September 25, 2024

Markets:

Stock futures were little changed on Wednesday as Wall Street looks to extend its September gains.

The moves come after the S&P 500 and Dow closed at record highs after gaining 0.25% and 0.20%, respectively. The Nasdaq Composite gained 0.56% and is less than 4% from its record high.

All three averages are on track for a positive September, though fears of a slowing economy still linger after last week’s rate cut from the Federal Reserve.

Now that the central bank has begun to lower interest rates, the economy is becoming a bigger focus for investors.

Upcoming economic data includes new home sales for August, due out on Wednesday morning, and weekly jobless claims on Thursday.

MU earnings tonight!

Portfolio:

Very nice start to the week and we enter today's session holding set-ups in CPNG, TNA, LUMN, and SOXL. The theme of this week is optimistic but cautious—the market is reacting positively to the Fed’s actions, but there are risks that could lead to reversals or corrections. The one extreme bullish note; The NDX broke out of a bullish pennant pattern, with 20,000 being the next major resistance. Obviously, the election provides an unknown but there are seasonal trades that provide enormous opportunity during an election cycle and those are coming very soon. Tonight, we receive earnings from MU, a rather important short-term mover for the semi sector and AI related stocks. Again, so many constructive charts are building. The overall momentum for year end runway is outstanding.

Be ready today. Look for updates and possible new trade alerts as the market continues to produce here.