Nasdaq Dorsey Wright

- US equity futures are lower this morning. Nasdaq-100 futures are leading the market lower, down around 1%.
- Tuesday was a strong day for stocks across the board as US and international indices were higher.
- The S&P 500 was up 89 bps. Technology led the market higher as the Nasdaq-100 ([NDX]) gained 1.93% while the iShares Semiconductor ETF ([SOXX]) was up 5.45%. SOXX is still down more than 13% over the last 30 days.
- Small caps outperformed as the Russell 2000 ([RUT]) was up more than 1.5%.
- The iShares MSCI Emerging Markets ETF ([EEM]) gained more than 2.8% while the iShares MSCI EAFE ETF ([EFA]) gained 1.45%.
- Crude oil has continued to advance as it gained more than 2.25% yesterday and is up more than 3% pre-market, trading around $87/bbl as the market continues to digest renewed tension in the Middle East.
- Precious metals advanced on Tuesday despite rising yields as silver ([SI/]) gained 3.7% and gold ([GC/]) climbed 1.65%. Silver traded above $60 overnight which should return it to a buy signal on its default point & figure chart. Meanwhile, gold is trading above $4100, which would return it to a buy signal also. Gold has now established notable support at $3980, reversing up from that level three times since last month.
- We get the first Mag 7 earnings releases of the quarter this afternoon as Tesla ([TSLA]) and Alphabet ([GOOGL]) are set to report. Both stocks are currently acceptable 3 for 5’ers.