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Market Headlines 👀 

• US 30y mortgage rates continue to fall, now at a two year low.

• US 30y weekly jobless claims come in at 218k; est: 224k.

• Open Ai CTO and chief research officer depart on the same day, company looking to go from non-profit to for profit giving CEO Sam Altman equity.

• Meta (META) announces new products at its Meta Connect event, stock sees new all time highs.

• Paypal (PYPL) launches a new payment feature to unlock the ability for more Chinese sellers to use its platform.

• Super Micro Computer (SMCI) faces a major probe from the Department of Justice.

• Charles Schwab (SCHW) announces ETF splits for some of its major ETFs.

Earnings 💸

• Costco (COST)

  • EPS: $5.29 beats (exp. $5.08)

  • Revenue: $79.7b misses (exp. $79.97b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

Is $560 the new $520? Earlier this year, the $520 level on SPY played a pivotal role, acting as resistance in March before being broken in May and turning into support in June and July. Once this level was left behind, the price was free to push higher, and ultimately, $560 was established as the next key resistance. Recently, SPY managed to trade and close above this new level. If past patterns hold, $560 could now become a crucial support level in the weeks and months ahead. (Contributed by Jason Krutzky of Trendspider)

With a P/E ratio of just 46x, it's been nearly a decade since AMZN has traded at this PE level, making it somewhat surprising that it's currently trading almost 5% below its all-time highs. However, the recent bullish cross on the weekly 8/21 EMAs suggests the potential for new highs soon. The last time this signal appeared, in April 2023, the stock gained over 50% in the following 16 months. (Contributed by Jason Krutzky of Trendspider)

You know what they say: the bigger the base, the higher the space. That’s exactly what NVDA has been building lately—a multi-month base where its range has been tightening, each day getting closer to the apex of the triangle pattern. The key level to break and hold appears to be $125. If that happens, this semiconductor behemoth could be off to the races once again. (Contributed by Jason Krutzky of Trendspider )

Market Preview 🎞️ 

• Friday, September 28th: Personal consumption and spending (PCE) data; University of Michigan consumer sentiment final

Enjoy reading?👇

That’s all for this week, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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