Daily Chart Report π Friday, September 27, 2024
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Todayβs Summary
Friday, September 27, 2024
Indices: Russell 2000 +0.67% | Dow +0.33% | S&P 500 -0.13% | Nasdaq -0.53%
Sectors: 8 of the 11 sectors closed higher. Energy led, gaining +2.04%. Tech lagged, falling -0.93%.
Commodities: Crude Oil futures rose +0.75% to $68.18 per barrel. Gold futures snapped a seven-day winning streak, falling -0.99% to $2,668 per oz.
Currencies: The US Dollar Index fell -0.15% to $100.42.
Crypto: Bitcoin rose +0.93% to $65,781. Ethereum gained +2.39% to $2,695.
Volatility: The Volatility Index spiked +10.35% to 16.95.
Interest Rates: The US 10-year Treasury yield fell to 3.754%.
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 MicroStrategy! Check them out to learn more.
Chart of the Day
π Today's Chart of the Day was shared by @CyclesFan.
- The S&P 500 is +1.6% in September, with just one more trading day remaining. It has closed higher in 10 of the past 11 months and eight of the first nine months of 2024.
- $SPX rarely reaches September, with only one negative month YTD. @CyclesFan says it has only happened seven other times since 1950 (1954, 1958, 1964, 1995, 1996, 2006, and 2017).
- After all seven cases, the S&P 500 was positive in Q4 and January of the following year. Remember, September was *supposed* to be a bad month, but it wasn't, and that should tell you something...
Takeaway: The S&P 500 has only had one negative month this year through September. All of the other times this has happened, the S&P 500 continued higher in Q4 and January of the following year.
Quote of the Day
"Perhaps the biggest myth about markets comes from the name itself. We tend to think of a market as a thing when in fact it is people engaging in economic transactions among themselves on whatever terms their competition and mutual accommodations lead to.
β Thomas Sowell
Top Links
Stock Market & Bitcoin Analysis September 27 2024 - Alphatrends
Brian Shannon reviews this week's price action and some key levels to watch next week.
Asia Has Arrived - The Strazza Letter
Steve Strazza highlights the emerging strength in Asian equities.
China Ripping? By Copper - All Star Charts
Sam Gatlin looks at the relationship between Copper, Emerging Markets, and China.
There's More Upside Gain Than Downside Risk in China Rally, Says Renaissance Macro's Jeff deGraaf - CNBC
Jeff deGraaf shares his thoughts on the China flash rally.
Higher Interest Rates??? - Bespoke
Bespoke compares the current rate cycle to past easing cycles.
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.
Top Tweets
Youβre all caught up now. Thanks for reading!
