Daily Chart Report π Tuesday, September 10, 2024
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Todayβs Summary
Tuesday, September 10, 2024
Indices: Nasdaq +0.90% | S&P 500 +0.45% | Dow -0.23% | Russell 2000 -0.83%
Sectors: 7 of the 11 sectors closed higher. Real Estate led, gaining +1.77%. Energy lagged, falling -1.72%.
Commodities: Crude Oil futures dropped -4.31% to a two-year low of $65.75 per barrel. Gold futures gained +0.41% to $2,543 per oz.
Currencies: The US Dollar Index was flat (+0.05%) at $101.66.
Crypto: Bitcoin rose +1.05% to $57,659. Ethereum rose +1.19% to $2,388.
Volatility: The Volatility Index fell -2.00% to 19.07.
Interest Rates: The US 10-year Treasury yield fell to a 52-week low of 3.644%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by John Roque (@daChartLife).
- Crude Oil futures slid -4.3% to $65.75 per barrel today, marking the lowest close in nearly three years. It's fallen more than -10% in the past six days and more than -20% over the past two months.
- Using prior bear markets as a guide, John points out that Crude Oil could fall to the low 50s before finding meaningful support.
- He notes that price is below a downward-sloping 12-month moving average, and the MACD has turned negative. The 12-month rate of change has also turned negative, suggesting momentum has deteriorated.
Takeaway: Crude Oil dropped to its lowest level since December 2021 today. It looks poised for further weakness and may visit the low 50s before turning around.
Quote of the Day
"Iβve always loved to play games, and face it: investing is one big game. You need to be decisive, open-minded, flexible and competitive."
β Stanley Druckenmiller
Top Links
Massive Top In Consumer Discretionary - All Star Charts
JC Parets points out that the Consumer Discretionary sector is reaching a decision point.
Be a Buyer in an Oversold Condition of Financials as it Develops, Says Strategas' Chris Verrone - CNBC
Chris Verrone offers his technical perspective on the current macro environment.
Gold Attempting Breakout Within 50-Year Rising Channel - Kimble Charting Solutions
Chris Kimble examines the long-term outlook for Gold.
The Yield Curve Rebounds - Yashada Analytics
Yashada Urdhwareshe shares her thoughts on the yield curve un-inversion.
No Need to Be Superstitious, S&P 500 Up 8 of 13 Friday 13th Days in September - Almanac Trader
Jeff Hirsch looks at how stocks have historically fared on Friday the 13th.