Tonight’s #MarketOutlook is at @MarketScholars. Link in the reply 👇 Discussed: Anthropic revived chip buying. $SMH gained 2.74% while $META fell about 1.9% as funding plans met selling. Which chart best shows whether the rebound can last?

This is an important intraday level for $SPX. If it can break through and fill in Thursday's gap, then we have a good chance to stay bullish for a while. If the intraday resistance holds, then we have yesterday's gap to fill in and that would NOT be good. Considering we have gone nearly 4 weeks without a new 4-week high, it would be nice to get back on the bullish side of the 4-week range.

$SMH attracted buyers Monday while $META met selling. The AI story split between demand hopes and financing costs. Can chip leadership hold as participation improves today? Watch the Market Outlook Preview: marketscholars.com/market-ou…

This is an important level for $QQQ. There are a LOT of touches here and not much volume below until it reaches $630. Considering the "fakeout" above $750 a couple of weeks ago, this is a little more vulnerable than the prior break in July.

The "selloff" at 1.99% off ATHs $SPX

The difference in returns over the past 16 days between $QQQ and $RSP is nearly 10%. Again, the last time we saw that was in July 2024. Interesting that both were hitting ATHS then but that's NOT the case right now with $RSP still 2% off its highs from 2 months ago.

The 10-day correlation between $SPX and $RSP is down to nearly -50%. This also happened earlier this year as well before the intermediate decline in March.

On Sep 30, $SPX was down 1.96% from its all-time closing high. Only 21.08% of its stocks were ABOVE their 50-day SMAs and only 39.56% of its stocks were ABOVE their 200-day SMAs. Today, $SPX is down 1.93% from its all-time closing high. Nearly identical. But... Now, 56.14% of its stocks are above their 50-day SMAs and 56.75% of its stocks are above their 200-day SMAs - bringing the ratio of the 2 averages down to nearly 1. Normally, as you can see on the chart, this is a CRAZY bullish pattern. UNLESS.... We get the same thing that happened in early 2025 as I've mentioned here multiple times before.

There's only been 1 other day like today in the past 5 years where $RSP outperforms $SPX by nearly 2% - July, 11, 2024. No other day is even close

The gap between the 8-day and 17-day EMAs and 30-day SMA is literally its smallest in 3 months. This typically precedes an expansion as the PPO in the lower panel is flirting with a breakout to new momentum. $SPX

The last 4 "bull tags" on $SPX set the low point for S&P 500 but they ALSO happened to start both of the past 2 very weak intermediate declines. With $RUT already well into a deep intermediate pullback and $NDX also now in its own confirmed intermediate pullback, does that mean we're just getting started now on $SPX? Or, are we setting the low for a 5th straight time?

As bad as it is for the big dogs, the "broadening trade" is holding up really well $RSP $IWM

Today's Risk Appetite dashboard. Notice a pattern? $SPX $SMH $XLK $RSP $HYG $IVW $IVE $EEM

Coming off a divergent high no less no matter what indicator you're looking at - RSI, CCI, DMI or PPO $XLK

With one more day left in the week, $XLK is breaking its 17-week EMA for the 1st time since the deep pullback we experienced earlier this year and, before that, the 2025 Q1 correction and, before that, the deep pullbacks of 2023 and 2024 and, before that, the 2022 correction 👀