Below are highlights from the NDW Morning Update Video for the morning of 09/29.
Below are highlights from the NDW Morning Update Video for the morning of 09/29. Access the video on the NDW Morning Update Video page.
- It was quite a negative day yesterday with the majority of names we typically look at landing in the red. Of note were emerging markets (EEM) which slid over 1%, followed by the Nasdaq Composite (NASD) which was off 92 basis points. Broader fixed income was the “winner” for the day as it only fell .49%, which is still a relatively poor day for the fixed income space as a whole.
- Participation (or lack thereof) continues to be the main story as we move into Q4. One of NDW’s flagship, long-term indictors (^PTSPX) moved to 50% with yesterday’s action, a historically significant level. Most of the market’s upside has come when ^PTSPX was sitting above 50%, making holding this point mission critical as we rapidly close out 2026.
- Along that same vein, the average S&P 500 stock struggled yesterday as SPXEWI moved a box lower on its default chart. Silver lining, there is plenty of support nearly on the way down to the bullish support line at 8,250.
- AGG continued into heavily oversold territory yesterday, now earning a -118% weekly OBOS reading. With that said, a bounce back into normalized territory could be expected, but higher rates continue to act as a major headwind for the asset class. The 10-year treasury rate (TNX) continued higher yesterday as it moved to 5.25%. It is equally overbought.
- Several notable stock breaks yesterday: MU returned to a sell signal but a reversal would mark the action point on a bullish shakeout pattern. Set an alert. QCOM moved to a sell signal but the technical picture still looks healthy. IBM moved to a sell signal and looks poor- a trip to 2026 lows below is not out of the question. FDS remains a high attribute name but is showing major signs of weakness, keep an eye out on the name for further downside.
