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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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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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