Daily Chart Report πŸ“ˆ Thursday, September 12, 2024

Patrick Dunuwila
September 12, 2024

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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


πŸ† 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


β€œIf 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 Links

Liftoff! - Trading Adventures
Andy Moss reviews this week's price action.

All Star Charts State Of The Markets - All Star Charts
JC Parets analyzes the current market environment from the top down. 

Defense Takes the Field - LPL Financial Research
Adam Turnquist looks at the recent rotation into defensive sectors. 

Biotech's Big Comeback: Why Investors are Eyeing This Beaten-Down Sector - StockCharts
Karl Montevirgen examines the outlook for the Biotech sector. 

Sentiment Goes According to Seasonality - Bespoke
Bespoke looks at the results of the latest AAII Sentiment Survey. 
 

Top Tweets

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

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