Week 37, 2024: NVIDIA at +10% This Week! Broadcom +17%! Tech Sector in Full-Swing. Mega Caps and Semiconductors Gained Most
The stock market rebounded following last week's big declines.
Hello Investors,
We’re back with fresh, unbiased data for this week in the US stock market.
This week’s podcast is here:
Important Announcements:
The Tesla Giveaway livestream and the donation to Doctors Without Borders will be posted end of this week.
I have published my 3-ETF Income Portfolio that is a hedge against bear markets last week.
On Wednesday I will be publishing my cutting-edge, hyper-growth tech portfolio
Today I have also written a deep dive on last week’s market recap and my predictions for the next week including a potential “black swans” section.
You can also find my typical quant data and the stock insiders’ significant buys/sells with my interpretation.
Every day I am posting summaries of news that are relevant for investors. I try to post about 30 minutes before the markets open and cover the last 24 hours of news:
Today’s news: Anti-Clickbait News Summaries for September 15, 2024.
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10-year performance of Fortress of Solitude portfolio
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S&P500 Heatmap over the last week
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Excel data:
How Spy is Looking Over The Last Month
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SPY Quick Technical Analysis (September 15th, 2024)
The chart for SPDR S&P 500 ETF Trust (SPY) displays several key technical formations that provide insight into potential future movements:
Rising Wedge Pattern (mid-August):
A classic bearish continuation pattern, signaling exhaustion in the previous uptrend. This wedge formation was followed by a Sell signal, aligning with the expected downward pressure.Rectangle Distribution:
A range-bound rectangle emerged post-sell signal, highlighting a period of consolidation and distribution. This usually precedes another leg down, and indeed, a significant drop followed.Buy Signal & Rebound:
After hitting lows around $544, SPY triggered a Buy signal and began a sharp recovery. Price action is now challenging the upper bounds of the rectangle (around $561), which is a crucial resistance zone.Double Top Potential:
As SPY approaches $561, it is at risk of forming a double top, a bearish reversal pattern. If price fails to break above this level, a reversal toward the target of $532 is likely, reinforcing the bearish outlook.Key Levels to Watch:
Resistance at $561: If the price is rejected here, expect a downward move.
Support near $532: The target zone where price could correct to if resistance holds.
Please send feedback and ideas using comments, PMs, or email. I answer all emails and PMs personally. No personal assistant BS here.
And, as always — stay informed — and do your own due diligence,
Jack Roshi from the Daily Moat
Market Recap: September 9-13, 2024 and Predictions for Next Week:
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