Chart of the Day - Friday, September 30, 2024

🏆  Today's Chart of the Day was shared by Matt Cerminaro via @TheCompoundNews. 
 

• September has notoriously been the worst month for the S&P 500, but the index rose +2.0% this month. The fact that $SPX bucked its seasonal trend proves that the underlying bid is stronger than usual.
   
• One of the bears' most legitimate fears this year (and last year) has been narrow breadth, but Matt points out that Breadth was very healthy in Q3. 
   
• Including dividends, over half the constituents in the S&P 500 (328 stocks) outperformed the index this quarter. The average stock rose +9.2%, while the index rose +5.5%. GE Vernova ($GEV) was the top performer, gaining +52.2%. Super Micro Computer ($SMCI) was the worst performer, tumbling -48.7%.  
   

Takeaway: The S&P 500 closed the day, the month, and the quarter at an all-time high today. Breadth was getting pretty narrow earlier this year, but participation expanded significantly in Q3.