Below are highlights from the NDW Morning Update Video for the morning of 10/28. Access the video on the NDW Morning Update Video page.
- It was a largely productive day for major markets on Tuesday. Growth focused areas took center stage, seeing the Nasdaq Composite (NASD), Russell 2000 (RUT) and emerging markets (EEM) all pick up over 1% for the session. Crude Oil (CL/) and long-duration treasuries (TLT) were the only names we typically look at that finished in the red.
- Alongside the strong performance day, participation picked up nicely… especially within those growth focused areas. ^BPNDX, which measures the percentage of the Nasdaq-100 trading on intermediate term buy signals, pushed higher to 50%. While still off 2026 participation highs, the slight resurgence in upside movers is undoubtedly a positive.
- There were several developments on the commodities front. Gold (GC/) moved back within earshot of 2026 lows after a false breakout on its default chart. Continue to avoid precious metals. Crude moved lower for the day but the path of least resistance remains higher for now. Resistance can be found between $103 and $110.
- With the weakness, precious metals continues to shed RS against other areas of the commodity space. A closely watched RS relationship between Copper CPER and GLD reversed back in favor of CPER. The industrial metal now earns both short- and long-term strength.
- Some large names report after close. MSFT is a 4/5’er (buy rating according to NDW’s technical attribute scoring system) and GOOGL is a 3/5’er heading into their respective calls. GOOGL has the more interesting technical picture of the two, as it trades off its highs and has retreated towards its bullish support line around $300.
