Daily Chart Report π Wednesday, September 11, 2024
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Todayβs Summary
Wednesday, September 11, 2024
Indices: Nasdaq +2.17% | S&P 500 +1.07% | Dow +0.31% | Russell 2000 +0.31%
Sectors: 6 of the 11 sectors closed higher. Technology led by a wide margin, gaining +3.41%. Consumer Staples lagged, falling -0.93%.
Commodities: Crude Oil futures rose +2.37% to $67.31 per barrel. Gold futures were flat at $2,542 per oz.
Currencies: The US Dollar Index was flat (+0.06%) at $101.66.
Crypto: Bitcoin is down -0.28% to $57,437. Ethereum is down -2.10% to $2,338.
Volatility: The Volatility Index dropped -7.18% to 17.70.
Interest Rates: The US 10-year Treasury yield rose to 3.655%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by @AndrewThrasher.
- After a solid intraday reversal, the S&P 500 printed a bullish engulfing candle today. The largest industry group, Semiconductors ($SMH), led by a wide margin, with $SMH gaining +5.2% and its top component, $NVDA, rising +8.2%.
- Andrew points out that $SMH bounced off its 200-day moving average with conviction. This is the 3rd time it has tested its rising 200-DMA in the past 12 months. Each successful test preserved the uptrend by creating a higher low.
- Semis have corrected as much as -25% from their July peak, but a correction was well overdue. $SMH was +45% above its 200-DMA at one point this Summer. The only time it was more extended was in 2003, as it was thrusting off the dot-com lows.
Takeaway: Semiconductors saved the day, with $SMH launching off its 200-day moving average. Semis are the largest and most important area of the market. They led us into this bull market, and they can lead us out just as fast. While $SMH has corrected sharply since July, the uptrend remains intact.
Quote of the Day
"In bear markets, stocks usually open
strong and close weak. In bull markets, they
tend to open weak and close strong."
β William O'Neil
Top Links
Stock Market Analysis September 11 2024 - Alphatrends
Brian Shannon breaks down recent price action and some key levels to watch in the near term.
Volatility Anyone? - Bespoke
Bespoke looks at the recent volatility in the S&P 500.
Historic Market Performance During Triple Witching Weeks - Schaeffer's Investment Research
Rocky White looks at how the S&P 500 has historically performed around Triple Witching Weeks.
End of the Bull Market - All Star Charts
JC Parets highlights all of the potential topping patterns that have formed recently.