Stock Market Update Wednesday September 25, 2024 Stocks were broadly lower today as the S&P 500 pulled back from record highs, declining 0.19%. The Nasdaq managed to edge up slightly, closing 0.04% higher, while the Russell 2000 underperformed, down 1.19%. In terms of sector performance, Energy was the biggest laggard, dropping nearly 2%. Meanwhile, Utilities and Technology were the only sectors to finish in positive territory, offering some resilience amid the broader market weakness.
Bottom Line:
Monday, September 16th, 2024, received a buy signal for the IWM ETF, marking a notable development as the SPY, QQQ, IWM, and DIA are all now flashing buy alerts. Our cycle analysis indicates a pivot date on September 25th, which may lead to increased market volatility or trend reversals. This week, we anticipate further consolidation and possibly a down week as markets digest last week's gains. Looking ahead, our year-end outlook remains bullish. We expect equity markets to trade higher by the end of December, with the VIX settling in the 10-11 range, reflecting lower implied volatility during the holidays.
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