Daily Chart Report π Wednesday, September 18, 2024
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Todayβs Summary
Wednesday, September 18, 2024
Indices: Russell 2000 +0.04% | Dow -0.25% | S&P 500 -0.29% | Nasdaq -0.45%
Sectors: 1 of the 11 sectors closed higher. Energy was the only sector that closed higher, gaining +0.19%. Technology lagged, falling -0.91%.
Commodities: Crude Oil futures fell -1.84% to $69.88 per barrel. Gold futures rose +0.24% to $2,599 per oz.
Currencies: The US Dollar Index inched lower by -0.08% to $100.93.
Crypto: Bitcoin rose +2.39% to $61,757. Ethereum gained +1.39% to $2,375.
Volatility: The Volatility Index rose +2.74% to 18.22.
Interest Rates: The US 10-year Treasury yield rose to 3.706%.
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 Eric Conrads (@conradseric).
- The S&P 500 snapped a seven-day winning streak, falling -0.29%. It was up +1.0% before reversing sharply lower after the Fed cut interest rates by 50bps this afternoon.
- Eric points out that $SPY formed a potential Shooting Star candle today, featuring a long upper wick. It trapped the bulls for the second straight day, breaking out to all-time highs intraday before reversing lower. This bearish reversal candle will be either confirmed or invalidated by tomorrow.
- Eric adds that RSI has formed a bearish momentum divergence. It hasn't been overbought in two months, creating another lower high today.
Takeaway: After the Fed cut interest rates by 50bps this afternoon, the S&P 500 reversed lower, creating a potential Shooting Star candle. It has been rejected at all-time highs twice this week, and momentum is starting to wane. The index doesn't look very healthy as we enter what has historically been the worst half of the worst month.
Quote of the Day
"Beauty does not come from decorative effects but from structural coherence. Formal beauty and technical perfection are inseparable."
β Pier Luigi Nervi
Top Links
Stock Market Analysis September 18 2024 - Alphatrends
Brian Shannon breaks down recent price action and some key levels of interest.
Post Election: Should You Sell in May 2025? - Schaeffer's Investment Research
Rocky White examines how stocks have historically behaved around Presidential elections.
What Happens If The Market Cuts Rates???? - MOTR Capital Management
David Lundgren looks at the implications of a Fed rate cut.
Talking Charts: How to Read the Market Like a Pro with Frank Cappelleri (Ep. 101) - Carson Group
Frank Cappellieri joins Ryan Detrick and Sonu Varghese to share his technical perspective on the market.