The Nasdaq 100 and the S&P 500 Equal-Weight define the rotations within the market in September and October. Currently, the S&P 500 EW ETF is leading, but this ETF is hitting a moment of truth (key retracement). AI and semiconductor ETFs bounced this week, but these look like oversold bounces after breakdowns. Elsewhere, money continues to move into healthcare with recent breakouts in the two biotech ETFs. $QQQ $RSP $XLF $AIQ $ARTY $SMH $SOXX $DRAM $IBB $XBI

Today’s report focuses on four ETFs that are setting up near Bullish Setup Zones. When correcting after a big advance or when forming a bullish continuation pattern, these are zones to watch for firming and a reversal. The firming means buying and selling pressure moved into equilibrium and this sets the stage for a potential reversal and breakout. This report shows the breakout levels to watch and re-evaluation level to consider should we see breakouts. $ITA $OIH $XES $MOO

Today’s report will focus on the broader market because the ingredients are in place for some choppy trading and a rally into yearend. Trading could be choppy because the Fed meets today and tomorrow, earnings season is in full swing and the US elections are next week. I am sure that there are a dozen other reasons (yields spreads, seasonal patterns, rates, oil etc…). $SPY $QQQ $XLK $IJH $IJR $SUPA50R $UST2Y $USL $SPXA200R

The Energy SPDR is the runaway year-to-date sector leader with the Technology SPDR at distant second. The energy sector sets the stage for the industry group ETFs within the sector. If the sector is bullish, then we want to look at industry groups and stocks within this sector for bullish setups. $XLE $XOP $CRAK $OIH $XES $AMLP $MLPX

Today’s report will focus on the two software ETFs and Adobe, a software stock that could be turning the corner. Software is in focus because this group is showing leadership since June. For example, the Software SPDR (XSW) is up 25% since June, while the Semiconductor SPDR (XSD) is down 24%. Semiconductors, however, are outperforming software when we go back to April and include the massive surge in April-May. Perhaps semis will come back, but right now software shows relative and absolute strength. $IGV $XSW $ADBE

Tech leadership is slipping as semiconductors break down and the AI trade unravels in October. XLK and QQQ remain well above their rising 200-day SMAs, which suggests they are still in long-term uptrends. However, both produced outsized declines in October and their September breakouts failed. Outsized declines are sudden and sharp declines that can derail an uptrend. $QQQ $QQEW $SPY $MAGS $XLK $AIQ $ARTY $SMH $DRAM $SOXX $SKYY $CIBR $IGV

SPY and QQQ are still in long-term uptrends, but the market is having a rethink here in October. After leading for most of 2026, the Technology SPDR and QQQ are lagging in October as they fell sharply the last six days. Moreover, both fell sharpy after hitting new highs and such declines can derail an uptrend. Elsewhere, the junk end of the stock market is bearing the brunt of selling pressure with the Russell 2000 and Russell Microcap ETFs leading the way lower. Breadth Thrust setups were brewing in early October, but the actual thrust signals failed to materialize. $IJR $IJR $IWM $IWC $XLK $QQQ $QQEW $SMH $SOXX $DRAM

Today’s report will dive into the industrials sector. Frist, the Industrials SPDR is setting up as it corrected to a Bullish Setup Zone and firmed. Second, the top 11 component stocks are mixed with four sporting recent breakouts. Attention then turns to the Aerospace & Defense ETF and Clean Edge Green Energy ETF as both hit Bullish Setup Zones. $XLI $ITA $QCLN

Today’s report will dive into the Healthcare sector, which is one of the best performing sectors over the last one, three and six months. The Healthcare SPDR formed a small bullish continuation pattern and broke out. Ten of the top eleven stocks are above their 200-day SMAs with AbbVie leading. We then turns to the corrective patterns in the biotech ETFs, the breakout in the Medical Devices ETF and the upturn in the Healthcare Providers ETF. $XLV $IBB $XBI $IHI $IHF

Large-caps, tech and hyper-scalers are leading the market as SPY, QQQ, the Technology SPDR, and Mag7 ETF all hit new highs in October. Small-caps and mid-caps are lagging as they fell to their rising 200-day SMAs, but show signs of short-term upturns over the past week. Last week I showed thrust indicators setting up (Zweig Breadth Thrust and %Above 50-day SMA). These have yet to trigger, but I will watch closely in the coming days/weeks. $SPY $QQQ $IJR $IJH $XLK $MAGS $AIQ $ARTY $IYZ $SMH $SOXX $DRAM $BLOK $IGV $CIBR $SKYY

The strength we are seeing here in early October started in early August when SPY, QQQ and several tech-related ETFs broke out with surges. These same ETFs corrected again in September, but held their early August breakout zones. Moreover, they broke out again in the second half of September. These breakouts keep the bigger August breakouts alive. SPY, QQQ, XLK and MAGS hit new highs in October because they are following through on prior breakouts. $SPY $QQQ $XLK $MAGS $IJR $IJH $AIQ $ARTY $SMH $SOXX $DRAM $VOLT $IYZ $BLOK