Daily Chart Report π Thursday, September 19, 2024
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Todayβs Summary
Thursday, September 19, 2024
Indices: Nasdaq +2.56% | Russell 2000 +2.10% | S&P 500 +1.70% | Dow +1.26%
Sectors: 8 of the 11 sectors closed higher. Technology led, gaining +2.97%. Consumer Staples lagged, falling -0.59%.
Commodities: Crude Oil futures rose +1.83% to $71.16 per barrel. Gold futures rose +0.62% to an all-time high of $2,615 per oz.
Currencies: The US Dollar Index fell -0.30% to $100.63.
Crypto: Bitcoin is currently trading up +2.05% to $63,023. Ethereum is up +4.27% to $2,475.
Volatility: The Volatility Index dropped -10.32% to 16.34.
Interest Rates: The US 10-year Treasury yield inched higher to 3.715%.
Here are the best charts, articles, and ideas shared on the web today!
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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
"Question everything.
Learn something.
Answer nothing."
β Euripides
Top Links
This S&P 500 Rally is Defying the Experts β Here's What You Need to Know - StockCharts.com
Karl Montevirgen examines today's breakout in the S&P 500.
Jerome Powell And The Fed Take A Victory Lap As The Market Hits New Highs - Trading Adventures
Andy Moss shares his thoughts on this week's price action.
Best and Worst Performers Since 8/5 - Bespoke
Bespoke looks at the winners and losers since the August low.
CHART THIS with David Keller, CMT Thursday 9/19/24 - Market Misbehavior
David Keller highlights today's breakout in the S&P 500 and more.
Top Tweets
Youβre all caught up now. Thanks for reading!
