Below are highlights from the NDW Morning Update Video for the morning of 07/15. Access the the video on the NDW Morning Update Video page. 

• US equity futures are up slightly this morning. Nasdaq futures are up about 50 bps while S&P and Dow futures are up about 15 bps.
• Stocks and bonds were up yesterday (6/14) as a lower-than-expected CPI reading led yields lower.
• The market is still pricing in about an 80% chance of a rate hike this year but has backed off expectations for an increase this month which climbed above 40% on Monday.
• The Nadaq-100 (NDX) led the major indices higher gaining 1.1%. The S&P 500 advanced 40 bps.
• The iShares Semiconductor ETF (SOXX) was up more than 2.5%
• A down day for the dollar helped push international equities higher as the iShares MSCI Emerging Markets ETF (EEM) gained 1.8% while the iShares MSCI EAFE ETF (EFA) added 70 bps.
• Falling yields also aided precious metals as silver (SI/) gained almost 2% while gold (GC/) was up more than 1.5%.
• Crude oil (CL/) advanced for a second day, gaining about 1.5% as the market continued to digest the prospect of renewed conflict in the Middle East.
• International Business Machines (IBM) had its worst day ever on Tuesday, falling 25% after the company released earnings a week early and showed misses on revenue and profit.
• Most of the big banks reported earnings yesterday. Goldman Sachs (GS) was biggest winner gaining 9% and reaching a new all-time high. JP Morgan (JPM) and Bank of America (BAC) also advanced. Citigroup (C) was worst performer, falling more than 5% while Wells Fargo (WFC) was down more than 2.5%.

We’re just over two weeks into the NDW Custom Model Competition, which began with the close of the second quarter. Thus far, it’s been a rocky road for our competitors as just one model shows a positive return with a gain of 0.18%, roughly in line with the performance of the S&P 500 over the period. All the other models are in the red at this point in the competition. There has been a bit of an unwind in momentum since the beginning of the competition – the iShares MSCI USA Momentum Factor ETF (MTUM) is down more than 8% over the same period.  So, it’s not entirely surprising that many models have struggled. However, we still have about 10 weeks left in the competition so there is plenty of time for things to turn around. We will continue to share the leaderboard periodically throughout the competition. The top five performing teams out of all submitted strategies are shown in the table below.

If you have been around NDW research long enough, you are likely familiar with the concept of “playing the piano with both hands” when it comes to identifying superior investments. No, we are not suggesting you break out a rendition of Chopsticks at your next client meeting, but rather try to combine strong technical and fundamental analysis when evaluating investment opportunities. While Dorsey Wright has traditionally focused on providing the tools and insights needed to identify stocks and funds with strong technical characteristics, we also recognize that many of you- and your clients- look for further  fundamental support before making final investment decisions. One of the most significant intersections between technical and fundamental analysis occurs each quarter during earnings season, when updates on a company’s business performance can drive meaningful share-price reactions and, in turn, shifts in technical strength.

With earnings season now underway, we will take today’s feature to highlight several large names that recently reported as well as provide some commentary for a handful of household names reporting over the next few days. We will also remind you to watch for our “Technical Earnings Review” we update at the end of each earnings season, highlighting notable shifts from each sector across NDW’s technical attribute scoring system.

As usual, earning season started up with the big banks. The likes of JPM, GS, BAC, WFC, & C got us started up on Tuesday morning. Reactions for this group were largely productive, highlighted by a 9%+ day for GS which beat handedly on both top and bottom line results. Lowlights for the day included a 5%+ decline for Citigroup, which struggled despite beating expectations. Regardless, it is worth noting that all these names earn “technically acceptable” scores (>=3 Technical Attributes) as of 7/14. These previously mentioned “blue blood” banks are joined by the likes of Blackrock (BLK) and Morgan Stanley (MS) which report on 7/15. The image below features GS whose shares moved higher on 7/14 and broke a double top at $1,136 to mark a fresh buy signal. This 5 for 5'er sits at a matrix rank of 10/70 within the Wall Street sector. GS shares were trading in actionable territory but have moved sharply into overbought conditions over yesterday’s session, with the weekly overbought/oversold reading jumping from 16.83% on 7/14 to 75.18% on 7/15. From here, support is offered at nearby at $1,080. Pullbacks out of this overbought position would be constructive.

It is worth noting the disconnect between apparent strength in banks and other areas of the financials group. While XLF is still defendable by all accounts as it earns a 3.98 fund score as of 7/14, its meager 2.37% gain so far in 2026 lags a more banks-focused proxy like DWABANK which has gained over 17% YTD. The likes of Visa (V), Mastercard (MA) or Berkshire (BRK.A, BRK.B) appear to be the main points of difference between the two, a point worth monitoring when looking for financials exposure. Elsewhere around the platform, the Financial-Banks Asset Class Group Score of 4.01 sits noticeably above the broader Financials group score of 3.32. Weakness from payment processors could earn its own featured article outside the scope of this conversation…. For now, our point is largely that there is a noticeable difference in strength between diversified financials and focused bank exposure.

Banks aren’t the only areas to report results. Other companies reporting throughout this week include Johnson and Johnson JNJ & ASML Holdings (ASML), both of have already reported as of Wednesday’s trading. Coming down the pipeline throughout this week (and early next) include the likes of Taiwan Semiconductor (TSM), UnitedHealth Group (UNH), Netflix (NFLX), GE Aerospace (GE) & Alphabet (GOOG, GOOGL). While each one of these names has their own unique picture, perhaps of greatest interest would be TSM. The contraction for semiconductors has been rather intense to open Q3, seeing TSM return to a PnF sell signal on its default chart. Despite this, it remains a technically strong 5/5’er in a similar fashion to other areas of the semi space. From here, interested parties will watch the next level of support ranging from $408-$388.

Remember, earnings season can be a useful touchpoint with clients as you remind them how you are keeping their portfolio safe around large moves. Remember to use the alerts function on the chart to be notified of important breaks on the charts.

Each week the analysts at NDW review and comment on all major asset classes in the global markets. Shown below is the summary or snapshot of the primary technical indicators we follow for multiple areas. Should there be changes mid-week we will certainly bring these to your attention via the report.

Remember, these are technical comments only. Just as you must be aware of fundamental data for the stocks we recommend based on technical criteria in the report, so too must you be aware of important data regarding delivery, market moving government releases, and other factors that may influence commodity pricing. We try to limit our technical comments to the most actively traded contracts in advance of delivery, but some contracts trade actively right up to delivery while others taper off well in advance. Be sure you check your dates before trading these contracts. For questions regarding this section or additional coverage of commodities email james.west@nasdaq.com.

Data represented in the table below is through 7/14/2026:

Portfolio View - Commodity Indices

Cryptocurrency Update

Cryptocurrency Video (2:56)

The option suggestions featured here are pulled from the NDW Options Ideas tool. These are just a sample of the ideas that can be found there. The Options Idea tool contains numerous additional income and speculative plays. It also offers relative strength-based screens targeting the highest (and lowest) relative strength stocks and ETFs that have recently moved counter to their longer-term trend. To access or subscribe to the Options Ideas tool, click here.

Call

Merck & Co (MRK) October 16 $120 Call

Put

AXT Inc (AXTI) November 20 $55 Put

Income (Short Put)

CrowdStrike Holdings (CRWD) August 14 $185 Short Put