Below are highlights from the NDW Morning Update Video for the morning of 10/13. Highlights include: Semis, participation, big bank earnings
Below are highlights from the NDW Morning Update Video for the morning of 10/13. Access the video on the NDW Morning Update Video page.
- Market action was limited over the course of Monday’s trading session, the only name moving more than 1% in either direction was crude oil (CL/) which picked up just over 2%. Towards the downside, emerging markets (EEM, -.97%), gold (GC/, -.60%) and the Russell 2000 (RUT, -.45%) led the way to the downside.
- None of the major names we look at saw any chart action, although ^TWNYSE did reverse back up into X’s. Measuring the percentage of NYSE listed stocks trading above their 10-week (50-day) moving average, this indicator is one of the shorter-term measures of participation widely used by the analyst team. While reversals into X’s are positive, it is still worth noting the damage done to more intermediate/long-term measures of participation.
- Speaking of, (^PTECSEMI) reversed into O’s, signaling a decrease in participation within the semiconductor space. Representative SMH moved back down into O’s on its default chart as well. While the overall technical picture remains strong, it is worth watching the semiconductor space as a gauge of strength if things decline moving through Q4.
- Big banks got earnings started up with premarket action on 10/13. In terms of notable movement: GS advanced ~3.5% before the bell, JPM picked up roughly 1%, JNJ declined just under 3% citing medical device weakness stemming from conflict in the Middle East. Other major names to report included WFC, C, UNH.
- While not earnings related, keep an eye on CIEN which would flag as a bullish shakeout pattern with a reversal back into X’s on its chart. WMT returned to a buy signal but has shed a lot of strength recently, watch closely for further deterioration. CRM is still in the red for the year but trades well off 2026 lows, a trip into the $270’s would not be out of the question if momentum continues to pick up.
