That was a long, tough day. All of that macroeconomic data did nothing to spark the marketplace. We had to wait until the closing bell to see some of the type of action we, as traders, crave. 

Equities closed slightly lower on Wednesday as traders awaited Nvidia’s (NVDA) results, among others. The S&P 500 ended almost flat at -0.02%, while the Nasdaq Composite gave back -0.08%. Can’t make that stuff up. 

Five of the 11 S&P sector SPDR ETFs wound up in the green, led by industrials (XLI). Health Care (XLV) was the weakest performer among these funds.

Treasury yields climbed. The U.S. 2-Year Treasury yield moved up 3 basis points to 4.21%, while the U.S. 10-Year Note paid 4.65% (+3 bps) by day’s end. The yield on the U.S. 30-Year Treasury yield ticked up 1 basis point to 5.17%.

As I send this note, we are still waiting on Nvidia. CrowdStrike (CRWD), Okta (OKTA) and Salesforce (CRM) have all already reported. The market has react favorably to all three. 

Position: Long NVDA, CRWD equity 

Position: Long NVDA, CRWD equity. 

Question: Since integration (1947), excluding the 2020 and 1981 seasons as there were not enough games played, only two MLB franchises completed an entire full-length season with a team batting average of .220 or less and less than 65 home runs hit in aggregate.

Name them.

Answers:

The 1963 Houston Colt .45s hit .220 with 62 HR while going 66-96 (9th in the NL).

The 1972 Texas Rangers hit .217 with 56 HR while going 54-100 (6th in the AL West).

Position: None

Since integration (1947), excluding the 2020 and 1981 seasons as there were not enough games played, only two MLB franchises completed an entire full-length season with a team batting average of .220 or less and less than 65 home runs hit in aggregate.

Name them.

Position: None

See that run from January into late spring? Dell (DELL), a firm that has been a real beneficiary of the AI trade, is currently up 307% year to date. Readers will see the gap higher this past May in response to first-quarter earnings. This makes up a significant portion of that parabolic spike that ended up looking like a flagpole. DELL stock, for the most part, has held and consolidated those gains, developing, as it traded sideways, a Bull Flag pattern of trend continuance. 

The upside pivot had been the top of the flagpole at $469. This does not change because there has been one failed attempt at breaking out from that pattern. The important thing for the bulls, in my opinion, is that the 50-day SMA has held as support. This implies that professional managers are buying stock at that level. 

Moving on to my favored indicators, Relative Strength is barely better than neutral. It’s not really not telling us anything directional. However, below the chart, the daily MACD is sort of sending us a bit of a warning. The histogram of the 9-day EMA has been in negative territory since mid-August, which is a short-term bearish signal. On top of that, the 12-day EMA is running below the 26-day EMA. That is also bearish looking. With both of those lines still standing above the zero-bound, the signal is less profound, but I would proceed with a bit of caution.  

Position: None

In the Microsoft (MSFT) chart below readers will see a huge Double Bottom pattern of bullish reversal with a $466 pivot. The shares broke out of that pattern, then faltered. It is at that point that these shares found support just above my pivot. I find that encouraging.

The MACD could be in better shape, but Relative Strength is fine. In addition, the stock looks likely to experience a “golden cross” at some time in the next week to week and a half. That could provide some bullish algorithmic activity when that does occur.

I have no problem reiterating my $582 price target for this name.

Position: Long MSFT equity

How Meta Stock Turns to a Buy After $17 Billion Settlement | TheStreet Pro

Position: None

Looking at the chart for Bitcoin, readers will see two nearly simultaneous technical patterns running alongside each other that appear to be bullish in nature. There is a Falling Wedge pattern of bullish reversal that created the August breakout. We now also have a giant Double Bottom pattern, also of bullish reversal. That one may be a problem.

The pivot there sits at just about $81,700. This is close to where BTC appears to have hit resistance this morning. Should Bitcoin fail to take and hold that spot, this pattern will fail and the breakout is over. 

Checking my favored indicators, Relative Strength appears to have apexed and has now entered into a technically overbought state. That said, below the chart, the daily MACD, which is a momentum indicator, looks really bullish. 

The histogram of the 9-day EMA has been in positive territory since mid-August, which is a short-term bullish signal. On top of that, the 12-day EMA is running well above the 26-day EMA. With both of those lines still standing above the zero-bound, the bullish signal is amplified.

Everything really depends upon what happens at the $81,700 pivot point.  

Position: None

Trump Admin Pauses All Visa Appointments Worldwide | ZeroHedge

Positions: none

Adding to Some Small-Cap Losers | TheStreet Pro

Positions: Long ASPN, ALTO, EVLV, OCUL, ONDS, PL, RKLB, SOFI, SWBI, VELO equity. Short OCUL calls.

Netskope price target raised to $16 from $14 at JPMorgan

NTSK

|

8:29 AM

JPMorgan analyst Brian Essex raised the firm’s price target on Netskope to $16 from $14 and keeps an Overweight rating on the shares. The firm adjusted targets in the security software space as part of a earnings preview. Accelerating security demand sets up a second-weighted fundamental improvement for the group, the analyst tells investors in a research note.

GitLab price target raised to $44 from $32 at JPMorgan

GTLB

|

8:29 AM

JPMorgan raised the firm’s price target on GitLab to $44 from $32 and keeps a Neutral rating on the shares. The firm adjusted targets in the security software space as part of a earnings preview. Accelerating security demand sets up a second-weighted fundamental improvement for the group, the analyst tells investors in a research note.

Simply Good Foods price target lowered to $11 from $13 at TD Cowen

SMPL

|

8:28 AM

TD Cowen lowered the firm’s price target on Simply Good Foods to $11 from $13 and keeps a Hold rating on the shares. The firm updated its model f and lowered estimates as they expect expect distribution losses on Atkins and OWYN and continued pressure on Quest bars to weigh heavily on volume growth.

Vivmark Residential initiated with a Sector Weight at KeyBanc

VMRK

|

8:28 AM

KeyBanc analyst Austin Wurschmidt initiated coverage of Vivmark Residential with a Sector Weight rating.

Global Payments price target raised to $95 from $90 at TD Cowen

GPN

|

8:27 AM

TD Cowen raised the firm’s price target on Global Payments to $95 from $90 and keeps a Hold rating on the shares. The firm updated its model following Q2 results.

FIS price target lowered to $53 from $58 at TD Cowen

FIS

|

8:27 AM

TD Cowen lowered the firm’s price target on FIS to $53 from $58 and keeps a Buy rating on the shares. The firm updated its model following Q2 results.

Accenture price target raised to $173 from $151 at TD Cowen

ACN

|

8:26 AM

TD Cowen analyst Bryan Bergin raised the firm’s price target on Accenture to $173 from $151 and keeps a Hold rating on the shares. The firm updated its model for its roughly $5B debt raise in July versus $6B assumed in prior model, M&A updates, and modest revisions on OM and interest income adjustments.

Wix.com price target raised to $110 from $90 at Benchmark

WIX

|

8:25 AM

Benchmark raised the firm’s price target on Wix.com to $110 from $90 and keeps a Buy rating on the shares. Following about a 50% move in shares since the Q2 earnings report on August 4, the firm is updating its sum-of-the-parts analysis, but says this “still implies an undervalued stock.”

Transcat management to meet with Northland

TRNS

|

8:25 AM

Investor Day and Calibration Lab Tour to be held in Cherry Hill, NJ on August 26 hosted by Northland.

DJ Transportation Average: Pivot points

DJT

|

8:24 AM

The following are the pivot points for the DJ Transportation Average. Pivot High: 21,506.37, Pivot Low: 21,312.14. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

DJ Utility Average: Pivot points

DJU

|

8:24 AM

The following are the pivot points for the DJ Utility Average. Pivot High: 1,095.87, Pivot Low: 1,088.34. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Dow Jones Industrial Average: Pivot points

DJX

|

8:23 AM

The following are the pivot points for the Dow Jones Industrial Average. Pivot High: 53,626.36, Pivot Low: 53,337.41. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

iShares Transportation Average: Pivot points

IYT

|

8:23 AM

The following are the pivot points for the iShares Transportation Average. Pivot High: $87.62, Pivot Low: $87.06. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Qfin downgraded to Underweight from Neutral at JPMorgan

QFIN

|

8:23 AM

JPMorgan downgraded Qfin to Underweight from Neutral with a price target of $9, down from $13.50, stating that the Q2 report reflects a “worsening operating environment” and intensifying industry headwinds. Following the report, the firm cut its 2026, 2027, and 2028 EPS estimates by 36%, 27% and 12%, respectively.

Energy Select Sector SPDR: Pivot points

XLE

|

8:23 AM

The following are the pivot points for the Energy Select Sector SPDR. Pivot High: $62.42, Pivot Low: $61.68. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Consumer Discretionary Sector SPDR: Pivot points

XLY

|

8:22 AM

The following are the pivot points for the Consumer Discretionary Sector SPDR. Pivot High: $118.26, Pivot Low: $117.44. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

S&P Select Materials SPDR: Pivot points

XLB

|

8:22 AM

The following are the pivot points for the S&P Select Materials SPDR. Pivot High: $53.93, Pivot Low: $53.29. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Utilities SPDR: Pivot points

XLU

|

8:22 AM

The following are the pivot points for the Utilities SPDR. Pivot High: $43.60, Pivot Low: $43.19. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Consumer Staples Sector SPDR: Pivot points

XLP

|

8:21 AM

The following are the pivot points for the Consumer Staples Sector SPDR. Pivot High: $86.76, Pivot Low: $86.00. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Hyperfine announces peer reviewed publication of NEURO PMR study

HYPR

|

8:21 AM

Hyperfine announced the peer-reviewed publication of the NEURO PMR study in the Journal of Neuroimaging. NEURO PMR, or Neurological Evaluation in the Office with Portable MR, is the first prospective, multicenter, real-world study to evaluate the clinical performance and patient experience of portable MRI compared with high-field MRI in outpatient neurology clinics. With respect to clinical performance, portable MRI demonstrated 92% concordance with high-field MRI in identifying the presence or absence of structural abnormality in blinded neuroradiology review, and 98% with clinical information. In addition, patients preferred portable MRI over high-field MRI by a four-to-one margin, rating it superior on all dimensions assessed in the study, including comfort, anxiety, claustrophobia, noise and overall experience.

Health Care Select Sector SPDR: Pivot points

XLV

|

8:21 AM

The following are the pivot points for the Health Care Select Sector SPDR. Pivot High: $176.44, Pivot Low: $174.66. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Lululemon price target lowered to $111 from $122 at Goldman Sachs

LULU

|

8:21 AM

Goldman Sachs analyst Brooke Roach lowered the firm’s price target on Lululemon to $111 from $122 and keeps a Neutral rating on the shares. The firm’s Q2 trackers point to continued demand pressure, with weakening card spending, sentiment and traffic, deteriorating consumer metrics, elevated promotions, and moderating China growth making stabilization more uncertain, the analyst tells investors in a research note.

Positions: none

Positions: None.

Positions: None.

But, an interesting read on oil at Barron’s this morning

Why Two Top Fund Managers Say $100 Oil is Coming (And the Stocks to Play It) – Barron’s

Positions: none

Calm Before Storm as Nvidia Earnings, Data Deluge, Bigger Trade War Loom | TheStreet Pro

Positions: Long AMD, NVDA, CRWD equity.

(Via TheFly)

Industry Meetings

Medical Technology–Investor Tour 8/26/26 00:00:00 ET

Sponsors: BTIG-BTIG | Industry: Medical Technology–Investor Tour | Location: Chicago IL

Electric Utilities 8/26/26 00:00:00 ET

Sponsors: KEYB-KeyBanc | Industry: Electric Utilities | Location: Cleveland/Columbus OH

Medical Technology 8/26/26 00:00:00 ET

Sponsors: BTIG-BTIG | Industry: Medical Technology | Location: Chicago IL

Sports & Gaming 8/26/26 00:00:00 ET

Sponsors: JMPS-Citizens | Industry: Sports & Gaming

Financial 8/26/26 00:00:00 ET

Sponsors: JMPS-Citizens | Industry: Financial

Exploration & Production 8/26/26 08:30:00 ET

Sponsors: ROTH-Roth Capital | Industry: Exploration & Production | Location: Toronto | Country: Canada

Biotechnology 8/26/26 14:00:00 ET

Sponsors: BTIG-BTIG | Industry: Biotechnology

Biotech 8/26/26 15:00:00 ET

Sponsors: WBLR-William Blair | Industry: Biotech | Streaming Link

Conferences

Semis, IT Hardware & Comm Tech Conference 8/26/26 00:00:00 ET

Managers: JEFF-Jefferies | City: Chicago | State: IL

Conference Calls

Zhihu – ZH 8/26/26 07:00:00 ET

Managers: Company Sponsored | Streaming Link

Li Auto – LI 8/26/26 08:00:00 ET

Managers: Company Sponsored | Streaming Link

Super Hi – HDL 8/26/26 08:00:00 ET

Managers: Company Sponsored | Streaming Link

UP Fintech – TIGR 8/26/26 08:00:00 ET

Managers: Company Sponsored | Streaming Link

Lanvin Group – LANV 8/26/26 08:00:00 ET

Managers: Company Sponsored | Replay Number: 412-317-0088 | Replay Code: 1329150 | Streaming Link

LightInTheBox – LITB 8/26/26 08:00:00 ET

Managers: Company Sponsored | Replay Number: 855-883-1031 | Replay Code: 10056871 | Streaming Link

Abercrombie & Fitch – ANF 8/26/26 08:30:00 ET

Managers: Company Sponsored | Streaming Link

Bath & Body Works – BBWI 8/26/26 08:30:00 ET

Managers: Company Sponsored | Call in Number: 877-407-9219 | International Call in Number: 412-652-1274 | Streaming Link

Photronics – PLAB 8/26/26 08:30:00 ET

Managers: Company Sponsored | Streaming Link

JinkoSolar – JKS 8/26/26 08:30:00 ET

Managers: Company Sponsored | Streaming Link

Torm plc – TRMD 8/26/26 09:00:00 ET

Managers: Company Sponsored | Streaming Link

Kohl’s – KSS 8/26/26 09:00:00 ET

Managers: Company Sponsored | Streaming Link

J.M. Smucker – SJM 8/26/26 09:00:00 ET

Managers: Company Sponsored | Streaming Link

HEICO – HEI.A 8/26/26 09:00:00 ET

Managers: Company Sponsored | Call in Number: 800-330-6710 | Call in Code: 2905092 | International Call in Number: 646-769-9200 | International Call in Code: 2905092 | Streaming Link

Heico – HEI 8/26/26 09:00:00 ET

Managers: Company Sponsored | Call in Number: 800-330-6710 | Call in Code: 2905092 | International Call in Number: 646-769-9200 | International Call in Code: 2905092 | Streaming Link

Strattec Security – STRT 8/26/26 09:00:00 ET

Managers: Company Sponsored | Call in Number: 201-689-8470 | International Call in Number: 201-689-8470 | Streaming Link

Dycom – DY 8/26/26 09:00:00 ET

Managers: Company Sponsored | Streaming Link

Movado – MOV 8/26/26 09:00:00 ET

Managers: Company Sponsored | Call in Number: 877-407-0784 | Call in Code: 13762314 | Replay Number: 844-512-2921 | Replay Code: 13762314 | International Call in Number: 877-407-0784 | International Call in Code: 13762314 | Streaming Link

Donaldson – DCI 8/26/26 10:00:00 ET

Managers: Company Sponsored | Streaming Link

SFL Corp. – SFL 8/26/26 10:00:00 ET

Managers: Company Sponsored | Streaming Link

Williams-Sonoma – WSM 8/26/26 10:00:00 ET

Managers: Company Sponsored | Streaming Link

Grupo Financiero Galicia – GGAL 8/26/26 11:00:00 ET

Managers: Compa

Positions: none

S&P Futures: -13 vs FV.

Nasdaq Futures: -23 vs FV.

US Ten-Year Note: 4.647%

US Two-Year Note: 4.207%

US Three-Month T-Bill: 3.792%

WTI Crude: $80.18

Gold: -0.44%

Silver: -0.32%

Bitcoin: -0.35% 

US Dollar Index: +0.08%

Position: Long physical gold and silver

It’s Wednesday! You can do it. It is I, Sarge. Dougie is off today and I am filling in as your tour guide. Let’s get some coffee into the system and get the blood flowing. You know what you need to do. You don’t need my boot pushing you along. 

There will be a lot to consider as this day gets going. Before we get to Nvidia (NVDA), CrowdStrike (CRWD) and Salesforce (CRM) earnings, we’ll have to get through July PCE prices, July Personal Income & Spending, July Durable Goods Orders and a speech by Richmond Fed Pres Tom Barkin. 

Then, we’ll have to consider the burgeoning trade war between the U.S. and Canada, the potential for a reopening of the Strait of Hormuz, the Treasury Department’s “enhanced” liquidity management program and Jackson Hole. (Anybody who thinks Canadians are so nice has probably never played ice hockey at a decent level. That’s like saying grizzly bears are cute.)

What we do know is that both oil prices and Treasury yields are significantly lower in just a few days’ time. So, slap on those helmets. Buckle those chinstraps. Tape on that foil. It’s time to take the ice and play the game.

Rock & roll. 

Position: Long NVDA, CRWD equity