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Check out our next “State of the Market,” on Monday, 9/30.
Tickets for the Crossroads Summit 2024 can be accessed here.
Sizing Up the S&P 500
- S&P 500 making new highs again
- MACD rising as volatility declines
- Potentially resembles late November, mid-May
- Prices above previous highs for 5 straight sessions (as of Wednesday close)
- Tight sideways consolidation in effect
- Intermarket:
- Japanese yen subdued against risk currencies like EUR, AUD
- Few signs of Treasury yields reversing higher
Megacap Comeback?
- Nasdaq-100 MA crossover (20-day vs 50-day) last week.
- “Growth stocks” starting to outperform in last 2-4 weeks
- Communications, consumer discretionary breakouts
- META, NFLX new 52-week highs
- Software, chips outperforming in 5-, 10-day periods
- IBM, NOW, ORCL quietly hitting new highs.
- AMD, CRM near 200-day MA
- MU earnings, revenue, guidance beat on strong datacenter AI demand. STX, WDC follow
- Energy, healthcare, banks lagging
- Financials stuck below early-September highs
- Fewer stocks above 20-day MA than 50-day MA, similar to Dec-Feb period
- Equal-weighted index now only leading in last 3 months
Upcoming Events
- Fri 9/27: PCE, personal income/spending
- Mon 9/30: Powell speech (unconfirmed), quarter end
- Earnings (AM): CCL
- Tue 10/1: Port strike deadline, ISM manufacturing
- Earnings (PM): NKE
- Wed 10/2: ADP payrolls, crude-oil inventories
- Thu 10/3: Jobless claims, ISM services
