Elusive SPY Bounce

By Monica Kingsley of MonicaKingsley.co

Thursday, September 5, 2024 10:25 AM EDT

S&P 500 had a troubled day of retracement rejection – little wonder after poor JOLTs figure and Beige Book recognizing real economy (job market) challenges. NVDA though surprised with its statement that it‘s not being subpoenated (no dreaded antitrust for the chips leader), but that didn‘t help SMCI much, and AMD can‘t carry the Nasdaq weight alone, far from it. So, it was up to AAPL to provide a glimmer of hope, with TSLA having a good day as well.

The day though started on a bullish note, with XLK, XLC and XLY alike trading well, alongside almost customary XLF performance of late. On a daily basis, Nasdaq fared well compared to S&P 500, which is usually a bullish sign – yet how has the picture changed following yesterday? Let‘s check my hourly Nasdaq CFD chart posted in our channel in the beginning of the session, and accompany it by the bond market snapshot and this European morning‘s contribution.

Really good set of data today is required as the marked zone had been respected yesterday, and clients knew well, well ahead of time.

(Click on image to enlarge)

S&P 500 and Nasdaq