Mid-Week Update

September 4, 2024

I voiced my uneasiness regarding the current market setup in last Friday’s Chart Book. What looked like a muted start to September morphed quickly into another large risk-off event. Softer-than-expected economic data, a large plunge in oil prices, and NVDA catching a cold all contributed to the swift turnaround in sentiment.

As outlined in ATW 10 Charts for the week, quite a few of the setups discussed have now been moving. I will review the moves and what the implications are from here. I will also update any other meaningful charts.

Let’s dive straight in.