EB Daily Market Report - Friday, September 27, 2024
Event on Saturday
Dear Members:
We will be hosting our latest event, "History of Q4 Market Bottoms", on Saturday morning at 10:00am ET. Members DO NOT need to register. You are automatically registered. A recording of the event will be provided, just in case you cannot make the live event.
There is a FREE ebook giveaway for those who register, but since members do not need to register, we are providing access to this ebook by simply following THIS LINK or you can go to the Member Portal on our website and click the link there.
Room instructions will be sent to you on Saturday morning prior to the 10am ET start time. There will also be a link provided on the Member Portal to access the room.
A lot of the same today; Blue chips leading the way, tech stocks lagging with a record high on the Dow as the bulls continue to maintain control.
A combination of fairly tame economic reports and a rejuvenated Chinese market have the bulls in a good mood. The question is, has the market factored in a lot of the bullish developments of late?
For example, the RSI on the Dow is pressing 70 which is generally a level where profit taking kicks in. The S&P is closer to 65 as it nears a technically overbought level. And the $CPCE - Options Equity Put/Call Ratio is definitely showing a strong bias for calls; a lot of action on the long side.
I've also noticed a number of key stocks with RSI's well in excess of 70 and some over 80. So if nothing else perhaps a cautionary signal.
On the S&P the bulls will have to clear yesterday's high of 5767 if they hope to take the market higher. To the downside there is price support at 5674. That is the range at the moment.
We all know that the weakest time of the year is September/October. So far that has not taken shape. But best to at least be on the lookout for any sudden move to the downside.
At your service,
John Hopkins