Chart of the Day - Wednesday, September 25, 2024

🏆 Today's Chart of the Day was shared by Larry Tentarelli (@bluechipdaily). 
 

• The Nasdaq 100 ($QQQ) inched higher by +0.2% today, while the other major indices closed lower. The S&P 500 reached record highs last week, but the Nasdaq hasn't seen one in over two months. 
   
• $QQQ peaked in mid-July and corrected as much as -13.6% on a closing basis. It bottomed in early August, the same day the VIX blew out to 65. $QQQ has been in a tight range over the past week, only -3.4% below record highs. 
   
• Larry points out that the Nasdaq's fate will likely come down to Semiconductors. After a solid earnings report, Micron ($MU) is surging +14.5% after hours. While $MU is not the largest Semi, it could potentially revitalize the entire sector in the coming days. 
   

Takeaway: $QQQ hasn't seen a record high since mid-July, but it's only -3.4% below its peak after correcting as much as -13.6%. Semis looks revitalized and ready to lead the Nasdaq to all-time highs.