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Stocks within the Technology sector and the Nasdaq 100 are coming to life as ETFs related to these two break out and breadth improves. The percentage of Nasdaq 100 stocks above their 200-day SMA hit its highest level of the year and the equal-weight Nasdaq 100 surged to a 52-week high. $XLK $QQQ $QQEW $NDXA200R
Today’s report starts off with the bond ETFs because bonds are in long-term downtrends and interest rates are in long-term uptrends. These trends have yet to affect the stock market, but certain groups could face headwinds. Attention then turns to the breakouts in gold and gold miners, and then the setups agriculture and agribusiness. $TLT $IEF $UST10Y $UST20Y $GLD $GDX $DBA $MOO
The Technology SPDR accounts for 37.5% of the S&P 500, which makes it the biggest sector in the S&P 500, by far. Finance is a distant second at 12.3%. Semiconductors account for around 45% of the Technology sector, which suggests that semiconductors account for around 16% of the S&P 500, more than the Finance sector. Semiconductors are a major force in the market-cap weighed universe. With that in mind, today’s report will focus on semiconductors, memory and AI. $SMH $SOXX $DRAM $EWY $MU $SNDK $STX $AIQ $ARTY $DTCR $IDGT $UFOX $IYZ
Today’s report starts with the broad market ETFs and then dives into energy. Oil surged the last three days and could be forming a bullish triangle. Energy ETFs are leading as the Energy SPDR broke out on a long and short term basis. Analysis extends into ETFs related to oil services, exploration & production, natural gas and MLPs. $SPY $RSP $QQQ $XLK $USL $XLE $OIH $XOP $FCG $AMLP
The Gold SPDR turned boring in July as price action contracted and the Bollinger Bands narrowed. As in August 2025, falling asleep is not an option because boring periods often give way to excitement. Gold is following the August 2025 script with a squeeze play and strong breakout this week. $GLD
Gold dynamics could be changing as bullion caught a strong bid and broke its July highs. The Dollar failed to hold its June breakout as it fell below its mid July lows, while oil formed a lower high to go with its lower low. Copper and Base Metals remain strong and Copper Miners played catchup with a strong breakout move. $GLD $USL $USD $UST2Y $DBB $CPER $COPX
The stock market continues to click on all cylinders with ETFs related to small-caps, mid-caps and equal-weight hitting new highs. QQQ and XLK are not far behind after big breakout moves the last four days. Today’s report focuses on the biotech ETFs as they forge short-term setups after new highs. With biotech, Gilead recaptured its 200-day SMA and Vertex is firming in a Bullish Setup Zone. $IBB $XBI $GILD $VRTX
Large-caps led the market over the last three days with SPY breaking triangle resistance. QQQ also surged, but remains just short of a breakout. Today’s report focus on the Technology SPDR and the ETFs in the AI stack. These include semiconductors, broad AI, data center REITs and connectivity. $SPY $QQQ $XLK $AIQ $ARTY $SMH $SOXX $IDGT $DTCR $IYZ $UFOX
Even though the momentum trade took a hit in July, broad market breadth continued to improve and the weight of the evidence remains bullish. The vast majority of stocks are in long-term uptrends, new highs are expanding and SPY is consolidating within an uptrend. There is clearly a bull market somewhere. $SPY $SPXA200R $SPXHLP
The Gold SPDR faces strong headwinds with a strong Dollar and rising short-term rates, but I am seeing a potentially bullish setup on the price chart as GLD firms near a key retracement. Copper and Base Metals are up year-to-date and forming bullish patterns, while the Copper Miners ETF is firming in a Bullish Setup Zone. $GLD $CPER $DBB $COPX
Today’s report looks for life within the technology sector (sans semiconductors). Yes, there are signs of life. The Software iShares and SPDR surged off support zones the last two days. Cloud Computing joined with a surge off the 200-day SMA. Elsewhere, the Medical Devices ETF broke triple bottom resistance and the Telecom ETF is setting up. $IGV $XSW $SKYY $IHI $IYZ
SPY is stuck in a trading range because of group rotations under the surface. Since June, money moved out of tech, communication services and consumer discretionary. This money found its way into industrials, healthcare and finance. The fate of SPY hinges on QQQ, tech and semis. $SPY $QQQ $XLK $SMH $SOXX $DRAM $NVDA
Long-term breadth captures the market mood here in July. Technology, Consumer Discretionary and Communication Services are lagging, while Energy, Utilities and Finance are leading. Despite relative weakness in three key groups, there is a bull market somewhere because some 65% of S&P 500 stocks are above their 200-day EMAs. Today’s report will rank sector breadth and show bullish signals for the Utilities SPDR. $XLE $XLU
The Utilities SPDR is holding up relatively well since June as money rotates out of the Technology SPDR, Consumer Discretionary SPDR and Communication Services SPDR. These three are down more than 5% since June (36 trading days), while the Utilities SPDR sports a 3.40% gain. There is also promising action on the price chart as XLU holds its wedge breakout and shows strong breadth. This report will also highlight two stocks within the sector. $XLU $CEG $VST
The Aerospace/Defense and Infrastructure ETFs are correcting within long-term uptrends and moderately oversold. I see broad strength within infrastructure and mixed performance within aerospace-defense. Copper and based metals are leading within the commodity space and the Copper Miners ETF is setting up bullish. $ITA $IFRA $CPER $DBB $COPX