Market Commentary
Major indices opened with gusto following the PCE inflation data then pulled back to near the lows of the session. Only the Dow Jones and the Russell 2000 are holding solid gains with the latter leading once again.
The iShares Russell 2000 ETF (IWM) is reversing last week’s losses and the Relative Strength Index (RSI) points to more upside. We should see a re-testing of the September high.
Only Technology (XLK) is in the red today, as all other sectors rally. The sector out front is Energy (XLE), up 1.52%, while Utilities (XLU) is also having a strong session, up 1.03%.
The Fear & Greed Index is still in the upper Greed zone and moved down 2 points from yesterday.
The final read for the Consumer Sentiment Index improved to a five-month high of 70.1 vs. 69 in August. The expectations component rose sharply to 74.4 vs. 73 in August. Optimism in the economy is growing.
Wholesale inventories rose 0.2% m/m and in-line with economists’ expectations.
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9/27/2024 12:53 PM | Technology Lags |
9/27/2024 9:57 AM | Materials Momentum |
9/26/2024 1:11 PM | Strong and Steady |
9/26/2024 9:44 AM | AI IS A-OK |
9/25/2024 12:55 PM | Losing Steam |
9/25/2024 9:25 AM | IS THIS THE DATA POWELL FEARED? |
9/24/2024 1:06 PM | The Right Move |
9/24/2024 9:45 AM | HO-HUM IS OKAY |
9/23/2024 1:38 PM | A Big Week Ahead |
9/23/2024 9:44 AM | IT’S ELECTRIC! |
9/20/2024 1:07 PM | Taking a Breather |
9/20/2024 9:35 AM | RATE CUT EUPHORIA |
9/19/2024 1:25 PM | Rate Cut Rally |
9/19/2024 9:29 AM | …HE’S A DEMON ON WHEELS |
9/18/2024 1:19 PM | Fed Time |
9/18/2024 9:45 AM | WHEN ELASTICITY IS YOUR SUPERHERO STRENGTH |
9/17/2024 1:23 PM | FOMC Anticipation |
9/17/2024 9:33 AM | RALLY GAINING CONFIDENCE |
9/16/2024 1:19 PM | Changing of the Guard |
9/16/2024 10:14 AM | STOCK MARKET ROARS INTO RATE CUTS |
9/13/2024 1:00 PM | Picking Up Momentum |
9/13/2024 9:48 AM | SUPERHEROES |
9/12/2024 1:02 PM | Small Caps Take The Lead |
9/12/2024 9:55 AM | TECH SAVES THE DAY |
9/11/2024 1:05 PM | CPI Fears |
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