Chart of the Day - Tuesday, September 24, 2024

🏆 Today's Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). 
 

• The China Large-Cap ETF ($FXI) surged +9.8% on record-high volume today. Mike points out that this was the best day for Chinese stocks ($FXI) since March 2022 and the second-best since 2008.
   
• $FXI never recovered from the Great Financial Crisis. It's down -58% from its 2008 peak. However, today was its first 52-week high since February 2021, while RSI reached its highest since 2018. 
   
• Today's move also helped Emerging Markets ($EEM) reach 52-week highs. $EEM jumped +3.4% today, outpacing the S&P 500 by a significant margin. 
   

Takeaway: Chinese stocks had their second-best day in over a decade today, with $FXI surging nearly +10%. They say one day doesn't make a trend, but price and momentum are suddenly at multi-year highs, while sentiment couldn't be worse.