Weekend Report 2024_09_29

Weekend Report for Monday, September 30

Bottom Line:

The SPX closed in new all-time highs on September 19 but has only advanced .43% higher in the following six days of trading through Friday’s close. The DOW and NYA have also been trading in new all-time high territory for the same time period but also without making much net progress. The NDX and RUT continue to underperform on a relative basis.

It continues to be a concern for the bullish immediate bullish case that upside momentum is so varied among the indices. However, the general tenor of the indices is net bullish, with a consistent pattern of higher highs and lows continuing to prevail.

PDF: Weekend Report_2024_09_30

VIDEO: https://youtu.be/eiuPXtXdU9o

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SPX

Upper KRA: 5767
Lower KRAs: 5674

SPX has had really funky price action for over a week – little directional conviction. I’m just following the short-term levels as a guide. IMO, not a time or place to make big swing trade bets.

NDX

Upper KRA: 20273
Lower KRA: 19300

The NDX continues to underperform and this is potentially bearish.

DOW

Upper KRA: 42628
Lower KRA: 41846

More all-time highs last week, but a big reversal day on Friday.

RUT

Upper KRAs: 2260
Lower KRA: 2189

New York Composite

This is an index of every stock listed on the NYSE, so it is a broad composite view.

Upper KRA: 19597
Lower KRA: 19360

Similar comments apply to the NYA as the DOW.

Internals – VIX

There was a relatively big spike in VIX as of the close on Friday. It continues to remain stubbornly elevated with several indices making new all-time highs. This is potentially bearish, at least short-term.

Internals – NYSE Data

The 10-day MA of NYSE advancing issues is diverging against recent highs. My usual caution about leaning too heavily on this making the assumption it is immediately bearish applies here.