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Market Trends | Markets
Saved by Semiconductors? Rotation Swings Back to Growth: Market Trends
David Russell
September 12, 2024

Downloads are available here. TradeStation’s ideas on TradingView are available here.

Check out our next “State of the Market,” on Monday, 9/16.

Tickets for the Crossroads Summit 2024 can be accessed here.

Sizing Up the S&P 500

  • S&P 500 forms bullish outside day at key 5400 level
    • 153-point range was the biggest for a positive session since October 13, 2022.
    • Also returns above 50-day MA, 21-day EMA
    • Holds 50% retracement of August’s range
  • Bullish inside week forming
  • Holds bottom of Keltner channel
  • Intermarket:
    • USD/JPY holds December lows
  • Safe havens like consumer staples unwind as megacaps gain
    • Is sector comparison now more useful for market internals than breadth?
S&P 500, daily chart, with select indicators and patterns.

News & Views

  • Oil slides as OPEC cuts demand forecast and hedge funds abandon longs
  • Banks positive / negative
    • Fed cuts proposed capital requirement increase from 19% to 9%.
    • JPMorgan Chase (JPM) warns bullish estimates are “not very reasonable.”
  • ALB, SQM: Lithium producers gain as China’s CATL mulls output cut
    • Charts form higher weekly lows after long downtrends
  • Census Bureau: U.S. household real (inflation-adjusted) incomes +4% in 2023, 1st significant increase since 2019

Potential Signals & Patterns

  • AAPL: Holds 50% retracement of August range
  • META: Tight range at 50-day MA
  • MU, AMAT: Potential double bottoms
  • NFLX: Holds above 50-day MA, near record high
  • MSFT, AMD: Potential trendline breakouts
  • MELI: Tight consolidation above 2021 highs
  • TSLA: Bullish inside week at 50-day MA
  • NTAP: Potential support at August low
  • STX: Potential triangle near 50-day MA

Upcoming Events

  • Thu 9/12: ADBE earnings tonight
  • Fri 9/13: Consumer sentiment
  • Tue 9/17: Retail sales, NAHB homebuilder sentiment
  • Wed 9/18: Housing starts, crude-oil inventories, **FOMC**
  • Thu 9/19: Initial jobless claims
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About the author

David Russell
David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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