While most indices fell Thursday, the "average stock" performed much better.
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Below are highlights from the NDW Morning Update Video for the morning of 7/17/26. Access the the video on the NDW Morning Update Video page.
- Thursday was an extremely positive breadth day. Despite the S&P 500 (SPX) falling 0.51%, the equal weight S&P 500 (SPXEWI) rose 1%. That’s just the 3rd time in the last five years the equal weight index has beaten cap weight index by such a wide margin.
- The market was dragged down by the technology sector, with the Technology Select Sector SPDR ETF (XLK) falling 2.24%. The sector is in correction territory with it 10% off ATHs but still holds a favorable fund score of 4.83.
- Memory chips were previously an area of extreme strength but have led the way to the downside over the past month. The Roundhill Memory ETF (DRAM) fell a further 8.82% and is now more than 35% off ATHs as companies like Micron (MU) pullback.
- Small caps have quietly been one of the best performing groups recently, especially small cap value stocks. The iShares Russell 2000 Value ETF (IWN) rose 1.31% on Thursday, bringing its one-month return to 3.7%, which is 3.4% higher than the S&P 500.
- Among small cap value stocks, regional banks have been leading the way to the upside. The SPDR S&P Regional Banking ETF (KRE) rose 2.82% yesterday, moving to its fourth consecutive buy signal while holding an extremely strong 5.55 fund score.
