Daily Chart Report 📈 Monday, September 9, 2024

Powered By:

Today’s Summary

Monday, September 9, 2024
 

Indices: Nasdaq 100 +1.30% | Dow +1.20% | S&P 500 +1.16% | Russell 2000 +1.13%

Sectors: All 11 sectors closed higher. Technology led, gaining +1.64%. Communications lagged, but still rose +0.43%. 

Commodities: Crude Oil futures rose +1.54% to $68.71 per barrel. Gold futures fell +0.32% to $2,533 per oz.
 
Currencies: The US Dollar Index rose +0.41% to $101.61.

Crypto: Bitcoin gained +4.00% to $57,059. Ethereum rose +2.73% to $2,360.

Volatility: The Volatility Index dropped -13.01% to 19.46.

Interest Rates: The US 10-year Treasury yield fell to a 52-week low of 3.702%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

🏆 Today's Chart of the Day was shared by Jake Wujastyk (@Jake_Wujastyk).
 

• Microsoft ($MSFT) has rolled over into a *potential*  Head & Shoulders Top over the past six months. The neckline of this bearish pattern is around $400. A breakdown would target the prior cycle highs, around $340. 
   
• $MSFT is the second-largest stock in the S&P 500 and Nasdaq 100. Semiconductors ($SMH) have also rolled over into this bearish pattern. The major indices will struggle if $MSFT and $SMH break down, but...
   
• As Jake points out, this textbook pattern is glaringly obvious. It's just a matter of time before everyone and their mother sees this thing. Chart patterns often fail when they become too obvious, and it's extremely bullish when bearish patterns fail. 
   

Takeaway: Microsoft ($MSFT) has rolled over into a textbook Head & Shoulders Top with a neckline of around $400. Semis are also exhibiting this bearish pattern. Bulls can't afford to lose pillars of the Tech sector like $MSFT and $SMH. But if these topping patterns fail, it could spark the next leg higher for the Tech sector. 

Quote of the Day

"If it's obvious, it's obviously wrong."

– Joe Granville