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Market Trends | Markets
Growth Makes a Comeback as Summer Ends: Market Trends This Week
David Russell
September 26, 2024

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
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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.

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