Podcast
David Zarling and Ian McMillan discuss some of the most significant trends across the markets.