Library Archive
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- It was a largely positive day to open the trading week, seeing many more growth focused areas of the market rocket forwards. Emerging markets ([EEM]) picked up roughly 2.7%, followed by the Nasdaq Composite ([NASD], +2.26%) and the S&P 500 ([SPX], +1.49%).
- In terms of notable chart action, [NASD] returned to a buy signal to match all-time chart highs. The technical picture remains constructive as we head into Q4. [SPX] sits just one box shy of its all time highs above at 7,800. Support for each sits roughly around the 50-day moving average.
- Commodities fell yesterday as crude oil ([CL/]) shed about 4%. While still off 2026 lows, the magnitude of this recent exhale has been intense. The commodity will now look to find some support around current levels before a test of its positive trend line below at $83.
- Notable RS relationships to flip yesterday include: [RUT] vs. [SPX], 3.25%- reversing back into O’s signaling an uptick in near-term strength for the S&P 500 vs. small caps. [$BTC] vs. [MNYMKT], 6.5%- moving back to a buy signal as Bitcoin surges higher. While the digital currency remains well off its respective highs, the increase in relative strength is interesting to say the least.
- [PLTR] returned to a buy signal but remains rather rangebound from $166-$188. It remains technically acceptable to hold. [CTAS] reports 9/23 before open. The 4/5’er has pulled back to support and could be an interesting option to play around its earnings call.
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