Daily Chart Report π Wednesday, September 25, 2024
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Todayβs Summary
Wednesday, September 25, 2024
Indices: Nasdaq +0.14% | S&P 500 -0.19% | Dow -0.70% | Russell 2000 -1.19%
Sectors: 2 of the 11 sectors closed higher. Utilites led, gaining +0.53%. Energy lagged, falling -1.96%.
Commodities: Crude Oil futures dropped -2.61% to $69.69 per barrel. Gold futures continued higher for the sixth consecutive day, rising +0.29% to an all-time high of $2,685 per oz.
Currencies: The US Dollar Index rebounded +0.57% to$100.92.
Crypto: Bitcoin fell -1.73% to $63,147. Ethereum dropped -2.79% to $2,579.
Volatility: The Volatility Index ticked higher by +0.13% to 15.40.
Interest Rates: The US 10-year Treasury yield rose to 3.787%.
Here are the best charts, articles, and ideas shared on the web today!
This Chart Report is sponsored by REX Shares. REX gives investors easy access to ETFs that offer 2x long and short exposure to your favorite tech stocks, including Bitcoin! Check them out to learn more.
Chart of the Day
π Today's Chart of the Day was shared by Larry Tentarelli (@bluechipdaily).
- The Nasdaq ($QQQ) inched higher by +0.2% today, while the other major indices closed lower. The S&P 500 reached record highs last week, but the Nasdaq hasn't seen one since mid-July.
- $QQQ peaked in mid-July and corrected as much as -13% on a closing basis. It bottomed in early August, the same day the VIX blew out to 65. $QQQ has been in a tight range over the past week, only -3.4% below record highs.
- Larry points out that the Nasdaq's fate will likely come down to Semiconductors. After a solid earnings report, Micron ($MU) is surging +14.5% after hours. While $MU is not the largest Semi, it could potentially revitalize the entire sector in the coming days.
Takeaway: $QQQ hasn't seen a record high since mid-July, but it's only -3.4% below after correcting as much as -13%. Semis looks revitalized and ready to lead the Nasdaq to all-time highs.
Quote of the Day
βCapital goes where it's welcome and stays where it's well treated.β
β Walter Wriston
Top Links
Octoberphobia Intensifies in Election Years - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in October during election years.
The Stock Market's Next Phase - Capp Thesis
Frank Cappelleri breaks down the recent price action and patterns in the S&P 500.
Best and Worst Sectors After S&P 500 Outperformance - Rocky White
Rocky White highlights the sectors that do well after the S&P 500 underperforms/outperforms.
Bull Market Behavior Abounds - HI Mount Research
Willie Delwiche analyzes sentiment and the current market environment.
Top Tweets
REX gives investors easy access to ETFs that offer 2x long and short exposure to your favorite tech stocks, including Bitcoin! Check them out to learn more.