Daily Chart Report π Friday, September 20, 2024
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Todayβs Summary
Friday, September 20, 2024
Indices: Dow +0.09% | S&P 500 -0.19% | Nasdaq -0.24% | Russell -1.10%
Sectors: 2 of the 11 sectors closed higher. Utilities led by a wide margin, gaining +2.64%. Materials lagged, falling -0.71%.
Commodities: Crude Oil futures fell -0.22% to $71.00 per barrel. Gold futures gained +1.21% to an all-time high of $2,646 per oz.
Currencies: The US Dollar Index rose +0.10% to $100.74.
Crypto: Bitcoin is currently up +0.25% to $63,101. Ethereum is up +3.30% to $2,546.
Volatility: The Volatility Index fell -1.10% to 16.16.
Interest Rates: The US 10-year Treasury yield rose to 3.741%.
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 John Bollinger (@bbands).
- Bitcoin has been in a falling channel since the breakout failed in March. However, that falling channel is beginning to look like one giant Bull Flag within a longer-term uptrend.
- John points out that Bitcoin has formed a W Bottom within this bull flag. John popularized this bullish reversal pattern, which incorporates his famous Bollinger Bands. It will be confirmed on a weekly close above the middle band (around $63k).
- The pattern requires:
1.) A close below the lower band
2.) A bounce to the middle band
3.) A lower low that does not close outside the lower band.
Takeaway: Bitcoin has formed a bullish reversal pattern within a downtrend, and the downtrend looks like a bullish continuation pattern within a longer-term uptrend.
Quote of the Day
βI canβt change the direction of the wind, but I can adjust my sails to always reach my destination.β
β Jimmy Dean
Top Links
A Sector Rotation Dilema ... - StockCharts
Julius de Kempenaer analyzes recent sector rotation.
Utilities Reacting to Reactor News - Bespoke
Bespoke examines the Utilities sector after its recent run.
S&P Mid-Caps Hit All-time Highs - All Star Charts
JC Parets looks at the Mid-Cap S&P 400 index.
Gold Continues to Shine - LPL Financial Research
Adam Turnquist highlights the rally in Gold.
Top Tweets
Youβre all caught up now. Thanks for reading!
