NDW Morning Pulse – July 10, 2026.

• Most areas of the investable universe were positive throughout trading on 7/9. Of particular note was gold (which remains a point of relative weakness despite the up day), the Nasdaq Composite and small caps via [RUT]. The S&P 500 gained just under .9% for the day.
• Downside action was rather limited. Crude slipped ~2% as it reversed lower on its default chart, and the US Dollar found itself down just 9 basis points. Barring further escalation in the Middle East, crude looks to be finding its footing in the mid $70’s to upper $60’s.
• Technology and industrials have struggled so far this quarter, seeing representatives [XLK] and [XLI] as the worst performing sectors since 6/30. While one week doesn’t make or break a trend, continued underperformance from these leaders will be important to monitor throughout 2026.
• ^BPNDX, measuring the percentage of Nasdaq-100 stocks trading on buy signals, moved higher yesterday to a chart reading of 58%. While we certainly won’t turn our nose at any expansion of breadth, it’s no secret that participation remains well off highwater marks from 2024 and 2025.
• With its productive day, gold reversed higher on its chart…. But don’t buy into the “fool’s gold” just quite yet. It continues to trade at/around 2026 lows after recently breaking back into a negative trend.