Vol. III · No. 218|Wednesday, October 21, 2026

Golden Terminal

Wednesday Trader’s Brief 30-Second Read · Cash Open 9:30 ET · Tuesday’s Completed Bars

BEFORE THE OPEN. Every light below comes from Tuesday’s completed bar. We took the premarket quotes at 7:04 ET. The index proxy is quoted up 0.21%, the Nasdaq proxy up 0.57% and the chip fund up 1.64%. Crude’s fund is up 1.11%. Health Care is quoted down 0.46% against its new green, inside our line and on thin size. Nothing here changes a light. Weekly crude inventories land at 10:30 ET, after this issue was built.

Four of the five sectors that slipped to yellow on Monday were green again on Tuesday’s bar. Yesterday we wrote that a yellow means a pause and that pauses resolve one way or the other. Financials, Utilities, Materials and Real Estate resolved up. Health Care, yellow for two sessions, joined them, and Communication Services climbed out of red to yellow. Energy stayed yellow and Industrials stayed red. The board reads six green, four yellow and one red, with six changes and not one downgrade.

The index barely moved and most of the market rose. The index proxy gained 0.34% and the Nasdaq proxy slipped 0.10%. Underneath, forty-eight of our sixty-seven companies rose and ten of the eleven sector funds closed higher. Technology was the one that fell, down 0.28%. Health Care led at plus 2.37%, with Eli Lilly up 3.49% and UnitedHealth 3.04%, and two outlets say the sector finished at a record. Two outlets have the S&P 500 up about 0.3%, and one has the Dow up 1.05%, which our Dow proxy matches.

The count above trend jumped by six in a day. Thirty-nine of the sixty-seven now close above their own fifty-day average, up from thirty-three, and none crossed the other way. The index proxy itself closed back above its fifty-day, by 0.10%. The market-risk gauge, the one we compute off the index, improved again to minus 33.30, but it’s still 77.02 points under its own average, so it stays yellow.

Bonds helped, and housing is the reason. September housing starts fell 5.2%, a drop two sources agree on, and pending home sales fell 7.3%, per our calendar feed. The ten-year yield eased three basis points to 5.12% on the Treasury’s curve; a second source agrees on the drop but has the level a little lower. Weak housing pulled long rates down, and the sectors that borrow got a day off.

Overnight, the chips want back in and two reporters are getting hit. The chip fund is quoted up 1.64% and Technology up 0.91%, against a yellow light, so there’s nothing to flag. Netflix is quoted down 6.4% and Intuitive Surgical down 6.6% after their reports. Health Care’s fund is quoted down 0.46% on thin size, against its green but inside our line. None of it sets a light.

XLK · XLV · XLF · XLY · XLC · XLI · XLE · XLP · XLU · XLB · XLRE

Tuesday was Monday turned inside out. On Monday the giants carried the index while forty-six of our sixty-seven companies fell. On Tuesday the giants rested, the Nasdaq proxy slipped 0.10%, and forty-eight of the sixty-seven rose. The index proxy gained only 0.34% for all that effort, which is what happens when the biggest weights sit out.

Yesterday morning we wrote that a yellow means a pause, that eight of our eleven sectors were paused, and that pauses resolve one of two ways. Tuesday’s bar answered for five of them. Financials, Utilities, Materials and Real Estate went back to green after one session at yellow, and Health Care went green after two. That’s on the record from Tuesday morning, and anybody can check it against Tuesday’s close. One day doesn’t settle anything.

The help came from the housing market, and not in a good way. September starts fell 5.2% to an annual pace of 1.221 million, against 1.30 million expected, and pending home sales fell 7.3%. Pending sales count signed contracts. Fewer of them in September means the people who listed over the summer are still carrying the house, the taxes and, often, a payment on the place they’ve already moved to. The weekly mortgage survey in our calendar feed has the thirty-year rate at 7.41% this morning, down from 7.50%. Weak houses pulled long yields down, and everything that borrows had a better day: Real Estate up 1.70%, Utilities 1.26%, Financials 1.20%.

Before our conclusion, the strongest case that this is the start of something bigger. A selloff in the leaders that ends in a day like Tuesday, forty-eight of sixty-seven up and ten of eleven sector funds higher, is a bull market spreading out instead of breaking down. The rally doesn’t need the chips if everything else is working. Health Care at a record, the banks back to green and six more companies above trend in a single session is what a healthy market does after a scare. On that reading, the next leg doesn’t depend on Nvidia at all.

We think that’s half right. The breadth is real and we’ll count it every day. But the two gauges that measure the giants, Technology and the market-risk gauge, are both still under their own averages. And the sector at a record is the one people buy for safety; one outlet’s headline on the Health Care rally called it a warning for the rest of the market. That makes Tuesday look as much like a rotation inside a nervous market as a broadening. Thirty-nine above trend is the number to watch. If it holds while Technology heals, the bulls get the whole argument.

Brad Hoppmann

Filed from Taintsville, Florida · Pop. < 1,000 ‘Taint in the Beltway, ‘taint in any backwards corrupt city, just a Florida man with a sharp pencil and a long memory of expensive lessons.

What To Watch Before The Open. Quotes from 7:04 ET. The index proxy is quoted up 0.21% on 189,496 shares, the Nasdaq proxy up 0.57% and the chip fund up 1.64%. Technology is quoted up 0.91% on 22,489 shares and Energy up 0.30%. Health Care is quoted down 0.46%, Consumer Staples flat and Utilities up 0.14%, all three on thin size and wide spreads. None of those runs against a light by more than our three-quarters-of-a-percent line. Financials, Consumer Discretionary, Communication Services and Materials show no premarket trade, and the Industrials and Real Estate quotes are too thin to use. Netflix is quoted down 6.4% and Intuitive Surgical down 6.6% after their reports; Tesla is up 1.7% ahead of its own. The long Treasury fund is quoted down 0.16%, gold up 0.19% and the volatility fund down 0.68%. A premarket quote isn’t a forecast and it doesn’t move a light.

Monday the giants carried the index while most of the room sat on its hands. Tuesday the room showed up and the giants took the day off.

The Reader, Investor & Active Trader Tiers

The full sector-by-sector breakdown, rotation snapshot, and validation data continue below.

The Engines of the Modern Economy

Odd day for tech. The fund fell 0.28% to $185.44, and the gauge still edged up, to minus 164.92 from minus 176.17, which is how a gauge measured against its own recent range can rise on a down day. It’s rising and still 197.41 points under its average of plus 32.49, so the light stays yellow. The fund sits 2.34% under its fifty-day.

Oracle rose 1.20% and the rest slipped. Apple fell 1.00%, Micron 0.98% and Advanced Micro Devices 0.62%; Nvidia, Microsoft and Broadcom each moved less than a third of a percent. Microsoft and Apple are still the only two of seven above trend.

Yesterday’s test still stands: if this gauge goes back to red on any completed session through Friday, Monday’s bounce was only a bounce. One session in, it rose. Oracle’s holders need a 50.6% gain to get back to January, and Micron sits 9.0% under its own fifty-day, so its fall buyers are still underwater.

Information Technology (XLK) closed Tuesday at $185.44, -0.28%. Twenty-period Commodity Channel Index on completed daily bars: current -164.92, prior session -176.17, twenty-period average 32.49. Current above prior and below average, so the verdict is YELLOW, held from YELLOW on a move of plus 11.25 points. Cushion against its trailing average is minus 197.41, from minus 228.77.

Dominators, Tuesday close and session change: Oracle $131.14 +1.20%, Broadcom $334.37 -0.07%, Nvidia $216.47 -0.29%, Microsoft $531.87 -0.31%, Advanced Micro Devices $534.74 -0.62%, Micron $896.07 -0.98%, Apple $339.50 -1.00%. One advancer, six decliners, average -0.30%. Above the fifty-day: two of seven (Microsoft, Apple). Sector fund year to date on a January 2 open basis: +27.34%, second of eleven. Fund below its fifty-day ($189.88) by 2.34%.

The Business of Staying Alive

Best fund on the board. Health Care rose 2.37% to $179.82, and the gauge jumped to plus 188.91 from plus 159.24, well above its average of plus 59.44. Rising and above average is green. The fund sits 5.51% above its fifty-day.

All six rose. Eli Lilly gained 3.49%, UnitedHealth 3.04%, AbbVie 2.26%, Gilead 2.25%, Johnson & Johnson 2.19% and Intuitive Surgical 1.11%. Johnson & Johnson is still the one name under its own trend, by 2.2%.

Intuitive Surgical reported after Tuesday’s close. Two outlets say it beat estimates, one says it tightened its forecast for procedure growth, and the stock is quoted down 6.6% this morning. Its holders were already down 22.72% on the year and needed a 29.4% gain to get back to January before that quote.

Health Care (XLV) closed Tuesday at $179.82, +2.37%. Twenty-period Commodity Channel Index on completed daily bars: current 188.91, prior session 159.24, twenty-period average 59.44. Current above prior and above average, so the verdict is GREEN, upgraded from YELLOW on a move of plus 29.67 points. Cushion against its trailing average is plus 129.47, from plus 109.74.

Dominators, Tuesday close and session change: Eli Lilly $1,283.66 +3.49%, UnitedHealth $419.26 +3.04%, AbbVie $289.08 +2.26%, Gilead $156.51 +2.25%, Johnson & Johnson $259.36 +2.19%, Intuitive Surgical $438.00 +1.11%. Six advancers, no decliners, average +2.39%. Above the fifty-day: five of six (Eli Lilly, UnitedHealth, AbbVie, Gilead, Intuitive Surgical). Sector fund year to date on a January 2 open basis: +16.11%, third of eleven. Fund above its fifty-day ($170.42) by 5.51%.

The Lenders, The Clearers And The Underwriters

The banks liked 5.12% better than 5.15%. The gauge rose to plus 137.18 from plus 96.31, far above its average of minus 45.71, so the light goes back to green after one day at yellow. The fund gained 1.20% to $55.72 but still sits 0.83% under its fifty-day.

All six rose. Berkshire led at plus 1.43%, then Goldman Sachs 1.03%, Visa 0.91%, Mastercard 0.65%, JPMorgan 0.52% and Bank of America 0.50%. Berkshire, Visa and Mastercard hold above trend; Bank of America is still 13.5% under.

A green on a fund that’s still below its fifty-day is a bounce until it lasts, and that’s where this one sits. Bank of America’s holders need an 8.7% gain to get back to January. Mastercard’s report date shows up on one schedule only, Thursday, and Visa reports next Tuesday.

Financials (XLF) closed Tuesday at $55.72, +1.20%. Twenty-period Commodity Channel Index on completed daily bars: current 137.18, prior session 96.31, twenty-period average -45.71. Current above prior and above average, so the verdict is GREEN, upgraded from YELLOW on a move of plus 40.87 points. Cushion against its trailing average is plus 182.89, from plus 157.54.

Dominators, Tuesday close and session change: Berkshire Hathaway $539.82 +1.43%, Goldman Sachs $884.81 +1.03%, Visa $406.57 +0.91%, Mastercard $620.42 +0.65%, JPMorgan $335.26 +0.52%, Bank of America $50.64 +0.50%. Six advancers, no decliners, average +0.84%. Above the fifty-day: three of six (Berkshire Hathaway, Visa, Mastercard). Sector fund year to date on a January 2 open basis: +1.62%, eighth of eleven. Fund below its fifty-day ($56.18) by 0.83%.

Where The Paycheck Goes After The Bills

Green for a second session, and a wider green. The gauge rose to plus 198.33 from plus 148.52, above its average of plus 6.35. The fund gained 0.91% to $115.50 and sits 1.61% above its fifty-day.

Every name rose, and Amazon did the least, up 0.07%. Nike gained 1.80%, Home Depot 1.69%, McDonald’s 1.59%, Tesla 1.54% and Starbucks 1.53%. Nike and Home Depot crossed back above their fifty-day averages, so four of six now sit above trend.

Yesterday we called this a thin green built on two stocks. It’s less thin now. Tesla reports Wednesday and is quoted up 1.7%. Its holders need a 22.5% gain to get back to January, and Nike’s need 69.0%.

Consumer Discretionary (XLY) closed Tuesday at $115.50, +0.91%. Twenty-period Commodity Channel Index on completed daily bars: current 198.33, prior session 148.52, twenty-period average 6.35. Current above prior and above average, so the verdict is GREEN, held from GREEN on a move of plus 49.81 points. Cushion against its trailing average is plus 191.98, from plus 154.43.

Dominators, Tuesday close and session change: Nike $37.88 +1.80%, Home Depot $315.11 +1.69%, McDonald’s $246.52 +1.59%, Tesla $373.71 +1.54%, Starbucks $99.37 +1.53%, Amazon $262.63 +0.07%. Six advancers, no decliners, average +1.37%. Above the fifty-day: four of six (Nike, Home Depot, Tesla, Amazon). Sector fund year to date on a January 2 open basis: -3.81%, tenth of eleven. Fund above its fifty-day ($113.67) by 1.61%.

The Pipes And The Programming

Out of red after two sessions. The gauge rose to minus 119.85 from minus 139.41, still under its average of minus 53.87, so it’s yellow, not green. The fund edged up 0.09% to $110.19, sits 1.48% under its fifty-day and is still last of eleven on the year at minus 6.75%.

The phone companies and Disney rose: Disney 1.90%, AT&T 0.95%, Verizon 0.88%. Netflix fell 1.66%, Meta 1.59% and Alphabet 1.13%. Disney and Meta hold above trend.

Netflix reported after the close. Two outlets put earnings at $0.87 a share against $0.82 expected, and two say it cut its advertising forecast; the stock is quoted down 6.4%. Its holders were down 27.03% on the year before that quote and needed a 37.0% gain to get back to January. AT&T reported this morning: our feed has $0.65 a share against $0.60 expected, and the company’s release calls it the best service-revenue growth in more than four years. Meta reports Wednesday.

Communication Services (XLC) closed Tuesday at $110.19, +0.09%. Twenty-period Commodity Channel Index on completed daily bars: current -119.85, prior session -139.41, twenty-period average -53.87. Current above prior and below average, so the verdict is YELLOW, upgraded from RED on a move of plus 19.56 points. Cushion against its trailing average is minus 65.98, from minus 97.18.

Dominators, Tuesday close and session change: Disney $111.67 +1.90%, AT&T $23.42 +0.95%, Verizon $44.54 +0.88%, Alphabet $340.27 -1.13%, Meta $694.25 -1.59%, Netflix $68.69 -1.66%. Three advancers, three decliners, average -0.11%. Above the fifty-day: two of six (Disney, Meta). Sector fund year to date on a January 2 open basis: -6.75%, eleventh of eleven. Fund below its fifty-day ($111.85) by 1.48%.

The Things That Move Other Things

Still red, and the only red on the board. The fund rose 0.07% to $166.80, but the gauge slipped to minus 130.21 from minus 108.18, under its average of minus 73.76. Falling and below average is red. The fund sits 3.80% under its fifty-day, still the weakest trend of the eleven.

Last week we set this sector a five-session test: a positive reading with at least two of six companies back above their own fifty-day. On the final session two of six made it, Honeywell and Union Pacific, by a whisker each. The gauge didn’t: minus 130.21. The test failed, and Industrials is the one sector Tuesday’s broadening skipped.

Honeywell rose 1.59%, UPS 1.09%, Deere 0.83% and Union Pacific 0.21%. Caterpillar slipped 0.08% and Boeing 0.50%. Honeywell and Union Pacific report Thursday, and Boeing and UPS next Tuesday per our feed. Boeing’s holders need a 14.5% gain to get back to January.

Industrials (XLI) closed Tuesday at $166.80, +0.07%. Twenty-period Commodity Channel Index on completed daily bars: current -130.21, prior session -108.18, twenty-period average -73.76. Current below prior and below average, so the verdict is RED, held from RED on a move of minus 22.03 points. Cushion against its trailing average is minus 56.45, from minus 37.43.

Dominators, Tuesday close and session change: Honeywell $213.32 +1.59%, UPS $98.52 +1.09%, Deere $632.20 +0.83%, Union Pacific $287.61 +0.21%, Caterpillar $725.24 -0.08%, Boeing $190.47 -0.50%. Four advancers, two decliners, average +0.52%. Above the fifty-day: two of six (Honeywell, Union Pacific). Sector fund year to date on a January 2 open basis: +7.18%, sixth of eleven. Fund below its fifty-day ($173.39) by 3.80%.

The Molecules Everything Else Runs On

Energy cooled a second day, to plus 104.39 from plus 126.33. That’s still well above its average of plus 22.12, so the light holds at yellow. The fund rose 0.25% to $67.97, sits 6.37% above its fifty-day and is first on the year at plus 51.99%.

Chevron rose 0.60%, ConocoPhillips 0.49%, Marathon Petroleum 0.28%, Phillips 66 0.17% and EOG 0.16%; Exxon slipped 0.24%. All six sit above their own fifty-day, Marathon by 18.0%.

Two outlets tied Tuesday’s dip in crude to hopes for diplomacy with Iran, and one has WTI finishing near $103. Our crude fund slipped 0.12% and is quoted up 1.11% this morning, so the hopes didn’t last the night. Weekly inventories come at 10:30.

Energy (XLE) closed Tuesday at $67.97, +0.25%. Twenty-period Commodity Channel Index on completed daily bars: current 104.39, prior session 126.33, twenty-period average 22.12. Current below prior and above average, so the verdict is YELLOW, held from YELLOW on a move of minus 21.94 points. Cushion against its trailing average is plus 82.27, from plus 116.11.

Dominators, Tuesday close and session change: Chevron $225.71 +0.60%, ConocoPhillips $145.95 +0.49%, Marathon Petroleum $475.04 +0.28%, Phillips 66 $291.03 +0.17%, EOG Resources $157.91 +0.16%, Exxon Mobil $177.86 -0.24%. Five advancers, one decliner, average +0.24%. Above the fifty-day: six of six. Sector fund year to date on a January 2 open basis: +51.99%, first of eleven. Fund above its fifty-day ($63.90) by 6.37%.

The Aisles Nobody Skips

Staples cooled a third day, to plus 146.30 from plus 153.66, still far above its average of plus 8.09, so it’s yellow. The fund rose 0.62% to $87.75 and sits 4.23% above its fifty-day.

Procter & Gamble rose 1.03% and PepsiCo 0.34%. Walmart fell 0.72% and Philip Morris 0.57%, with Costco and Coca-Cola little changed. Five of six hold above trend; PepsiCo sits 0.2% under its line.

Philip Morris reported this morning. Our feed has it at $2.36 a share against $2.30 expected; we hadn’t seen the company’s own release by press time, so that’s one source. Procter & Gamble reports Thursday and Coca-Cola next Tuesday. PepsiCo’s holders need a 6.9% gain to get back to January.

Consumer Staples (XLP) closed Tuesday at $87.75, +0.62%. Twenty-period Commodity Channel Index on completed daily bars: current 146.30, prior session 153.66, twenty-period average 8.09. Current below prior and above average, so the verdict is YELLOW, held from YELLOW on a move of minus 7.36 points. Cushion against its trailing average is plus 138.21, from plus 157.99.

Dominators, Tuesday close and session change: Procter & Gamble $159.32 +1.03%, PepsiCo $134.02 +0.34%, Coca-Cola $93.49 +0.07%, Costco $994.61 -0.09%, Philip Morris $199.90 -0.57%, Walmart $117.85 -0.72%. Three advancers, three decliners, average +0.01%. Above the fifty-day: five of six (Procter & Gamble, Coca-Cola, Costco, Philip Morris, Walmart). Sector fund year to date on a January 2 open basis: +12.92%, fourth of eleven. Fund above its fifty-day ($84.19) by 4.23%.

The Bill That Arrives Regardless

Monday’s worst fund was Tuesday’s green. The gauge rose to plus 81.78 from plus 78.91, above its average of minus 12.21. It rose only 2.87 points, so one soft day puts it back at yellow. The fund gained 1.26% to $41.88 and sits 0.16% under its fifty-day.

American Electric Power rose 2.00%, Duke 1.73%, Southern 1.61%, NextEra 0.88% and Vistra 0.41%. NRG fell 1.55%. Four of six hold above trend.

A ten-year that eases three basis points is worth more to a utility than to almost anyone, because the dividend competes with it directly. NextEra reports Wednesday per our feed. NRG’s holders need a 65.2% gain to get back to January, up from 62.6% on Monday.

Utilities (XLU) closed Tuesday at $41.88, +1.26%. Twenty-period Commodity Channel Index on completed daily bars: current 81.78, prior session 78.91, twenty-period average -12.21. Current above prior and above average, so the verdict is GREEN, upgraded from YELLOW on a move of plus 2.87 points. Cushion against its trailing average is plus 93.99, from plus 102.94.

Dominators, Tuesday close and session change: American Electric Power $127.22 +2.00%, Duke Energy $121.33 +1.73%, Southern $90.71 +1.61%, NextEra $78.86 +0.88%, Vistra $150.32 +0.41%, NRG $97.84 -1.55%. Five advancers, one decliner, average +0.85%. Above the fifty-day: four of six (American Electric Power, Duke Energy, Southern, Vistra). Sector fund year to date on a January 2 open basis: -2.35%, ninth of eleven. Fund below its fifty-day ($41.95) by 0.16%.

The Raw Material Under Everything

On Monday Materials stopped rising, which was all it took to lose the green. On Tuesday it started rising again, by 1.50 points, which was all it took to get it back. The gauge reads plus 164.05 from plus 162.55, 191.83 points above its average of minus 27.78. The fund gained 0.55% to $51.23 and crossed back above its fifty-day by 0.27%.

Sherwin-Williams rose 1.33% and crossed back above trend, Air Products 1.32% and Ecolab 0.78%. Linde slipped 0.31%, Newmont 1.02% with the gold fund down 0.54%, and Freeport-McMoRan 1.26%. Four of six hold above trend.

Newmont reports Thursday, and Sherwin-Williams, Ecolab and Freeport-McMoRan next Tuesday.

Materials (XLB) closed Tuesday at $51.23, +0.55%. Twenty-period Commodity Channel Index on completed daily bars: current 164.05, prior session 162.55, twenty-period average -27.78. Current above prior and above average, so the verdict is GREEN, upgraded from YELLOW on a move of plus 1.50 points. Cushion against its trailing average is plus 191.83, from plus 202.61.

Dominators, Tuesday close and session change: Sherwin-Williams $336.01 +1.33%, Air Products $302.58 +1.32%, Ecolab $288.16 +0.78%, Linde $501.89 -0.31%, Newmont $116.81 -1.02%, Freeport-McMoRan $68.87 -1.26%. Three advancers, three decliners, average +0.14%. Above the fifty-day: four of six (Sherwin-Williams, Air Products, Ecolab, Linde). Sector fund year to date on a January 2 open basis: +12.54%, fifth of eleven. Fund above its fifty-day ($51.09) by 0.27%.

The Ground Rent On The Whole Economy

The landlords got their day. The gauge jumped to plus 119.61 from plus 48.01, well above its average of minus 60.60, and the light goes back to green. The fund gained 1.70% to $42.38, second-best on the board, but still sits 1.45% under its fifty-day.

Prologis rose 2.72%, Simon Property 2.22%, Public Storage 2.05%, Iron Mountain 1.35%, Equinix 1.20% and American Tower 0.29%. Public Storage crossed back above trend, joining American Tower; the other four are still under.

Public Storage reports next Monday and American Tower the day after. Prologis holders are down 0.21% on the year.

Real Estate (XLRE) closed Tuesday at $42.38, +1.70%. Twenty-period Commodity Channel Index on completed daily bars: current 119.61, prior session 48.01, twenty-period average -60.60. Current above prior and above average, so the verdict is GREEN, upgraded from YELLOW on a move of plus 71.60 points. Cushion against its trailing average is plus 180.21, from plus 120.15.

Dominators, Tuesday close and session change: Prologis $127.47 +2.72%, Simon Property $206.99 +2.22%, Public Storage $301.76 +2.05%, Iron Mountain $113.06 +1.35%, Equinix $987.44 +1.20%, American Tower $183.56 +0.29%. Six advancers, no decliners, average +1.64%. Above the fifty-day: two of six (Public Storage, American Tower). Sector fund year to date on a January 2 open basis: +5.06%, seventh of eleven. Fund below its fifty-day ($43.01) by 1.45%.

Leaders and laggards in the roster. Micron leads at plus 203.62%, then Marathon Petroleum at plus 191.70%, Advanced Micro Devices at plus 144.29%, Phillips 66 at plus 125.60% and ConocoPhillips at plus 55.91%. The bottom three are Nike at minus 40.81%, NRG at minus 39.45% and Oracle at minus 33.59%. Micron’s lead over Marathon Petroleum narrowed to 11.9 points from 15.7.

Above and below the fifty-day. Thirty-nine of the sixty-seven companies close above their own fifty-day average, up from thirty-three. Six crossed up: Home Depot, Honeywell, Nike, Public Storage, Sherwin-Williams and Union Pacific. None crossed down. By sector: Energy six of six, Health Care five of six, Consumer Staples five of six, Utilities four of six, Consumer Discretionary four of six, Materials four of six, Financials three of six, Technology two of seven, Communication Services two of six, Industrials two of six, Real Estate two of six. Five of the eleven sector funds close above their own fifty-day: Energy, Health Care, Consumer Staples, Consumer Discretionary and Materials, which crossed up. The index proxy closes 0.10% above its own, from 0.25% under.

Relative strength callouts. Micron beats its own sector fund by 176 points on the year and Advanced Micro Devices by 117, while Oracle trails it by 61. Marathon Petroleum beats Energy by 140 points and Phillips 66 by 74. Iron Mountain beats Real Estate by 31 points. The worst relative performers against their own sectors are Oracle at minus 61, Intuitive Surgical at minus 39, NRG at minus 37 and Nike at minus 37.

One line on the consensus. The easy headline for Tuesday is that the Dow jumped and tech went nowhere. Both happened. Our count adds that forty-eight of sixty-seven companies rose, and that the three sector funds that fell hardest on Monday, Utilities, Real Estate and Financials, were all among the top four on Tuesday.

Twenty roster names fall inside the next seven calendar days, and two of them, AT&T and Philip Morris, reported this morning. Nine upcoming dates agree across our earnings feed and an independent schedule, and Meta’s matches the company’s own announcement. NextEra and Verizon have conflicting dates, so both show the range. Mastercard comes from an independent schedule only, and Public Storage, Boeing, Ecolab, Freeport-McMoRan and UPS from our feed only. We don’t assert before-the-bell or after-the-bell timing for any of them.

The weekly mortgage survey already printed this morning: the thirty-year rate at 7.41%, from 7.50%. Thursday’s jobless claims are forecast near 200,000, and Friday’s flash surveys of purchasing managers close the week. Durable goods, consumer confidence and new-home sales land next Tuesday, and the Fed decides on October 28. Dates, times and forecasts are from our economic calendar feed.

Every figure is measured from the January 2 opening price, for every company and every fund. The index proxy sits at plus 12.15% on the same basis, up from plus 11.78% on Monday.

The bottom of the table mostly joined Tuesday’s rally, and NRG didn’t. It fell 1.55% on a day forty-eight of our companies rose, and its holders now need a 65.2% gain to reach January. Nike’s need eased to 69.0% and Oracle’s to 50.6%. At the top, Micron gave back ground to Marathon Petroleum. None of these is a recommendation and none is a forecast.

Tuesday did what Monday wouldn’t. Forty-eight of our sixty-seven companies rose, ten of eleven sector funds closed higher, and five of the eight sectors we called paused on Tuesday morning went back to green. The count above trend rose from thirty-three to thirty-nine. Technology fell and the index barely moved, and that’s the part that keeps us from calling it all clear.

Why can the index and the crowd disagree two days running? The index is weighted by size, so a handful of giant companies decide most of its move. Our breadth count gives every company one vote. On Monday the giants voted yes and most of the room voted no. On Tuesday it flipped. When the two agree, a move has depth. When they don’t, one of them is going to change its mind, and we count both every day so the disagreement shows up here before it shows up in a headline.

The new test is specific. If fewer than thirty-five of our sixty-seven companies close above their own fifty-day on any completed session through Tuesday the twenty-seventh, Tuesday’s broadening was a one-day event, and we’ll say that here in those words. Yesterday’s Technology test runs through Friday alongside it. Health Care at plus 188.91 leads the board’s six greens, and the Sector Risk tab on the Golden Terminal will chart it against the S&P as a single line.

Every gauge in this issue lives on the Golden Terminal, where any sector can be charted against the S&P.

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Somebody you know will hear this morning that the Dow jumped on Tuesday while tech went nowhere. True. Our count adds that forty-eight of the sixty-seven big companies we track rose, and the number sitting above their own trend line jumped from thirty-three to thirty-nine in one session. If they’d find that useful, this issue forwards cleanly.

The Daily Update tracks eleven sector verdicts on completed daily bars. Supercycle Trader works the longer arc underneath them: the multi-year cycles in commodities, credit and currency that decide which sectors get a decade and which get a quarter. A ten-year Treasury above 5%, housing starts down 5.2% in a month, Health Care at a record and Energy first on the year at plus 51.99% are the kind of configuration that arc is built to read.

Twenty roster names report inside the next seven calendar days. AT&T and Philip Morris reported this morning, and Meta, Tesla and NextEra are on Wednesday’s schedule. Our desk keeps a separate counter on these names ahead of each print, and nothing in it has fired for this group.

Every figure in this issue, checked against the market data it came from. Prices are Tuesday’s completed daily bars, Treasury yields come from the Treasury’s own daily curve, and where two sources disagree we show both and say which one the body follows.

The Daily Update is published by Golden Terminal for informational and educational purposes only. It isn’t personalized advice and it isn’t a recommendation to buy or sell anything. Figures come from third-party data providers and government releases and can be revised. Past performance doesn’t predict future results.

The Daily Update · Golden Terminal · Vol. III, No. 218 · Wednesday, October 21, 2026