Daily Chart Report π Thursday, September 26, 2024
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Todayβs Summary
Thursday, September 26, 2024
Indices: Nasdaq 100 +0.72% | Dow +0.62% | Russell 2000 +0.57% | S&P 500 +0.40%
Sectors: 8 of the 11 sectors closed higher. Materials led, gaining +2.07%. Energy lagged, falling -1.96%.
Commodities: Crude Oil futures dropped -2.90% to $67.67 per barrel. Gold futures continued higher for the seventh straight day, rising +0.38% to an all-time high of $2,695 per oz.
Currencies: The US Dollar Index fell -0.35% to$100.57.
Crypto: Bitcoin gained +3.21% to $65,175. Ethereum gained +2.07% to $2,633.
Volatility: The Volatility Index fell -0.26% to 15.36.
Interest Rates: The US 10-year Treasury yield rose to 3.80%.
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 Mark Ungewitter (@mark_ungewitter).
- Chinese stocks surged again today after a record-breaking day on Tuesday. The Hang Seng Index is on track for its best week since October 2011, gaining +9.1%.
- Sentiment has completely changed in a matter of days. All year, Investors have called China 'uninvestable.' But suddenly, everyone is coming out of the closet as a China bullβeven legendary investors like David Tepper.
- Mark reminds us that China has dramatically underperformed the S&P 500 over the past decade. The relative trend remains lower despite this week's rebound. Long-term trends take time to reverse. If a new uptrend is genuinely developing, there will be plenty of time to ride it.
Takeaway: China is on track for its best week in over a decade. Even after this week's rebound, the relative trend remains lower. If a new uptrend is underway, there will be plenty of time to get involved before it has run its course.
Quote of the Day
βIt's better to be late and right
than it is to be early and wrong.β
β Brian Shannon
Top Links
AI Back in Focus - Trading Adventures
Andy Moss reviews the price action we've had so far this week.
Why Bullish Sentiment in Gold Shouldnβt Worry Investors - The Daily Gold
Jordan Roy-Byrne analyzes sentiment for Precious Metals.
The Increased Market Volatility is Still Here, says Fairlead Strategies' Katie Stockton - CNBC
Katie Stockton shares her technical outlook for the S&P 500, Chinese stocks, and more.
CHART THIS with David Keller, CMT Thursday 9/26/24 - Market Misbehavior
David Keller breaks down the recent technical developments across the markets.
Top Tweets
Youβre all caught up now. Thanks for reading!
