{"id":61715,"date":"2024-10-24T02:00:00","date_gmt":"2024-10-24T07:00:00","guid":{"rendered":"https:\/\/www.tradestation.com\/insights\/?p=61715"},"modified":"2024-10-24T08:43:17","modified_gmt":"2024-10-24T13:43:17","slug":"market-trends-october-24","status":"publish","type":"post","link":"https:\/\/www.tradestation.com\/insights\/2024\/10\/24\/market-trends-october-24\/","title":{"rendered":"Fear Makes a Comeback After 6 Positive Weeks: Market Trends"},"content":{"rendered":"\n<p>Downloads are available&nbsp;<a href=\"https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/MT-public-materials-Oct-2024b.zip\">here<\/a>.&nbsp;TradeStation\u2019s ideas on TradingView are available&nbsp;<a href=\"https:\/\/www.tradingview.com\/broker\/TradeStation\/ideas\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<p>Check out our next \u201c<a href=\"https:\/\/streamyard.com\/watch\/FnfYAmFzvbjz\" target=\"_blank\" rel=\"noreferrer noopener\">State of the Market<\/a>,\u201d on Monday, 10\/28.<\/p>\n\n\n\n<p>Tickets for the Crossroads Summit 2024, sponsored by TradeStation Group, can be\u00a0<a href=\"https:\/\/www.tradestation.com\/insights\/2024\/09\/12\/market-trends-september-12\/#popmake-60802\">accessed here<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sizing Up the S&amp;P 500<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S&amp;P 500 breaks last week&#8217;s low of 5,804 as earnings and election approach<\/li>\n\n\n\n<li>Index had risen for six weeks, longest positive streak of 2024<\/li>\n\n\n\n<li>Potential support around 5674, near October low and July high<\/li>\n\n\n\n<li>MACD falling<\/li>\n\n\n\n<li>Stocks fall after spike in new 52-week highs, which also happened before April and August pullbacks.\n<ul class=\"wp-block-list\">\n<li><em>Did strong breadth mark a potential top?<\/em><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Major event clusters:\n<ul class=\"wp-block-list\">\n<li>10\/30: Big tech earnings start (AMD \/ GOOGL)<\/li>\n\n\n\n<li>11\/1: Payrolls<\/li>\n\n\n\n<li>11\/5: Election<\/li>\n\n\n\n<li>11\/7: Fed meeting <\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Intermarket: \n<ul class=\"wp-block-list\">\n<li>Rising 10-year Treasury yield creates new risk\n<ul class=\"wp-block-list\">\n<li>Higher weekly low in mid-September vs April 2023 <em>despite Fed cutting<\/em><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Nasdaq-100&#8217;s failure to break out is potential risk<\/li>\n\n\n\n<li>10\/15 bearish day in tech\/chips confirmed as resistance<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"494\" src=\"https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/SPX_20241023b-1024x494.jpg\" alt=\"\" class=\"wp-image-61743\" srcset=\"https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/SPX_20241023b-1024x494.jpg 1024w, https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/SPX_20241023b-300x145.jpg 300w, https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/SPX_20241023b-768x370.jpg 768w, https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/SPX_20241023b-1536x741.jpg 1536w, https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/SPX_20241023b-696x336.jpg 696w, https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/SPX_20241023b-1068x515.jpg 1068w, https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/SPX_20241023b-871x420.jpg 871w, https:\/\/cdn.tradestation.com\/uploads\/sites\/2\/SPX_20241023b.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">S&amp;P 500, daily chart, with key patterns and signals<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Key Events<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold miners vie with chipmakers for YTD % gain<\/li>\n\n\n\n<li>All major sectors negative in the last week.<\/li>\n\n\n\n<li>Reuters: U.S.-China &#8220;tech war&#8221; likely regardless of election winner<\/li>\n\n\n\n<li>AAPL: Ming-Chi Kuo says iPhone 16 orders cut 6% for next 3 quarters<\/li>\n\n\n\n<li>Fiscal worries mount:\n<ul class=\"wp-block-list\">\n<li>Bloomberg: Higher Treasury yields show fiscal deficit fears<\/li>\n\n\n\n<li>Paul Tudor Jones expects &#8220;market reckoning&#8221; about deficit after election<\/li>\n\n\n\n<li>El-Erian: Gold rally shows &#8220;pipes being built to go around&#8221; the U.S. dollar<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Housing weakness:\n<ul class=\"wp-block-list\">\n<li>Existing home miss estimates, hitting 14-year low<\/li>\n\n\n\n<li>PHM falls as incentives squeeze profits<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>IBM, STX post-earnings drops may reflect weaker sentiment<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Upcoming Events<\/h2>\n\n\n\n<p><em>Note: Roughly 1\/3 of the S&amp;P 500 reports earnings next week<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Earnings this afternoon: WDC COF<\/li>\n\n\n\n<li>Fri 10\/25 earnings: CNC CL HCA NYCB<\/li>\n\n\n\n<li>Tues 10\/29: \n<ul class=\"wp-block-list\">\n<li>Premarket earnings: MCD PYPL<\/li>\n\n\n\n<li>Postmarket earnings: <strong><em>*AMD* *GOOGL*<\/em><\/strong> FSLR SNAP RDDT<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Wed 10\/30: GDP, crude-oil inventories\n<ul class=\"wp-block-list\">\n<li>Premarket earnings: CAT <\/li>\n\n\n\n<li>Postmarket earnings: <em>*<strong>META* *MSFT*<\/strong><\/em> AMGN COIN HOOD SBUX ROKU<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Thu 10\/31: Initial jobless claims\n<ul class=\"wp-block-list\">\n<li>Premarket earnings: MA MRK GNRC UBER<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Downloads are available&nbsp;here.&nbsp;TradeStation\u2019s ideas on TradingView are available&nbsp;here. Check out our next \u201cState of the Market,\u201d on Monday, 10\/28. Tickets for the Crossroads Summit 2024, sponsored by TradeStation Group, can be\u00a0accessed here. Sizing Up the S&amp;P 500 Key Events Upcoming Events Note: Roughly 1\/3 of the S&amp;P 500 reports earnings next week<\/p>\n","protected":false},"author":39,"featured_media":54840,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[1276,12],"tags":[],"class_list":["post-61715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-trends","category-markets","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fear Makes a Comeback After 6 Positive Weeks: Market Trends | Market Insights<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tradestation.com\/insights\/2024\/10\/24\/market-trends-october-24\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fear Makes a Comeback After 6 Positive Weeks: Market Trends | Market Insights\" \/>\n<meta property=\"og:description\" content=\"Downloads are available&nbsp;here.&nbsp;TradeStation\u2019s ideas on TradingView are available&nbsp;here. Check out our next \u201cState of the Market,\u201d on Monday, 10\/28. Tickets for the Crossroads Summit 2024, sponsored by TradeStation Group, can be\u00a0accessed here. 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