Hello September

Detailed analysis below…

We head into September 2024 with the SPX up +19% and NDX +18% on the year.  Q3 has been a trickier tape, though, with the NDX -1% through the first 2 months (vs REITs, Utilities, Financials all up +10%+ thus far in Q3), indicative of the less directional Tech trade since the NDX peaked in mid-July.