Daily Chart Report 📈 Thursday, September 12, 2024

September 12, 2024

Powered By:

Today’s Summary

Thursday, September 12, 2024

Indices: Russell 2000 +1.22% | Nasdaq +0.97% | S&P 500 +0.75% | Dow +0.58%

Sectors: All 11 sectors closed higher. Communications led, gaining +1.87%. Real Estate lagged but still closed higher by +0.18%.

Commodities: Crude Oil futures rose +2.47% to $68.97 per barrel. Gold futures gained +1.50% to an all-time high of $2,581 per oz.

Currencies: The US Dollar Index dropped -0.48% to $101.23.

Crypto: Bitcoin is up +1.44% to $58,166. Ethereum is up +1.03% to $2,364.

Volatility: The Volatility Index dropped -3.50% to 17.08.

Interest Rates: The US 10-year Treasury yield rose to 3.681%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

Keep it simple$SPY $QQQ $SMH $XBI pic.twitter.com/UvtBJcZdfp
— Brian Shannon, CMT (@alphatrends) September 12, 2024

🏆 Today’s Chart of the Day was shared by Brian Shannon @alphatrends.

The S&P 500 has closed higher every single day this week as it recovers from its worst week in over a year.
We highlighted this chart three weeks ago when Brian warned that the short-term trend had rolled over. He noted that the S&P 500, Nasdaq, Semis, and Biotech had all fallen below a declining 5-day moving avg.
Today, Brian notes that the short-term trend has turned higher. All four ETFs are trading above a rising 5-DMA, and their VWAPs anchored to the August highs (red).

Takeaway: The short-term trend for stocks is higher for the first time in three weeks.

Quote of the Day

“If all you ever did was buy high-quality stocks on the 200-week moving average, you would beat the S&P 500 by a large margin over time. The problem is, few human beings have that kind of discipline."

– Charlie Munger

Top Tweets

Four down days followed by four up days. We're not far from an all-time high and the S&P 500 is back above its 50-day moving average. pic.twitter.com/8Fj6p42z5t
— Eddy Elfenbein (@EddyElfenbein) September 12, 2024

$QQQ Oh hello. 👀 pic.twitter.com/oLy4d2VR9o
— TrendSpider (@TrendSpider) September 12, 2024

Fun stat of the day:

Today is the 176th trading day of 2024 and the S&P 500 is up 17.6% YTD. Last year on the 176th trading day of the year, the S&P 500 was up 17.7% YTD. pic.twitter.com/BAR3ZF8SJy
— Bespoke (@bespokeinvest) September 12, 2024

The last time the S&P 500 was down >1.5%, but finished up >1%?

The exact lows at the end of the vicious bear market in Oct '22.

It happened again today.

Looking at previous big reversal days like this shows better than avg returns across the board. pic.twitter.com/mu8jPFEiNM
— Ryan Detrick, CMT (@RyanDetrick) September 12, 2024

Semis relative to Software has had some massive moves this year. Semis have had 1month relative moves of +4StDev moves TWICE earlier this year. Then Software massively outperformed thru summer to -3StDev the other way. Now bouncing off the 200d. Wild ride/pair trade. $SMH $IGV pic.twitter.com/eGVej3oOtX
— Lighthouse Macro (@LHMacro) September 12, 2024

Taping the brakes on Utility enthusiasm as the ETF flows for $XLU equivalents have reached excessive levels. Long utilities is a consensus call, it can still work, but tactical risks are elevated. pic.twitter.com/aZigOcM1Ih
— RenMac: Renaissance Macro Research (@RenMacLLC) September 12, 2024

$GDX +5.2% ... best day of the year pic.twitter.com/rI6Mh1KW5Q
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 12, 2024

Gold keeps climbing higher pic.twitter.com/tlO56vtMgY
— Alfonso De Pablos, CMT (@AlfCharts) September 12, 2024

Gold hitting new all-time highs.

This chart is a thing of beauty.

I don't think investors are prepared for how high, and how fast, gold can run once FOMO chasing from institutions/HFS kicks in. pic.twitter.com/tKyxhp6JeD
— Brandon Beylo (@marketplunger1) September 12, 2024

This what it looks like for Gold to put fiat currencies to shame$GC_F $EURUSD $GBPUSD $USDCHF pic.twitter.com/s0mMXHs280
— Peter Brandt (@PeterLBrandt) September 12, 2024

You’re all caught up now. Thanks for reading!

Filed Under:

Daily Chart Report,

Front Top Content,