Daily Chart Report π Monday, September 23, 2024
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Todayβs Summary
Monday, September 23, 2024
Indices: Nasdaq +0.31% | S&P 500 +0.28% | Dow +0.15% | Russell 2000 -0.34%
Sectors: 7 of the 11 sectors closed higher. Consumer Discretionary, gaining +1.01%. Health Care lagged, falling -0.57%.
Commodities: Crude Oil futures fell -0.89% to $70.37 per barrel. Gold futures rose +0.24% to an all-time high of $2,653 per oz.
Currencies: The US Dollar Index rose +0.17% to $100.91.
Crypto: Bitcoin inched lower by -0.37% to $63,325. Ethereum rose +2.55% to $2,647.
Volatility: The Volatility Index fell -1.61% to 15.90.
Interest Rates: The US 10-year Treasury yield rose to 3.753%.
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 Steve Strazza (@sstrazza).
- Natural Gas has been one of the strongest commodities over the past month. After rising for four consecutive weeks, it jumped +7.4% on Monday, putting it on track for its longest weekly winning streak in two years.
- September and October have historically been the strongest months for Natural Gas (since 1991). It's currently up +22.4% month-to-date, with another week remaining.
- It has been in a sharp downtrend since August 2022, dropping over -70%. However, Steve points out that it's bottoming where it bottomed in 2016 and 2020. Momentum is also flashing a buy signal as the monthly MACD has seen a bullish crossover recently.
Takeaway: Natty Gas is bottoming at a long-term support level after a nasty two-year downtrend. The long-term trend is turning higher, and momentum has confirmed a bullish reversal. Click here to read the full note from Steve.
Quote of the Day
"A trading system is an agreement you make between yourself and the markets."
β Ed Seykota
Top Links
Mastermind - All Star Charts
JC Parets previews his new Mastermind course tomorrow at 2:30 pm ET.
A View from the Floor with Jay Woods, CMT - Freedom Capital Markets
Jay Woods shares a few notable charts to watch this week.
10 charts to consider with stocks at all-time highs ππ - TKer
Sam Ro highlights ten insightful charts relating to the current market environment.
The Relationship Between Rate Cuts, Yield Curves, and Stock Prices - Market Misbehavior
David Keller examines what the recent rate cut could mean for stocks.
Opposites on Top - Bespoke
Bespoke looks at recent sector performance and breadth expansion.
Top Tweets
Youβre all caught up now. Thanks for reading!
