EB Daily Market Report - Monday, September 23, 2024

Dear Members.

We've entered an historically bearish time of the year but try telling that to the bulls with all of the major indexes higher as we begin a new trading week.

What might make this particular season a bit different is the Fed announcing the 50 basis point reduction in rates last week, something that the bulls believe will help keep the momentum to the upside going.

We've already seen the Dow set another record high and we continue to see the NASDAQ lagging, something that's become a pattern of late. 

It's clear that resistance on the S&P to the upside is the most recent high of 5733 and the first level of price support is  5674, Friday's low. These are two levels to keep an eye on in the short term and Tom will elaborate on the overall market when he returns with his Market Update starting tomorrow.

At your service,

John Hopkins