Volatility Surges: S&P 500 & Nasdaq 100 Near Buy Signals | Market Update 9/12/24

In Thursday’s pre-market update, Stephen Whiteside of TheUpTrend.com notes that stock index futures and commodities are trading above fair value, but upcoming economic data may shift market direction. Wednesday saw a huge surge in volatility, with the S&P 500 approaching a new daily buy signal as key price targets were nearly hit. Notably, the Nasdaq 100 also closed just below its price target. Key sectors driving market movement include semiconductors, with strong performances from Nvidia and Broadcom. The Magnificent Seven ETF is back on a buy signal, though not all underlying stocks are. Canadian markets have seen positive signals in both the tech and consumer discretionary sectors, led by Dollarama and Canadian Tire. Stephen Whiteside TheUpTrend.com Thursday, September 12, 2024 https://theuptrend.com/morning-market-outlook-09122024/