Chart of the Week & Content Wrap - 9/20/24
Chart of the Week – Now vs. Spring’24
Currently, we’re still in the throes of an historically volatile period. All of the raucous back-and-forth movement from mid-July through mid-September took place UNDER 5,650 – within the trading range we’ve been profiling. Volatility typically gets elevated with the market is selling off and/or trapped in a wide range. See 2022.
Thus, a key difference after yesterday is that the SPX now is ABOVE that level, having broken out of those two bullish patterns on Thursday. Of course, the index only is about 1% above the range as of last night’s close, so we’ll need to see follow through soon.
But as we know from the last few years, if this breakout does hold, it could harbor in a different kind of trading atmosphere altogether – one that has FEWER big daily moves.
Again, we’re not there yet, but that would be the next step and a crucial part of the market’s trading environment morphing back into a persistent uptrend.
We saw this exact thing happen after the SPX emerged from the volatile March-April’24 period. Things REALLY slowed after the index broke out to new highs in early May, which led to two months of pretty calm uptrending action.
That’s the blueprint.
Interviews, articles and social media
CNBC Pro Article
Charts suggest traders should wait before they keep chasing utilities
Barron’s
Stocks Surge to New Highs as Market Digests Fed’s Rate Cut
YouTube
The Stock Market’s Setup Before the Rate Cut
Spotify
The Stock Market’s Setup Before the Rate Cut
Facts vs. Feeling Podcast
Talking Charts: How to Read the Market Like a Pro with Frank Cappelleri (Ep. 101)
LinkedIn
FOMC Day has three parts
CappNotes
Tuesday
Chart Trades: 9/17/24 – 2 buys (UNLOCKED)
CappThesis Premium Content
Starter, Trader & Professional
Tuesday
Chart Trades: 9/17/24 – 2 buys
Friday
Opening Look: The Next Phase
Trader & Professional Only
Monday
Opening Look: Another 5-day Winning Streak
Tuesday
Opening Look: Top of the Range
Wednesday
Opening Look: The Cut
Thursday
Opening Look: Two Bullish Pattern Breakouts
Friday
Opening Look: The Next Phase
Professional Only
Tuesday
Roadmap: Week of 9/20/24
Thursday
Breaking Out Video
Client meetings & calls