Library Archive
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- Market action was limited over the course of Monday’s trading session, with the only name moving more than 1% in either direction was crude oil ([CL/]) which picked up just over 2%. Towards the downside, emerging markets ([EEM], -.97%), gold ([GC/], -.60%) and the Russell 2000 ([RUT], -.45%) led the way to the downside.
- None of the major names we look at saw any chart action, although [^TWNYSE] did reverse back up into X’s. Measuring the percentage of NYSE listed stocks trading above their 10-week (50-day) moving average, this indicator is one of the shorter-term measures of participation widely used by the analyst team. While reversals into X’s are positive, it is still worth noting the damage done to more intermediate/long-term measures of participation.
- Speaking of, ([^PTECSEMI]) reversed into O’s, signaling a decrease in participation within the semiconductor space. Representative [SMH] moved back down into O’s on its default chart as well. While the overall technical picture remains strong, it is worth watching the semiconductor space as a gauge of strength if things decline moving through Q4.
- Big banks got earnings started up with premarket action on 10/13. In terms of notable movement: [GS] advanced ~3.5% before the bell, [JPM] picked up roughly 1%, [JNJ] declined just under 3% citing medical device weakness stemming from conflict in the Middle East. Other major names to report included [WFC], [C], [UNH].
- While not earnings related, keep an eye on [CIEN] which would flag as a bullish shakeout pattern with a reversal back into X’s on its chart. [WMT] returned to a buy signal but has shed a lot of strength recently, watch closely for further deterioration. [CRM] is still in the red for the year but trades well off 2026 lows, a trip into the $270’s would not be out of the question if momentum continues to pick up.
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