What’s Market Up To?

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News Buzz

• Why S&P 500 raising to 6,000 is ‘hardly a stretch’ as stocks clinch a new record.

• FED officials leave the door open to another large interest rates cut, noting that current rates still weigh heavily on the US economy. 

• The S&P 500 hit a new record close in a session lacking fireworks, but the 10-year yield also rose, potentially reflecting inflation fears. Fed speakers and housing data lie ahead.

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SPX Technical Analysis

• SPX is facing multiple trendlines above, as shown on the weekly chart – Getting again below the red wedge will be a bearish indication.

• Pronounces negative divergences of technical indicators (also on the monthly chart, which is not shown) with RSI in the 70 range → not bullish long-term.

• Blue vertical lines represent a detected repeated peaks pattern, while the pink lines represent a repeated troughs pattern.

• However, weekly chart technical indicators should not be interpreted as short-term (ST) ‘timing signals’—often, peak formation is a process until all bears give up.

Sentiment

• ‘Retail’ sentiment reached the ‘sell level,’ negatively diverging like at previous market peaks.

• Again, this is not an ST timing signal – we try to identify ST peaks and troughs using our multi-pronged methodology in the premium content.  

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• 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.

• For example, I posted an ST cycle analysis this weekend and the highest outstanding ES (SPX futures) target.

Market Summary

As of close on 23 September, 2024

What Has Been

• Asia was mixed, while Europe and the U.S. markets were mostly green.

• Dow advanced 61.29 points or 0.15% to 42,124.65

• S&P 500 advanced 16.02 points or 0.28% to 5,718.57

• Nasdaq advanced 25.95 points or 0.14% to 17,974.27

• Russell 2000 declined 7.61 points or -0.34% to 2,220.28

What’s Next

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