Good morning,
Yesterday’s Playbook was pretty bullish on the potential for stocks this week, and well, we couldn’t have asked for a better start.
The VIX further collapsed on Monday, while the S&P 500 and QQQ broke out from triangle formations and Apple hit a new all-time high.
Today, I’ll provide a tactical update on:
Major indexes across the globe and cap scale
Rates, commodities, and crypto
The top ETF and single-stock opportunities I see for year-end
Let’s get into it!
Major indexes
S&P 500 breaks out
Doesn’t get much cleaner than that. Opened above the short-term downtrend line, and added to gains intraday, closing near the highs. The move was broad-based, with advancers on the NYSE outnumbering decliners by more than 4:1.
Same look for QQQ
Yesterday’s 1.3% gain was good for a new all-time closing higher for QQQ.
Whoosh goes the VIX!
The 10.76 point drop from Friday’s high is the biggest two-day high-to-close decline since April of this year. Before that, it was August 2024 (after the yen carry crisis fears abated) and before that June of 2020 and March 2020.
Were those good times to invest?
Dow holds the 50-day, back above the 21-DMA
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