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Just a few weeks ago, Tech looked like dead weight — it was the main culprit behind the recent market correction and was on the verge of completing a massive top.

But fast forward to today, and the picture looks very different.

Price briefly broke below a critical support zone, only to snap back with force as buyers stepped in exactly where they needed to — trapping the bears and flipping the narrative.

Now, XLK has reclaimed the VWAP anchored to the all-time highs.

That’s the equivalent key level that the major indexes are fighting with right now...

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For years, Momentum was basically code for US growth, big tech and high-flyers. But 2025 is rewriting that script.

This year has been all about international equities.

While US indexes have chopped sideways, many global ETFs are quietly making new 52-week highs relative to the S&P 500.

The Intl Momentum Factor ETF $IMTM tells the story of what's been unfolding in abroad and where the strength is emerging.

The ETF is breaking out to new all-time highs, driven by Financials and Industrials, which make up 34% and 18% of the...

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While markets have been volatile over the past few weeks, these turbulent periods often present the best opportunities to identify future leaders.

When the market’s under pressure, I’m always looking for the names that refuse to go down.

That’s what relative strength looks like.

It’s called the Beachball Effect.

Picture a beachball underwater — no matter how hard you push it down, it just keeps fighting to pop back up.

And when the pressure lifts, these are the names that tend to rip first — and rip the hardest.

To help visualize this, we built a table combining two factors:

🔹Stocks currently in a bullish momentum regime...

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One of the most powerful and reliable signals in market history just triggered today: the Zweig Breadth Thrust.

This indicator is known for its unique ability to spot the start of major bull moves by combining breadth and momentum — showing not just how many stocks are participating, but also how quickly the shift happens.

Here’s how it works:

🔹The setup begins with the 10-day exponential moving average of advancing issues divided by advancing + declining issues on the NYSE falling below 0.40.
 
🔹Then, within 10 trading days, that same reading must surge above 0.615.

When you see this kind of rapid transition — from washed-out breadth to upside participation — it signals a violent shift in market internals.

And it just triggered....

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The market feels like a rollercoaster these days — volatile, messy, just trying to find its footing.

Headline-driven rallies and big swings in both directions is now the norm, and there’s no sign this will stop any time soon.

But things are getting interesting as major levels in the S&P 500 $SPY are coming back into play. 

The bulls came out this week. Let’s zoom in.

We’ve got the VWAP from the all-time highs and the VWAP from the April lows converging into a tight range. This is what our friend Brian Shannon calls a “VWAP pinch.”

This kind of compression often signals a buildup of...

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The relative strength in Bitcoin over the past two months has been off the charts.

In a tough tape, I would’ve expected BTC to be the first to roll over and lead risk assets lower. 

But that didn’t happen. If anything, it held up better than ever. 

It’s the first time BTC has shown this kind of strength under any kind of selling pressure environment.

And now that the worst is behind us, Bitcoin is back into rally mode.

Today, price reclaimed the neckline from a major topping pattern, right around $90K.

That’s been the key level to watch for months.

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US equities remain under pressure as the major indexes break below key VWAPs anchored to their lows.

Meanwhile, critical polarity levels are serving as stiff resistance across key sectors and industry groups, capping last week’s bounce.

Whether it’s Semiconductors, Financials, or Software, buyers continue to struggle in reclaiming the broken support levels from earlier this month.

The SPDR Financial Sector $XLF is a textbook example of this theme. 

After briefly pushing back above the neckline of this top, XLF is now getting rejected right around 48.

That means an increasing supply is overwhelming the buyers near those prices.

Sellers are defending critical levels with...

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Volatility is still running hot, and wild swings in both directions are probably here to stay for longer.

Even though I think the worst is behind us, things still look soft.

There’s little to suggest this choppy, risk-off environment is fading just yet.

One thing that’s helped me big time this year is tracking risk appetite through key ratios.

These relationships show us how money is rotating and where investors are actually putting capital...

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The market’s a rollercoaster right now.

Big moves. Wild swings. Sentiment flipping on a dime.

Intraday ranges are wide, and positions can move fast.

The CBOE Volatility Index $VIX just closed above 45 for three straight sessions this week.

That’s only happened three times in the past 30 years:

🔻 2008 (Great Financial Crisis)

🔻 2020 (Covid)

🔻 2025 (Today)

We’re in an extremely high-volatility environment.

And with the VIX this elevated, here’s a rule of thumb:

VIX ÷ 16 = the expected daily move in the S&P 500.

So, with a ~40 VIX, expect at least a 2.5% per day—in...

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Today was one of the most epic sessions in the history of the stock market.

Amid rumors around tariffs, the S&P 500 ripped higher, closing up 9.5% on the day.

That makes it the third-largest one-day gain for the index going all the way back to 1950.

Moves like this aren't just rare… they are historic.

You can count on one hand how many times the S&P has rallied more than 9% in a single session in the last 75 years.

The green dots in this chart show these historical rallies.

Only during the depths of the Great Financial Crisis, have we seen stronger gains:

• October 13, 2008: +11.6%
• October 28, 2008: +10.8%
...

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The S&P 500 has already fallen 20% from its highs.

The VIX spiked into the 50s.

Panic and fear have taken over, and investors have been in for a roller coaster ride.

Volatility isn’t going away — that’s a given. But broadly speaking, I think the worst is behind us.

Now, we’re seeing key indexes and sectors retesting their prior cycle highs from 2021.

For long-term investors, this is what you wait for.

These kinds of “resets” often create historic opportunities.

But the goal isn’t to catch a falling knife. The...

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Volatility just took over the market in a big way.

Nothing has been safe—Tech, China, Europe, even Bitcoin got slammed.

This has been a full-blown flush.

The bears didn’t leave anything behind.

So now what?

Where’s the support?

Where can this thing stop bleeding?

For the S&P 500, I’m keeping an eye on those former cycle highs from 2021, right around 480. 

This looks like a good place to start—at least for a short-term bounce.

If there’s a line in the sand, 480 feels like the right spot where bulls...