Chart of the Day - Thursday, 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.