Most areas of the markets were higher on 7/10, with notable reversals from crude oil and gold
Below are highlights from the NDW Morning Update Video for the morning of 07/10. Access the the video on the NDW Morning Update Video page.
- 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 0.9% 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.
