Below are highlights from the NDW Morning Update Video for the morning of 09/08. Access the video on the NDW Morning Update Video page.
- Action was largely mixed over our last trading day on Friday, 9/4. Emerging markets proxy EEM gained nearly 2% for the day, leading to a reversal back into X’s on its 3.25% RS chart against cash proxy (MNYMKT). Other more muted leaders were the US Dollar (DX/Y) and the Russell 2000 (RUT) which picked up .27% and .25% respectively.
- Most domestic equity options landed in the red for the day, seeing the equal weight S&P 500 (SPXEWI), Dow Jones (.DJIA), cap weighted S&P 500 SPX) and Nasdaq Composite all post moderate losses on Friday. Gold was the only name to give up more than 1%
- Speaking of gold, it reversed back down into O’s on its default chart. While trading off 2026 lows, precious metals look to be in a bit of “RS Limbo” as the group sits with a range of resistance between current levels and 2026 highs. Crude, which also reversed into O’s on Friday, sits in a similar position as it needs to push past resistance in the mid-$90’s.
- A sensitive 1% RS chart between momentum (MTUM) and low volatility (SPLV) moved back into X’s on Friday. In plain terms, momentum regained some near-term favor against other areas of the market. It is still a slightly less productive momentum environment than it was earlier in 2026, but the move is productive nonetheless
- In terms of notable stock action on Friday, MU returned to a buy signal on its chart… it remains strong. LULU slid as much as 20% for the day, failing to push back into a positive trend. It remains weak. Notable earnings this week include the likes of ADBE (3/5’er, possible shakeout pattern) and ORCL (1/5’er, poor technical posture).
