2026-05-26
Daily Report
2026-05-26
Technology led the session at +2.63%, while Energy lagged at -2.76%, with SMH +4.48% setting the thematic tone.
SPY +0.66% QQQ +1.78% 15 qualifying setups
Market Signal
RISK ON
Score 0.55
Generated
2026-05-26 19:37
Static build timestamp
Leaders
Technology
Best-performing sector today
Lagging
Energy
Weakest sector on the tape
Overview
Index & Macro Snapshot
Core benchmarks, volatility, and curve shape for the session.
S&P 500
$750.59
+0.66% today · +10.17% YTD
Nasdaq 100
$730.28
+1.78% today · +19.26% YTD
Russell 2000
$290.51
+1.89% today · +16.98% YTD
Dow Jones
$505.25
-0.17% today · +4.97% YTD
VIX
17.01
-5.81% over 5d
10Y Treasury
4.49%
Long-end benchmark
2Y Treasury
3.58%
Policy-sensitive front end
2s/10s Curve
+91bps
Normal / steepening
Tape Read
What's Moving Markets Today
Daily strategist letter and the cross-sector spreads behind today's tape.
Strategist Letter · 2026-05-26
Morning Note
The tape is trading risk on (composite score +0.55), with SPY +0.66%, QQQ +1.78% and IWM +1.89% on the session. Universe breadth sits at 57% above 50-day and 57% above 200-day, and VIX prints 17.01 (-5.8% over five sessions). At the GICS sub-industry level, leadership concentrated in Semiconductors (+8.10%), Semiconductor Materials & Equipment (+6.32%), Technology Hardware, Storage & Peripherals (+5.70%), Construction & Engineering (+3.56%). On the laggard side, Oil & Gas Refining & Marketing -3.33% headed the weak list. No industries crossed into the Leading RRG quadrant in the last five sessions. Cross-asset color: the dollar (UUP) -0.07%; long bonds (TLT) +0.50%; high yield (HYG) +0.34% — credit stress tightening; crude (USO) -2.78%; gold (GLD) +0.04%; bitcoin (BITO) +0.19%. The 2s10s curve sits at +91bps. Risks worth tracking: watch the recent death-cross prints in Health Care Supplies, Automobile Manufacturers, Health Care Facilities; and 200-day breaks in Property & Casualty Insurance, Asset Management & Custody Banks, Investment Banking & Brokerage; the breadth tape shows 7 new stock-level golden crosses against 6 death crosses. Catalysts in the wires: on geopolitics: 'Alabama warns healthcare providers against use of non-FDA-approved peptides' [Investing.com Markets]; on Fed / macro: 'These are the bond yield and oil levels that could break the bull market' [CNBC]; on AI / tech: 'An under-the-radar AI stock just delivered the best quarter of the chip sector' [CNBC]; on energy: 'From panic to pricing in: Are markets past 'peak fear and sell-off' despite oil price surge?' [CNBC]. Positioning takeaway: lean into Technology pockets where breadth is improving and trim exposure in Energy until 200-day support is reclaimed.
Cyclicals vs Defensives
risk-on
Cyclicals (+1.04%) are leading Defensives (-0.50%) by 1.54pp.
Risk appetite firm — the tape is paying for growth, leverage and operating cycle exposure.
Discretionary vs Staples
risk-on
XLY +0.23% vs XLP -1.38% (spread +1.61pp).
Consumer is risk-on — the household balance-sheet trade is working.
Semis vs Software (AI capex theme)
risk-on
SMH +4.48% vs IGV +0.04% — spread +4.44pp.
Hardware/infrastructure leg of AI is bid — capex theme intact, hyperscaler spend cycle on.
Energy vs Utilities
neutral
XLE -2.76% vs XLU -0.04% — spread -2.72pp.
Disinflation/duration bid; long-bond proxy outperformance signals lower-rates regime.
Small caps vs Large caps (IWM vs SPY)
risk-on
IWM +1.89% vs SPY +0.66% — spread +1.23pp.
Rally is broadening — small caps participating; risk-on with breadth confirmation.
Stocks vs Bonds (SPY vs TLT)
risk-on
SPY +0.66% AND TLT +0.50% — both bid.
Liquidity tape — stocks and bonds rallying together signals easing financial conditions.
Dollar vs Equities
risk-on
UUP -0.07% / SPY +0.66%.
Dollar weakness with equities up = risk-on, EM and commodities should follow.
Growth vs Value (factors)
neutral
VUG +0.75% vs VLUE +3.85% — spread -3.10pp.
Value factor leading — short-duration / cash-flow names bid; cyclical / re-flation tape.
Momentum vs Min Vol
risk-on
MTUM +3.44% vs USMV -0.40% — spread +3.84pp.
Trend-followers in control — leadership names extend, junk reflation often follows.
Cross-Sector Synthesis
The cross-sector tape is unambiguously risk-on. Cyclicals vs Defensives: Cyclicals (+1.04%) are leading Defensives (-0.50%) by 1.54pp. Risk appetite firm — the tape is paying for growth, leverage and operating cycle exposure. Discretionary vs Staples: XLY +0.23% vs XLP -1.38% (spread +1.61pp). Consumer is risk-on — the household balance-sheet trade is working. Semis vs Software (AI capex theme): SMH +4.48% vs IGV +0.04% — spread +4.44pp. Hardware/infrastructure leg of AI is bid — capex theme intact, hyperscaler spend cycle on.
Moving-Average Events
Industry golden crosses: Managed Health Care, Automobile Manufacturers; Industry death crosses: Health Care Supplies, Automobile Manufacturers, Health Care Facilities; Industry 200d reclaims: Health Care Supplies, Apparel, Accessories & Luxury Goods, Broadline Retail, Asset Management & Custody Banks, Automotive Parts & Equipment; Industry 200d losses: Property & Casualty Insurance, Asset Management & Custody Banks, Investment Banking & Brokerage, Consumer Staples Merchandise Retail; Industry EMA(12/26) bull crosses: Health Care Equipment, Property & Casualty Insurance, Household Products; Industry EMA(12/26) bear crosses: Broadcasting, Building Products, Oil & Gas Exploration & Production. Stock-level: 7 new golden crosses, 6 new death crosses across the S&P 1500 in the last 5 sessions.
News Flow
Catalysts driving the tape
105 relevant headlines across 5 sources, theme-tagged.
Headlines grouped by what's actually moving the market: geopolitics, Fed/macro, AI/tech, earnings, energy, regulation. Each headline is tagged to the sectors it most likely impacts. Urgency markers (!) indicate market-moving signals.
Geopolitics
12
Fed / Macro
9
AI / Tech
12
Earnings
12
Energy / Oil
3
China / Trade
11
Healthcare
4
Crypto
6
Mergers & Acquisitions
1
Regulation
1
Layoffs / Labor
3
Narrative
Sector Commentary
GPT-5.4 commentary grounded in the market inputs for this session.
Technology led the session at +2.63%, while Energy lagged at -2.76%, with SMH +4.48% setting the thematic tone.
Technology +2.6%
Technology led the sector leaderboard at +2.63% as the strongest large-cap gainers were MRVL +6.08%, ADI +5.76%, LRCX +5.68%.
Energy -2.8%
Energy was the weakest major group at -2.76% with pressure concentrated in PM -3.95%, DASH -3.90%, EOG -3.55%.
AI / Tech — Semiconductors +4.5%
SMH moved +4.48% on the day and +10.25% over 5 days, giving the market a clear read on thematic leadership.
Factor & Regime +3.4%
Momentum led the factor complex at +3.44% while Low Vol trailed at -0.28%. Market signal registered RISK ON at +0.55.
Industry Leaders — Semiconductors +8.1%
At the GICS sub-industry level, leadership came from Semiconductors +8.10%, Semiconductor Materials & Equipment +6.32%, Technology Hardware, Storage & Peripherals +5.70%. Universe breadth: 57% of S&P 1500 names above their 50-day MA, 57% above the 200-day.
Industry Laggards — Oil & Gas Refining & Marketing -3.3%
Weakest sub-industries today: Oil & Gas Refining & Marketing -3.33%, Oil & Gas Exploration & Production -3.10%, Oil & Gas Storage & Transportation -2.86%.
Moving-Average Cross Events +0.0%
Industry golden crosses: Managed Health Care, Automobile Manufacturers; Industry death crosses: Health Care Supplies, Automobile Manufacturers, Health Care Facilities; Industry 200d reclaims: Health Care Supplies, Apparel, Accessories & Luxury Goods, Broadline Retail, Asset Management & Custody Banks, Automotive Parts & Equipment; Industry 200d losses: Property & Casualty Insurance, Asset Management & Custody Banks, Investment Banking & Brokerage, Consumer Staples Merchandise Retail; Industry EMA(12/26) bull crosses: Health Care Equipment, Property & Casualty Insurance, Household Products; Industry EMA(12/26) bear crosses: Broadcasting, Building Products, Oil & Gas Exploration & Production.
Geopolitics +0.0%
12 active headlines tagged Geopolitics. Top items: [Investing.com Markets] Alabama warns healthcare providers against use of non-FDA-approved peptides; [CNBC] Stocks making big moves midday: Rigetti Computing, Deere, Bloom Energy, Spotify
Fed / Macro +0.0%
9 active headlines tagged Fed/Macro. Top items: [CNBC] These are the bond yield and oil levels that could break the bull market; [CNBC] Airports are great as credit spreads tighten and yields stay attractive, says Invesco's Mark Paris
AI / Tech +0.0%
12 active headlines tagged AI/Tech. Top items: [CNBC] An under-the-radar AI stock just delivered the best quarter of the chip sector; [CNBC] Alibaba's core profit plunges 84% as CEO defends AI investments
Earnings Tape +0.0%
12 active headlines tagged Earnings. Top items: [CNBC] Hims & Hers plummets 13% after first-quarter loss, weak earnings guidance; [CNBC] Nintendo plunges 8% after Switch 2 price hike and weak sales forecast
Sector Breadth
Technology
+2.63%
Industrials
+1.47%
Materials
+1.39%
Real Estate
+0.34%
Cons. Discretionary
+0.23%
Communication Svcs
+0.08%
Utilities
-0.04%
Financials
-0.17%
Health Care
-0.92%
Cons. Staples
-1.38%
Energy
-2.76%
Top Movers
MRVL
MRVL
+6.08%
ADI
ADI
+5.76%
LRCX
LRCX
+5.68%
TXN
TXN
+5.07%
ARM
ARM
+4.80%
PM
PM
-3.95%
DASH
DASH
-3.90%
EOG
EOG
-3.55%
CVX
CVX
-3.51%
XOM
XOM
-3.30%
Scan Output
Full Breakout Table
Composite score combines relative strength, base quality, trend structure, and stage confirmation.
# Ticker Name Sector Score RS Base Trend Stage 2 Price 52W High vs High Avg Vol Vol/Avg
1 ONTO ★ 3d ONTO Unknown
77.1
89.6 46.4 100.0 ✓ $274.17 $307.86 -10.9% 985K 1.93x
2 RXO ★ 4d RXO Unknown
72.2
86.5 36.1 100.0 ✓ $25.00 $25.00 +0.0% 2.4M 1.72x
3 ROIV ★ 5d ROIV Unknown
71.9
80.9 41.5 100.0 ✓ $29.67 $32.41 -8.5% 5.7M 1.51x
4 KEYS ★ 6d KEYS Unknown
71.2
77.1 43.9 100.0 ✓ $355.74 $366.68 -3.0% 1.4M 1.88x
5 TGT TGT Unknown
68.9
53.5 64.2 100.0 ✓ $125.43 $130.86 -4.2% 5.6M 1.79x
6 RL RL Unknown
68.7
50.4 67.2 100.0 ✓ $381.78 $389.52 -2.0% 662K 1.93x
7 D ★ 6d D Unknown
68.3
47.8 69.3 100.0 ✓ $67.28 $68.29 -1.5% 5.7M 1.82x
8 ADI ADI Unknown
67.8
71.9 40.1 100.0 ✓ $419.94 $432.39 -2.9% 3.7M 1.80x
9 AMD ★ 6d AMD Unknown
65.0
100.0 0.0 100.0 ✓ $503.89 $503.89 +0.0% 39.3M 0.89x
10 CIEN ★ 6d CIEN Unknown
65.0
100.0 0.0 100.0 ✓ $602.39 $602.39 +0.0% 2.6M 0.69x
11 COHR ★ 6d COHR Unknown
65.0
100.0 0.0 100.0 ✓ $381.35 $404.94 -5.8% 7.3M 0.64x
12 FIX ★ 6d FIX Unknown
65.0
100.0 0.0 100.0 ✓ $1883.56 $2041.56 -7.7% 406K 0.85x
13 GLW ★ 6d GLW Unknown
65.0
100.0 0.0 100.0 ✓ $196.17 $208.28 -5.8% 13.0M 0.90x
14 DDOG ★ 4d DDOG Unknown
65.0
100.0 0.0 100.0 ✓ $223.65 $223.65 +0.0% 5.5M 0.91x
15 DELL DELL Unknown
65.0
100.0 0.0 100.0 ✓ $305.08 $305.08 +0.0% 7.6M 1.01x