Daily Chart Report π Monday, September 30, 2024
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Todayβs Summary
Monday, September 30, 2024
IIndices: S&P 500 +0.42% | Nasdaq 100 +0.26% | Russell 2000 +0.24% | Dow +0.04%
Sectors: 8 of the 11 sectors closed higher. Real Estate led, gaining +0.86%. Materials lagged, falling -0.56%.
Commodities: Crude Oil futures were unchanged at $68.17 per barrel. Gold futures fell -0.33% to $2,659 per oz.
Currencies: The US Dollar Index rose +0.34% to $100.76.
Crypto: Bitcoin dropped -3.50% to $63,302. Ethereum fell -2.13% to $2,601.
Volatility: The Volatility Index fell -1.36% to 16.72.
Interest Rates: The US 10-year Treasury yield rose to 3.783%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
πToday's Chart of the Day was shared by Matt Cerminaro via @TheCompoundNews.
September has notoriously been the worst month for the S&P 500, but the index rose +2.0% this month. The fact that $SPX bucked its seasonal trend proves that the underlying bid is stronger than usual.
One of the bears' most legitimate fears this year (and last year) has been narrow breadth, but Matt points out that Breadth was very healthy in Q3.
Including dividends, over half the constituents in the S&P 500 (328 stocks) outperformed the index this quarter. The average stock rose +9.2%, while the index rose +5.5%. GE Vernova ($GEV) was the top performer, gaining +52.2%. Super Micro Computer ($SMCI) was the worst performer, tumbling -48.7%.
Takeaway: The S&P 500 closed the day, the month, and the quarter at an all-time high today. Breadth was getting pretty narrow earlier this year, but participation expanded significantly in Q3.
Quote of the Day
"If you understand the major trend in the market, then everything will fall into place."
β Ralph Acampora
Top Links
The Bulls Take September, October Jitters, and a Fourth Quarter Preview - Carson Research
Ryan Detrick looks at how stocks performed in September and Q3 and what it suggests for Q4.
Market Strategy Weekly - September 27, 2024 - Baird
Todd Sohn shares his thoughts on interest rates, gold, stocks, and more.
Copper Joins the Volatility Club - Bespoke
Bespoke highlights the recent moves in copper prices.
Wednesday's Class on Momentum Trading - All Star Charts
As part of this week's Mastermind course, JC Parets and a special guest will explore the nuances of momentum trading. Sign up before Wednesday's class.
S&P 500 Up 9 of Last 12 on First Trading of October Day, But Erratic Longer-Term - Almanac Trader
Jeff Hirsch examines how stocks have historically fared on the first trading day in October.
Top Tweets
Youβre all caught up now. Thanks for reading!
