Morning Pulse Points Discussing Positive Action from 8/4
Below are highlights from the NDW Morning Update Video for the morning of 08/05. Access the the video on the NDW Morning Update Video page.
- Market action on 8/4 was overwhelmingly strong. The return profile was nearly identical to that of results from 8/3, seeing the likes of the Russell 2000 (RUT), Nasdaq Composite (NASD) and Emerging Markets (EEM) lead the way each up ~2%. Meanwhile, the US Dollar (DX/Y) and Crude oil fell.
- Market breadth continues to expand. ^BPSPX, which measures the percentage of S&P 500 stocks trading on buy signals, moved to 2026 highs with yesterday’s action. It has yet to challenge highs from 2024 or 2025, but a breadth “concern” in early 2026 has quickly given way to open Q3.
- With the breadth expansion, SPXEWI moved to all time chart highs. It’s technical posture remains ironclad as it sits on a string of buy signals with a range of support below. More growth focused NDX returned to a buy signal but has yet to get back to its highs…. Speaking to the magnitude of the recent exhale for growth focused areas.
- Crude oil slipped back down below the seemingly key lower $80’s/upper $70’s mark on its chart. From here, a journey back down to the recent lows in the upper $60’s wouldn’t be out of the question and would also signal markets pricing in further deescalation in Iran.
- AMD fell ~8% in premarket trading. It remains a high attribute name but monitor relative peer and market RS charts for changes in technical attribute. LLY advanced, continuing its push towards ATH’s on its chart. It holds a 5/5 TA score. WDC reports after close. The 5% chart highlights support around $425 and some significant resistance around current levels.
