Markets were mostly higher on Thursdays, with the S&P 500 rising around a third of a percent. Meanwhile, breadth was strongly positive on the day.
Below are highlights from the NDW Morning Update Video for the morning of 10/16. Access the video on the NDW Morning Update Video page.
- Markets were mostly higher on Thursdays, with the S&P 500 rising around a third of a percent. Meanwhile, breadth was strongly positive on the day, with the S&P 500 Equal Weight Index (SPXEWI) rising 1.36%.
- Crude oil continues to push higher, rising another 3% on the day. On the more consistent two-point chart, the commodity moved back to a buy signal for the first time since the start of September. Crude is now up around 44% from its lowest level in July.
- Due in part to the rebound in crude and other commodities, the energy major sector SPDR fund was able to regain long-term market strength this week, moving to an RS buy signal against SPXEWI for the first time since March of 2025. XLE also completed a second consecutive buy signal on its trend chart, with it currently holding a near-perfect fund score of 5.91.
- Small caps have taken a hit over the last several weeks, especially relative to large cap areas of the market. The iShares Russell 2000 ETF (IWM) lost near-term market relative strength earlier this week, reversing into a column of Os against SPXEWI. IWM also has a sub-3.0 fund score of 2.28, which is its lowest level since August of last year.
- Tesla (TSLA) unveiled their Tesla Roadster 2.0 during an event on Wednesday evening, during which they showed a version of the car that was able to flip in the air fully on its own. Investor reaction was positive, with TSLA shares up around 3% during overnight trading. That said, it remains more of hold than anything as a 3 for 5’er, with it currently right above its bullish support line.
