Nasdaq Dorsey Wright

Markets moved lower on Thursday, with the Nasdaq Composite ([NASD]) leading the way to the downside with a 2.15% decline. Meanwhile, the Russell 1000 Index (RUI) fell 1.17% and broke a double bottom at 4,040 as large caps have slowed down.
With the market selling off recently, participation has ticked lower. The Bullish Percent for the S&P 500 ([^BPSPX]) reversed back into a column of Os this past week. That said, overall levels remain in healthy territory at 55%.
The energy sector pushed higher, continuing its recent rally. The Energy Select Sector SPDR fund [XLE] moved back to a buy signal at $60, which follows the fund regaining near-term market relative strength. While the fund's 4.12 fund score is solid, the broader energy sector remains in the bottom half of DALI.
Tesla ([TSLA]) reported earnings on Thursday, much to the disappointment of its investors, sending the stock down 14.52%. The stock has fallen to a 0 for 5’er but is now in heavily oversold territory. Alphabet ([GOOGL]/[GOOG]) also released its quarterly results, with a higher-than-expected 2026 CapEx number dragging [GOOGL] down 7.13%. However, the stock remains a hold as a 3 for 5’er, and is also in heavily oversold territory.
Next week should be extremely busy from an earnings standpoint, with approximately 36% of the S&P 500 reporting earnings. Notable names include Apple [(AAPL]), Microsoft ([MSFT]), Meta Platforms ([META]), and Amazon ([AMZN]), among many others.

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