NDW Morning Pulse – September 8, 2026.

• Action was largely mixed over our last trading day on Friday, 9/4. Emerging markets proxy EEM gained nearly 2% for the day, leading to a reversal back into X’s on its 3.25% RS chart against cash proxy ([MNYMKT]). Other more muted leaders were the US Dollar ([DX/Y]) and the Russell 2000 ([RUT]) which picked up .27% and .25% respectively.
• Most domestic equity options landed in the red for the day, seeing the equal weight S&P 500 ([SPXEWI]), Dow Jones ([.DJIA]), cap weighted S&P 500 [SPX]) and Nasdaq Composite all post moderate losses on Friday. Gold was the only name to give up more than 1%
• Speaking of gold, it reversed back down into O’s on its default chart. While trading off 2026 lows, precious metals look to be in a bit of “RS Limbo” as the group sits with a range of resistance between current levels and 2026 highs. Crude, which also reversed into O’s on Friday, sits in a similar position as it needs to push past resistance in the mid-$90’s.
• A sensitive 1% RS chart between momentum ([MTUM]) and low volatility ([SPLV]) moved back into X’s on Friday. In plain terms, momentum regained some near-term favor against other areas of the market. It is still a slightly less productive momentum environment than it was earlier in 2026, but the move is productive nonetheless
• In terms of notable stock action on Friday, [MU] returned to a buy signal on its chart… it remains strong. [LULU] slid as much as 20% for the day, failing to push back into a positive trend. It remains weak. Notable earnings this week include the likes of [ADBE] (3/5’er, possible shakeout pattern) and [ORCL] (1/5’er, poor technical posture).