Individual Institutional Fintech & Developer
Sign in
Open account
Individuals Institutional

Call toll-free 800.328.1267

Login

Market Insights

Opportunity knocks for those with trading in their DNA.
Curiosity creates opportunity. Insights create strategy. Born traders create their destiny.

Stocks

Options

Futures

Market Trends | Markets
Growth Makes a Comeback as Summer Ends: Market Trends This Week

Downloads are available here. TradeStation’s ideas on TradingView are available here.

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
S&P 500, daily chart, with select patterns and indicators.

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
Tags:

About the author

David Russell
David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

Related stories

Chart of the Day: Is Verizon Weak in a Strong Market?

Chart of the Day: Is Verizon Weak in a Strong Market?

by David Russell | Nov 11, 2024

The S&P 500 just had its biggest weekly rally in a year, but Verizon Communications didn’t participate. Are the bears moving in? The first pattern on today’s chart is the trio of drops following the last three quarterly reports. Those may reflect ... For more,...

Money Floods Back to Stocks With Trump Returning to Office

Money Floods Back to Stocks With Trump Returning to Office

by David Russell | Nov 11, 2024

Stocks are exploding to new highs as investors look forward to a second Trump Administration. The S&P 500 surged 4.7 percent between Friday, November 1, and Friday, November 8. It was the biggest weekly gain in a year, sending the index above 6,000 for the first...

Sharpen Your Trading Skills with TradeStation’s Simulator 

Sharpen Your Trading Skills with TradeStation’s Simulator 

by TradeStation | Nov 8, 2024

Explore Your Next Idea with TradeStation's Trading Simulator   https://www.youtube.com/watch?v=Z5QGPHAvanY&ab_channel=TradeStation TradeStation's trading simulator offers a powerful virtual arena for traders to test and refine strategies for stocks, options, and...