Daily Chart Report π Thursday, September 5, 2024
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Todayβs Summary
Thursday, September 5, 2024
Indices: Nasdaq +0.05% | S&P 500 -0.30% | Dow -0.54% | Nasdaq -0.61%
Sectors: 2 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.13%. Health Care lagged, falling -1.37%.
Commodities: Crude Oil futures were flat (-0.05%) at a YTD low of $69.15 per barrel. Gold futures gained +0.68% to $2,543 per oz.
Currencies: The US Dollar Index dropped -0.21% to $101.06.
Crypto: Bitcoin is down -3.30% to $56,044. Ethereum is down -3.42% to $2,367.
Volatility: The Volatility Index dropped -6.75% to 19.89.
Interest Rates: The US 10-year Treasury yield continued lower, falling to a 52-week low of 3.731%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Evan Medeiros (@evanmediros).
- Bonds continue to shape up for a potential breakout. The +20-year Treasury Bond ETF ($TLT) closed at its highest level of the year and is within striking distance of a 52-week high.
- $TLT is trying to recover from its longest and deepest drawdown on record. After building a nine-month base, it's testing resistance from the December highs at $100.
- Bonds are also exhibiting relative strength versus stocks. $TLT is up +9.5% in the second half of the year, while $SPY is up less than +1%. In addition, $TLT is closer to a new 52-week high than $SPY.
Takeaway: Bonds are outperforming stocks and shaping up for a potential breakout. $TLT is still dealing with its longest and deepest drawdown on record, but it's testing resistance at $100 and trying to emerge from a nine-month base.
Quote of the Day
βEconomic events rarely unfold in the way stock-market people forecast them.β
β Benjamin Graham
Top Links
A Recovery or Relief Rally in Stocks? - LPL Financial Research
Adam Turnquist examines the outlook for the S&P 500.
Both Winners and Losers - All Star Charts
JC Parets looks at correlations within the S&P 500.
WTI Into the 60s - Bespoke
Bespoke highlights the recent weakness in Crude Oil.
Copper Facing Historic Price Decline If Support Fails! - Kimble Charting Solutions
Chris Kimble examines the outlook for Copper.
ETFs and Markets with Todd Sohn: Bond ETFs & Cash on the Sidelines - Strategas Asset Management
Todd Sohn points out that Bond ETFs have seen massive inflows.