Is Technology The Only Game in Town?

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Sizing Up the Market

  • S&P 500 forms bearish outside day at record high
  • Breadth weakens:
    • 43 member stocks made 52-week lows on Wednesday (most since 4/9)
    • Only 1/4 of S&P 500 stocks up Mon-Wed of this week despite index +1.5%
    • However, 17 Nasdaq-100 members make 52-week highs (most since 11/11/24)
  • 10-year Treasury yield bounces at 4 percent
  • U.S. dollar index rises again, has made higher weekly lows since mid-September
  • VIX stays above 15
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S&P 500, daily chart, with select indicator and patterns.

News & Events:

  • Powell non-committal on December rate cut as Schmid opposes October cut
  • New stocks joining the AI/datacenter boom:
    • CAT: Energy equipment
    • HAL: Collaborating w/ VoltaGrid on Middle East datacenters
    • PYPL: Partners with OpenAI
    • NOK: Surges on NVDA investment
    • CCJ: Partnering with government on nuclear plants

Upcoming Events

  • Earnings tonight: *AAPL* *AMZN* COIN RDDT
  • Fri 10/31: XOM CVX ABBV
  • Mon 11/3: ISM manufacturing
    • Earnings: PLTR

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About the author

David Russell

David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.
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