NDW Morning Update Video – August 31, 2026.

• Indices were negative in Friday’s trading session with only the U.S. Dollar ([DX/Y] finishing on the positive side. Small caps led U.S. equities to the downside with the Russell 2000 Index ([RUT]) falling more than 1%, leading the chart to continue to pullback to the middle of the 10-week trading band at 2980. The only other U.S. equity index to see chart action during Friday’s trading was the Nasdaq Composite ([NASD]), which reversed back into Xs to maintain a buy signal.
• The iShares MSCI Emerging Markets ETF ([EEM]) continued higher in its current column of Xs, moving above $68 before finishing the day down 70 basis points. Currently, it would take a move above $72 to return the fund to a buy signal.
• Crude oil ([CL/]) reversed higher during Thursday’s (8/27) trading session and is seeing higher prices pre-market Monday after renewed geopolitical tensions in Iran over the weekend.
• Short-term indicators like the weekly distribution for NYSE stocks ([^WDNYSE]) highlight the consolidation with the reading just below 0%. The reading indicates that the average stock has pulled back to the middle of the 10-week trading band on its default point and figure trend chart. Last week’s trading saw index related bullish percents reverse lower, while the broader NYSE universe bullish percent ([^BPNYSE]) resides within 1% of reversing down into Os at 52%.
• While earnings for the majority of the S&P 500 have transpired, there are still some noteworthy highlights this week. Below are brief notes, highlighting support and resistance levels.
  • Dell Technologies ([DELL]) – reports 9/1 – DELL improved to a 5 for 5’er earlier this month after seeing its market RS chart reversed into a column of Xs. The stock returned to a sell signal on the trend chart early last week at $424 before reversing back into Xs to $472. Beyond current support at $424, additional may be found at $360. The stock’s recent high reside at $512.
  • Palo Alto Networks ([PANW]) – reports 9/1 – PANW has been a 5 for 5’er since May of this year, and the stock returned to a buy signal during last Thursday’s (8/27) trading at $360. Friday’s (8/28) trading brought the chart back into Os at $356 before seeing the stock finish higher in the $370s. Current support can be found at $328 and $312 before getting down to the mid $200s and the next levels of support. The stock’s recent chart high resides at $396.
  • Broadcom ([AVGO]) – reports 9/2 – AVGO fell to a 3 for 5’er after seeing the stock shift into a negative trend earlier this month. Action early last week saw AVGO violate support in the $360 range before rebounding and returning to a buy signal at $376 during Friday’s (8/28) trading. Initial support lies at $352 before getting to the next levels of support in the $270 to $290 range. Resistance lies at $408, the bearish resistance line, as well as at $432 and $488, the June chart high.
  • Hewlett Packard Enterprises ([HPE]) – Reports 9/2 – HP improved to a 5 for 5’er earlier this month after seeing the market RS chart return to a column of Xs. The stock has maintained a sell signal since 8/19 but reversed back into Xs at $55 during last week’s trading. Initial support lies at $52 and $50, while additional can be found at $44 and $41. Note resistance in the lower $60s near recent highs.

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