Below are highlights from the NDW Morning Update Video for the morning of 09/15

Below are highlights from the NDW Morning Update Video for the morning of 09/15. Access the video on the NDW Morning Update Video page.

• Most of the investment landscape was negative over the last trading day (9/14) as questions to a slowdown in AI investment sent many assets tumbling. EEM led the way to the downside, sliding nearly 3% by close. Only a handful of names found themselves in positive territory, crude oil the standout as it gained over 1%
• The real elephant in the room has been a continued decline in participation. ^PTNYSE, which measures the percentage of NYSE listed stocks trading in a positive trend, moved back to 50% with yesterday’s action. Historically speaking, most of the upside action for markets comes when this reading is above 50%, highlighting the importance of finding some participation footing as we wrap up Q3
• Emerging markets (EEM) reversed lower, although the technical picture is still defendable for now. Crude pushed as high as $104 before backing off. Trips to the high $100’s would not be out of the question. On pullbacks, old resistance around the mid-$90’s looks important.
• Gold continues to flag as a false breakout as it now sits well off $4,700. A second consecutive sell signal at $4,280 could signal further downside as the precious metal looks to hold its positive trend off 2026 lows.
• On the idea that AI spending might have to decrease, cybersecurity names also perked up. High attribute options like CRWD or PANW picked up as much as 15% for the day. Despite the quick move, both remain in largely actionable territory. NVDA returned to a sell signal but remains technically defendable, although the series of lower highs for semiconductor representative SMH is worth monitoring heading into Q4.