Below are highlights from the NDW Morning Update Video for the morning of 08/24/2026. Access the the video on the NDW Morning Update Video page. 

• U.S. equities were positive Friday (8/21) with the Dow Jones industrial Average (.DJIA) leading the way to the upside at 98 basis points. Even with the positive end to the week, U.S. equity indices were down for the week with the Nasdaq-100 (NDX) and Nasdaq Composite (NASD) leading the way to the downside, down 2.45% and 2.05%. Most indices continue to maintain buy signals but have pulled back into a column of Os from highs earlier this month.
• Gold (GC/) and crude oil (CL/) were up over 5% for the week (8/14 – 8/21) with gold finishing the trading session Friday (8/21) up more than 2%. On the trend chart, gold gave a second buy signal at 4440 as the commodity moved above 4600, marking its highest level since May.
• Major short-term equity indicators have continued to decrease with the NYSE High Low Index (^NYSEHILO) fall below 52%, highlighting fewer stocks making 52-week highs versus those making 52-week highs and lows. Among the notable NDW 40 sector bullish percents to fall last week, highlighting decreases in participation and stocks on buy signals, were semiconductors (^BPSEMI), electronics (^BPELEC), steel (^BPSTEE), restaurants (^BPREST), and retail (^BPRETA).
• There are some notable technology and discretionary earnings this week. Below are support and resistance highlights from a handful of those notable names.
  • Intuit (INTU) – Reports 8/25 – INTU increased to a 3 for 5’er earlier this month after shifting into a positive trend. Last week’s action led to a sixth consecutive buy signal at $364 as shares rallied to their highest level since May. Note resistance at $416 from here, while support resides at $336 and $324 before getting to the bullish support line at $312.
  • Salesforce (CRM) – Reports 8/26 – CRM moved back into a positive trend for the first time since July, bringing the stock up to a 2 for 5’er. Recent trading has brought the chart up to test resistance at $208 after seeing a return to a buy signal to cap off last week. Beyond current resistance, notable resistance lies in the upper $260 to upper $270 range. Initial support can be found at $190 and $184, while the bullish support line sits at $176.
  • NVIDIA (NVDA) – Reports 8/26 – NVDA returned to a buy signal and shifted the trend back to positive earlier in August, bringing the stock up to a 3 for 5’er. From here, resistance resides at highs in the $230 range, while support can be found in the $190 to $192 range.
  • CrowdStrike (CRWD) – Reports 8/26 – CRWD returned to a sell signal and fell to $188 during last week’s trading after reaching highs at $224 earlier this month. This brought the peer RS chart down into a column of Os, bringing the stock down to a 4 for 5’er. From here, support can be found in the upper $170s, while additional can be found at $166.
  • Dollar Tree (DLTR) – Report 8/27 – DLTR gave a second buy signal during last week’s trading session at $134, marking the highest level since February. The stock has been a 4 for 5’er since May of this year and the stock currently ranks within the top quartile of the Retailing sector matrix. From here, resistance lies at $138 and $144, while support can be found at $118 and $106.

When it comes to purely speculative assets like Bitcoin, panic among investors has historically been more likely to beget further panic. Once the asset began to decline in October of last year, it did so rapidly, declining more than 50% from its highs within months. While the sharp movement of Bitcoin is easily its biggest flaw, it can also serve as its greatest strength. Downside can occur rapidly, but so too can upside, and Bitcoin’s positive action over the past week would be near-impossible for any other asset. Bitcoin rose 21% within three days, rising over 5% each day, to reach its highest levels since May, marking its highest three-day return since July 2021. Euphoric conditions can see other investors rally behind the cryptocurrency for fear of missing out on upside—often for longer than just a week. As a result, is the recent rebound of Bitcoin a sign of better times ahead, or should we be cautious of downside resuming?

Just like when analyzing participation indicators, comparing the near-term indicators for Bitcoin with intermediate- to long-term ones can help us build a better understanding of its strength. Moving averages (MAs) are the foundation of several of our technical indicators, but they can also help evaluate individual securities in select cases. The 50-day moving average is the most sensitive we evaluate for Bitcoin but has been among the most effective at gauging strength. Meanwhile, the 200-day moving average is a more intermediate-term indicator of strength. When a security is above either of these averages, it can be a sign of positive sentiment. Bitcoin moved above its 50-day MA in mid-July before returning above its 200-day MA last week, serving as initial signs of strength. Over the last ten years, Bitcoin has averaged triple-digit annualized returns while above the 50- and 200- day MAs, compared to far more muted annualized returns while below them.

In addition to Bitcoin's absolute picture, we can also evaluate strength through the lens of relative strength matchups. One intermediate-term RS indicator is the Bitcoin bogey check. An asset fails a cash bogey check if it loses near-term relative strength due to a potential flight to safety, as indicated by a reversal into a column of Os on its RS chart versus a money market proxy (MNYMKT). Applying this same concept to cryptocurrencies gives us a view into whether the group might be back on solid footing. Most of Bitcoin’s gains since 2011 have come when it passes the bogey check on a 6.5% scale. The chart recently saw the cryptocurrency pass the check once again, reversing into a column of Xs, which is an encouraging sign for its outlook. 

With all that said, both the bogey check and moving averages are more sensitive indicators of strength and aren’t as helpful in gauging the longer-term outlook for the asset. Unfortunately, less sensitive indicators for Bitcoin show that it still has room to improve. 

The market RS chart for Bitcoin has historically been one of the best indicators of Bitcoin’s long-term strength. If you invested $100 in Bitcoin at the beginning of 2012, it would now be worth approximately $1.8 million (wouldn’t that be nice). However, if you had rotated between Bitcoin and SPXEWI based on RS buy signals, you would have made more than triple that, with the investment growing to $7.2 million. While Bitcoin regained near-term market relative strength last week, domestic equities continue to hold long-term strength against Bitcoin. Additionally, IBIT’s fund score has risen more than two and a half points over the last month, but its overall level remains below the acceptable 3.0 threshold for now.

Overall, the outlook for Bitcoin is dependent on how you want to trade it. Very active traders willing to ditch positions quickly could begin to add here given the positive stance of the short- and intermediate-term indicators. Meanwhile, longer-term investors might be better off waiting for more signs of sustained improvement before entering. 

The option suggestions featured here are pulled from the NDW Options Ideas tool. These are just a sample of the ideas that can be found there. The Options Idea tool contains numerous additional income and speculative plays. It also offers relative strength-based screens targeting the highest (and lowest) relative strength stocks and ETFs that have recently moved counter to their longer-term trend. To access or subscribe to the Options Ideas tool, click here.

Call

RTX Corp (RTX) Nov 20 $200 Call

Put

Rivian Automotive, Inc (RIVN) Dec 18 $7.50 Put

Income

Twilio Inc (TWLO) Sep 25 $205 Short Put