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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?
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
