Daily Chart Report ๐ Tuesday, September 24, 2024
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Todayโs Summary
Tuesday, September 24, 2024
Indices: Nasdaq +0.47% | S&P 500 +0.25% | Dow +0.20% | Russell 2000 +0.17%
Sectors: 5 of the 11 sectors closed higher. Materials led, gaining +1.37%. Financials lagged, falling -0.84%.
Commodities: Crude Oil futures rose +1.69% to $71.56 per barrel. Gold futures continued higher for the fifth consecutive day, rising +0.92% to an all-time high of $2,677 per oz.
Currencies: The US Dollar Index dropped -0.55% to a two-year low of $100.35.
Crypto: Bitcoin rose +1.48% to $64,260. Ethereum inched up +0.25% to $2,653.
Volatility: The Volatility Index dropped -3.27% to 15.38.
Interest Rates: The US 10-year Treasury yield fell to 3.730%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
๐ Today's Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).
- The China Large-Cap ETF ($FXI) surged +9.8% on record-high volume today. Mike points out that this was the best day for Chinese stocks ($FXI) since March 2022 and the second-best since 2008.
- $FXI never recovered from the Great Financial Crisis. It's down -58% from its 2008 peak. However, today was its first 52-week high since February 2021, while RSI reached its highest since 2018.
- Today's move also helped Emerging Markets ($EEM) reach 52-week highs. $EEM jumped +3.4% today, outpacing the S&P 500 by a significant margin.
Takeaway: Chinese stocks had their second-best day in over a decade today, with $FXI surging nearly +10%. They say one day doesn't make a trend, but price and momentum are suddenly at multi-year highs, while sentiment couldn't be worse.
Quote of the Day
โThe stock market has a 100% record, in the last 50 years, of predicting upturns in the economy. It's never been wrong. It's less than 50-50 on a downturn.โ
โ Peter Lynch
Top Links
What Can Year-to-Date Gains Tell Us About the Fourth Quarter? - LPL Financial Research
Adam Turnquist looks at how the S&P 500 has historically performed in Q4 after a solid performance in the first three quarters.
Six Things to Know About Rate Cuts - Carson Research
Ryan Detrick looks at what the recent rate cut could mean for stocks.
Spotting An Energy Sector Breadth Thrust - Thrasher Analytics
Andrew Thrasher examines a potentially bullish signal for the Energy sector.
Mastermind Preview - All Star Charts
JC Parets shares a sneak peek of his newest 12-part course on the markets.
Record Highs for Gold and Gold Positioning - Bespoke
Bespoke looks at sentiment and positioning for Gold as the yellow metal continues to print record highs.
Top Tweets
Youโre all caught up now. Thanks for reading!
