Below are highlights from the NDW Morning Update Video for the morning of 09/22
Below are highlights from the NDW Morning Update Video for the morning of 09/22. Access the video on the NDW Morning Update Video page.
- It was a largely positive day to open the trading week, seeing many more growth focused areas of the market rocket forwards. Emerging markets (EEM) picked up roughly 2.7%, followed by the Nasdaq Composite (NASD, +2.26%) and the S&P 500 (SPX, +1.49%).
- In terms of notable chart action, NASD returned to a buy signal to match all-time chart highs. The technical picture remains constructive as we head into Q4. SPX sits just one box shy of its all time highs above at 7,800. Support for each sits roughly around the 50-day moving average.
- Commodities fell yesterday as crude oil (CL/) shed about 4%. While still off 2026 lows, the magnitude of this recent exhale has been intense. The commodity will now look to find some support around current levels before a test of its positive trend line below at $83.
- Notable RS relationships to flip yesterday include: RUT vs. SPX, 3.25%- reversing back into O’s signaling an uptick in near-term strength for the S&P 500 vs. small caps. $BTC vs. MNYMKT, 6.5%- moving back to a buy signal as Bitcoin surges higher. While the digital currency remains well off its respective highs, the increase in relative strength is interesting to say the least.
- PLTR returned to a buy signal but remains rather rangebound from $166-$188. It remains technically acceptable to hold. CTAS reports 9/23 before open. The 4/5’er has pulled back to support and could be an interesting option to play around its earnings call.
