Daily Chart Report π Tuesday, September 17, 2024
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Todayβs Summary
Tuesday, September 17, 2024
Indices: Russell 2000 +0.74% | Nasdaq +0.05% | S&P 500 +0.03% | Dow -0.04%
Sectors: 5 of the 11 sectors closed higher. Energy led, gaining +1.35%. Health Care lagged, falling -1.03%.
Commodities: Crude Oil futures rose +1.57% to $71.19 per barrel. Gold futures dropped -0.63% to $2,592 per oz.
Currencies: The US Dollar Index gained +0.30% to $101.01.
Crypto: Bitcoin rose +3.61% to $60,316. Ethereum gained +2.04% to $2,342.
Volatility: The Volatility Index rose +2.74% to 17.60.
Interest Rates: The US 10-year Treasury yield rose to 3.649%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Frank Cappelleri (@FrankCappeleri).
- The S&P 500 rose for the seventh consecutive day on Tuesday, although it was pretty flat (+0.03%). Buyers and sellers are at a stalemate ahead of tomorrow's Fed decision.
- It briefly hit an all-time high this morning before erasing nearly all of its gains in the afternoon. The index must close above the July peak to officially mark an all-time high.
- Frank points out that this is the third rejection at 5,650 in the past two months. It created a higher lower after the second rejection, but breaching support at 5,400 would mark a lower low.
Takeaway: The S&P 500 tried to break out to all-time highs today, but 5,650 acted as resistance again. $SPX can afford to pull back as much as -4% from today's close before making a lower low and violating support at 5,400.
Quote of the Day
"Many men go fishing all of their lives without knowing that it is not fish they are after."
β Henry David Thoreau
Top Links
Seven in a Row? - Bespoke
Bespoke points out that the S&P 500 has closed higher for seven consecutive days.
Three Things To Know About Last Week - Carson Research
Ryan Detrick shares his thoughts on last week's rebound.
Oil Tests Support While Traders Abandon Energy ETFs - Thrasher Analytics
Andrew Thrasher analyzes Crude Oil as it tests a key level.
September Quarterly Options Expiration Week Dodgy - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed around September options expiration week.
Are Demographics Destiny for the Stock Market? - Of Dollars and Data
Nick Maggiulli examines the relationship between demographics and the stock market.