Library Archive
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- It was a mixed day for the major names we typically look at, although most of the domestic space struggled for the day. The S&P 500 declined roughly a quarter of a percent. Crude Oil ([/CL], -2.35%) Emerging Markets ([EEM], -1.5%) and the Russell 2000 ([RUT], -.76%) led the way to the downside for the day.
- With the negative action, one of NDW’s flagship indicators reversed lower on its default chart. Measuring the percentage of S&P 500 stocks trading on PnF buy signals, ([^BPSPX]) reversed back down into O’s to a chart reading of 64%. While this certainly isn’t positive, it is worth noting that the wide majority of historical market action occurs around similar levels. Set alerts for further declines which would signal a concerning decline in participation.
- Gold has continued to perk up as it now trades just above the top of its respective trading band. While it still sits a ways away from its previous 2026 highs, there have been interesting relative developments- namely against other metals. A closely watched 3.25% RS relationship between [CPER] & [GLD] reversed back in favor of [GLD] in the near-term
- Semiconductors struggled yesterday, seeing [PTSEMI] move lower to 42%. Said plainly, less than half the semiconductor space now trading in a long-term positive trend. While a tad concerning, it is worth mentioning that semiconductors are no stranger to concentrated leadership from just a handful of names. [MU] returned to a sell signal on its default chart, clearly confirming some resistance around $1,008-$1,024. The semi space will closely watch [NVDA] earnings later this week.
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