Choppy Bounce Continues

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News Buzz

• Value stocks outperform this quarter as growth equities struggle in a ‘downtrend.’

• Inflation report can spur bigger rate cuts by the FED.

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MSFT – Potential H&S

• Watch a potential Head & Shoulders pattern developing. A confirmation will be a break of the neckline.

• I sketched a possible path should the H&S pattern materialize.

• Interesting, a potential approximate target rhymes with a notable support level and 61.8% retrace level of the advance since Oct’22.

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DJI LT Technical Analysis

• The most striking feature of the DJI monthly chart is the RSI behavior.

• The RSI peak in 2018 was the highest in 100 years, maybe longer, and exceeded that of 1929. Such high RSI values usually suggest a higher market in the future.

• However, there has been a significant loss of momentum over the last six years, as evidenced by the negative divergence of the RSI over that period. Should the RSI rollover below about 70, it will suggest an adverse market in years to come.

• Note also the “Hanging Man” candlestick in August. Should the low of the body of the September candle close below the body of the August Hanging Man body, it will be a bearish confirmation of the Hanging Man candlestick.

Follow BraVoCycles on X

• Consider following me on X (former Twitter) in addition to the newsletter, as I often post valuable information there in real time between the newsletters. Posted this on Monday. 

Market Summary

As of close on 10 September, 2024

What Has Been

• A choppy bounce continues.

• Asia and the US were mixed, and Europe was red.

• Dow declined 92.63 points or -0.23% to 40,736.96. 

• S&P 500 advanced 24.47 points or 0.45% to 5,495.52. 

• Nasdaq advanced 141.28 points or 0.84% to 17,025.88. 

• Russell 2000 declined 0.34 of a point or -0.02% to 2,097.44.

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