Updates, ideas, insights and tips from the ChartMill Team
After two constructive sessions, breadth rolled over hard on Thursday, with decliners re-taking a clear majority and short-term momentum slipping back below key thresholds. Intermediate-term gauges remain intact, but they’re deteriorating.
Wall Street lost momentum on Thursday as profit-taking hit AI names and regional banks tumbled again. Weak guidance from Hewlett Packard Enterprise and mounting credit concerns dragged sentiment, while Salesforce and Oracle offered rare bright spots.
Daily and medium-term breadth improved again - more stocks above key MAs and NH>NL - while the weekly view still reflects last week’s damage but is narrowing.
A strong day for the financials and chipmakers pushed Wall Street higher on Wednesday, despite renewed fears of a U.S.–China trade clash. Optimism over solid bank earnings and a massive AI-related deal helped investors look past mounting geopolitical noise.
After Friday’s washout and Monday’s surge, Tuesday extended the rebound with another advancers-led session. Short- and intermediate-term breadth gauges improved broadly, though weekly/monthly composites and the % above the 20-day remain sub-50, suggesting the rally is promising but not “all clear.”
A dovish tone from Fed Chair Jerome Powell helped Wall Street recover from early losses, but U.S.–China tensions under President Trump’s renewed tariff threats kept sentiment fragile. Strong bank earnings added mixed signals to an already volatile session.
After last week’s washout, Monday delivered a broad-based rebound (advancers ~79%). Short-term participation improved, but weekly gauges and the 20-day trend remain soft. This looks like a strong counter-move inside a still-fragile short-term tape.
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After a brief recovery attempt midweek, market breadth deteriorated again on Friday, October 10. Declining stocks overwhelmed advancers, and short-term momentum gauges worsened. The underlying trend has clearly shifted back to a defensive posture.
U.S. markets were rattled on Friday after President Trump reignited trade tensions with China, triggering the sharpest sell-off since April. Tech and AI stocks led the decline, while gold and Treasuries saw renewed safe-haven demand.
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After Wednesday’s strong rebound, Thursday’s session saw a broad-based retreat across U.S. equities. Most of the short-term breadth indicators turned red again, signaling that the recent recovery attempt has faltered.
U.S. markets took a step back on Thursday, with the Dow and Nasdaq closing lower. Still, some heavyweights bucked the trend: PepsiCo, Delta Air Lines, and Costco all reported stronger-than-expected results, giving investors a reason not to throw in the towel just yet.
After a sharp contraction on October 7, market breadth showed a notable rebound on October 8, with advancing stocks regaining control and key percentage levels rising again. However, underlying indicators suggest the market has yet to firmly re-establish positive momentum.
The AI rally continues to set the tone on Wall Street. Nvidia and AMD once again led the charge on Wednesday, while gold broke above the $4,000 per troy ounce mark. Markets remain remarkably resilient despite the ongoing U.S. government shutdown.
After a relatively stable start to October, Tuesday's breadth data shows a decisive shift to the downside. Decliners overwhelmed advancers, with significant weakness across multiple breadth indicators. This marks a notable change in tone and resets short-term breadth momentum.
Markets took a breather from the recent AI frenzy. Dell impressed with bold forecasts, Oracle stumbled on margin fears, and one small-cap miner turned into the day’s unlikely superstar.
After last week’s broad advance, Monday’s session showed a mild fade in day-to-day participation while the bigger-picture metrics (new highs vs. lows and % above key MAs) stayed solidly constructive. It looks like digestion rather than deterioration.
Wall Street kicked off the week with a bang as AMD’s blockbuster chip deal with OpenAI sent the Nasdaq soaring to fresh records. Meanwhile, Tesla teased a more affordable Model Y, Palantir recovered from a bruising week, and political gridlock in Washington continued to keep the U.S. government partially shut down.
Mixed session as investors navigate shutdown uncertainty and a cooling economy.
Despite recent volatility, breadth indicators improved slightly on Friday, October 3, continuing a slow recovery from last week’s dip. While short-term metrics show resilience, longer-term momentum remains tentative. The breadth trend shifts up a notch but still calls for cautious interpretation.
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