Overview of the US market's premarket conditions on Monday, September 23, 2024. Noting that stock index futures and commodities are trading above fair value, suggesting a positive start to the week. The VIX remains on a sell signal, which supports higher stock prices on a short-term basis. Key sectors like home builders, technology, and the semiconductor sector reached price targets but have since pulled back slightly.
We highlight movements in ETFs and sectors, including SPY (NYSE:SPY), Nasdaq 100, and retail, where traders have locked in profits. Also Canadian markets, with notable performance in the TSX 60 and venture exchange. Moving to commodities, crude oil and natural gas are still on buy signals, and gold has reached new highs. We conclude by observing resistance in the market and noting that it will be interesting to see if the market retests or breaks through these levels.
This content was originally posted on the Stock Market Timing YouTube Channel