2026-07-14
Daily Report
2026-07-14
Technology led the session at +1.29%, while Health Care lagged at -1.93%, with HACK +4.58% setting the thematic tone.
SPY +0.36% QQQ +1.12% 15 qualifying setups
Market Signal
RISK ON
Score 0.85
Generated
2026-07-14 21:19
Static build timestamp
Leaders
Technology
Best-performing sector today
Lagging
Health Care
Weakest sector on the tape
Overview
Index & Macro Snapshot
Core benchmarks, volatility, and curve shape for the session.
S&P 500
$751.83
+0.36% today · +10.64% YTD
Nasdaq 100
$719.69
+1.12% today · +17.66% YTD
Russell 2000
$294.51
+0.35% today · +18.87% YTD
Dow Jones
$524.69
+0.04% today · +9.30% YTD
VIX
16.50
+2.29% over 5d
10Y Treasury
4.58%
Long-end benchmark
2Y Treasury
3.70%
Policy-sensitive front end
2s/10s Curve
+88bps
Normal / steepening
Tape Read
What's Moving Markets Today
Daily strategist letter and the cross-sector spreads behind today's tape.
Strategist Letter · 2026-07-14
Morning Note
The tape is trading risk on (composite score +0.85), with SPY +0.36%, QQQ +1.12% and IWM +0.35% on the session. Universe breadth sits at 62% above 50-day and 66% above 200-day, and VIX prints 16.50 (+2.3% over five sessions). At the GICS sub-industry level, leadership concentrated in Technology Hardware, Storage & Peripherals (+4.09%), Semiconductor Materials & Equipment (+3.83%), Semiconductors (+3.29%), Oil & Gas Refining & Marketing (+3.22%). On the laggard side, IT Consulting & Other Services -10.83% headed the weak list. No industries crossed into the Leading RRG quadrant in the last five sessions. Cross-asset color: the dollar (UUP) -0.39%; long bonds (TLT) +0.13%; high yield (HYG) +0.20% — credit stress widening; crude (USO) +2.02%; gold (GLD) +1.37%; bitcoin (BITO) +3.67%. The 2s10s curve sits at +88bps. Risks worth tracking: and 200-day breaks in Aerospace & Defense, Specialty Chemicals, Paper & Plastic Packaging Products & Materials; the breadth tape shows 11 new stock-level golden crosses against 5 death crosses. Catalysts in the wires: on geopolitics: 'Goldman Sachs CEO David Solomon on Fed Chairman Warsh and his Fed outlook' [CNBC]; on Fed / macro: 'No strong case for Fed raising rates this year, says WSJ's Greg Ip' [CNBC]; on AI / tech: 'TSMC, the world's largest contract chipmaker, reports 68% surge in June revenue' [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 Health Care until 200-day support is reclaimed.
Cyclicals vs Defensives
risk-on
Cyclicals (+0.35%) are leading Defensives (-0.97%) by 1.32pp.
Risk appetite firm — the tape is paying for growth, leverage and operating cycle exposure.
Discretionary vs Staples
risk-on
XLY -0.12% vs XLP -1.38% (spread +1.26pp).
Consumer is risk-on — the household balance-sheet trade is working.
Semis vs Software (AI capex theme)
risk-on
SMH +2.51% vs IGV +1.00% — spread +1.51pp.
Hardware/infrastructure leg of AI is bid — capex theme intact, hyperscaler spend cycle on.
Energy vs Utilities
neutral
XLE +0.37% vs XLU -0.07% — spread +0.44pp.
No clear inflation impulse from the energy/utilities pair.
Stocks vs Bonds (SPY vs TLT)
risk-on
SPY +0.36% AND TLT +0.13% — both bid.
Liquidity tape — stocks and bonds rallying together signals easing financial conditions.
Dollar vs Equities
risk-on
UUP -0.39% / SPY +0.36%.
Dollar weakness with equities up = risk-on, EM and commodities should follow.
Gold vs Equities
neutral
GLD +1.37% / SPY +0.36%.
Both gold AND equities bid — debasement / liquidity trade, watch the dollar.
Momentum vs Min Vol
risk-on
MTUM +1.63% vs USMV -0.96% — spread +2.59pp.
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 (+0.35%) are leading Defensives (-0.97%) by 1.32pp. Risk appetite firm — the tape is paying for growth, leverage and operating cycle exposure. Discretionary vs Staples: XLY -0.12% vs XLP -1.38% (spread +1.26pp). Consumer is risk-on — the household balance-sheet trade is working. Semis vs Software (AI capex theme): SMH +2.51% vs IGV +1.00% — spread +1.51pp. Hardware/infrastructure leg of AI is bid — capex theme intact, hyperscaler spend cycle on.
Moving-Average Events
Industry golden crosses: Household Products, Office REITs; Industry 200d reclaims: Insurance Brokers, Broadcasting, Packaged Foods & Meats, Personal Care Products, Independent Power Producers & Energy Traders; Industry 200d losses: Aerospace & Defense, Specialty Chemicals, Paper & Plastic Packaging Products & Materials, Consumer Finance, Insurance Brokers; Industry EMA(12/26) bull crosses: Automotive Retail, Oil & Gas Storage & Transportation, Financial Exchanges & Data; Industry EMA(12/26) bear crosses: Casinos & Gaming, Real Estate Services, Construction Materials, Electrical Components & Equipment, Electronic Components. Stock-level: 11 new golden crosses, 5 new death crosses across the S&P 1500 in the last 5 sessions.
News Flow
Catalysts driving the tape
125 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
6
AI / Tech
12
Earnings
12
Energy / Oil
3
China / Trade
5
Healthcare
3
Crypto
9
Mergers & Acquisitions
2
Regulation
1
Layoffs / Labor
5
Earnings Tape
Reporting today
5 watchlist names from the EPS calendar.
Ticker Name Sector Reports Surprise
JPM JP Morgan Chase & Co. Financial Services 2026-07-14 —
BAC Bank of America Corporation Financial Services 2026-07-14 —
WFC Wells Fargo & Company Financial Services 2026-07-14 —
C Citigroup, Inc. Financial Services 2026-07-14 —
GS Goldman Sachs Group, Inc. (The) Financial Services 2026-07-14 —
Narrative
Sector Commentary
GPT-5.4 commentary grounded in the market inputs for this session.
Technology led the session at +1.29%, while Health Care lagged at -1.93%, with HACK +4.58% setting the thematic tone.
Technology +1.3%
Technology led the sector leaderboard at +1.29% as the strongest large-cap gainers were CRWD +12.14%, GS +9.00%, ZS +7.24%.
Health Care -1.9%
Health Care was the weakest major group at -1.93% with pressure concentrated in ISRG -6.78%, SYK -6.15%, ARM -5.96%.
AI / Tech — Cybersecurity +4.6%
HACK moved +4.58% on the day and +4.17% over 5 days, giving the market a clear read on thematic leadership.
Factor & Regime +1.6%
Momentum led the factor complex at +1.63% while Low Vol trailed at -0.65%. Market signal registered RISK ON at +0.85.
Industry Leaders — Technology Hardware, Storage & Peripherals +4.1%
At the GICS sub-industry level, leadership came from Technology Hardware, Storage & Peripherals +4.09%, Semiconductor Materials & Equipment +3.83%, Semiconductors +3.29%. Universe breadth: 62% of S&P 1500 names above their 50-day MA, 66% above the 200-day.
Industry Laggards — IT Consulting & Other Services -10.8%
Weakest sub-industries today: IT Consulting & Other Services -10.83%, Health Care Facilities -4.36%, Real Estate Services -4.08%.
Moving-Average Cross Events +0.0%
Industry golden crosses: Household Products, Office REITs; Industry 200d reclaims: Insurance Brokers, Broadcasting, Packaged Foods & Meats, Personal Care Products, Independent Power Producers & Energy Traders; Industry 200d losses: Aerospace & Defense, Specialty Chemicals, Paper & Plastic Packaging Products & Materials, Consumer Finance, Insurance Brokers; Industry EMA(12/26) bull crosses: Automotive Retail, Oil & Gas Storage & Transportation, Financial Exchanges & Data; Industry EMA(12/26) bear crosses: Casinos & Gaming, Real Estate Services, Construction Materials, Electrical Components & Equipment, Electronic Components.
Geopolitics +0.0%
12 active headlines tagged Geopolitics. Top items: [CNBC] Goldman Sachs CEO David Solomon on Fed Chairman Warsh and his Fed outlook; [MarketWatch Top] What IBM’s profit warning means: Hardware is ‘eating everyone’s lunch’
Fed / Macro +0.0%
6 active headlines tagged Fed/Macro. Top items: [CNBC] No strong case for Fed raising rates this year, says WSJ's Greg Ip; [CNBC] Fmr. Dallas Fed Pres. Fisher: Fed won't likely raise rates this year unless prices spike again
AI / Tech +0.0%
12 active headlines tagged AI/Tech. Top items: [CNBC] TSMC, the world's largest contract chipmaker, reports 68% surge in June revenue; [CNBC] Micron stock jumps 15% as soaring prices from AI boom lead to quadrupling of revenue
Earnings Tape +0.0%
12 active headlines tagged Earnings. Top items: [CNBC] Darden Restaurants earnings beat estimates but Olive Garden growth weakens; [CNBC] Goldman Sachs CEO David Solomon on Fed Chairman Warsh and his Fed outlook
Sector Breadth
Technology
+1.29%
Energy
+0.37%
Financials
+0.20%
Materials
+0.12%
Industrials
+0.04%
Utilities
-0.07%
Cons. Discretionary
-0.12%
Communication Svcs
-0.13%
Real Estate
-0.49%
Cons. Staples
-1.38%
Health Care
-1.93%
Top Movers
CRWD
CRWD
+12.14%
GS
GS
+9.00%
ZS
ZS
+7.24%
PANW
PANW
+6.84%
LRCX
LRCX
+4.90%
ISRG
ISRG
-6.78%
SYK
SYK
-6.15%
ARM
ARM
-5.96%
NOW
NOW
-5.76%
MDT
MDT
-5.11%
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 AMD ★ 7d Advanced Micro Devices, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $548.13 $580.91 -5.6% 34.0M 0.68x
2 AMAT ★ 3d Applied Materials, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $595.70 $723.00 -17.6% 10.1M 0.83x
3 CNC Centene Corporation Healthcare
65.0
100.0 0.0 100.0 ✓ $68.72 $68.72 +0.0% 5.2M 0.60x
4 CRWD CrowdStrike Holdings, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $210.73 $210.73 +0.0% 13.0M 0.65x
5 DDOG ★ 7d Datadog, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $270.73 $277.49 -2.4% 6.1M 0.74x
6 DELL ★ 7d Dell Technologies Inc. Technology
65.0
100.0 0.0 100.0 ✓ $457.54 $465.96 -1.8% 9.3M 0.74x
7 FTNT ★ 3d Fortinet, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $166.83 $166.83 +0.0% 6.5M 0.67x
8 HPE ★ 5d Hewlett Packard Enterprise Company Technology
65.0
100.0 0.0 100.0 ✓ $49.56 $55.99 -11.5% 28.5M 0.70x
9 HUM ★ 7d Humana Inc. Healthcare
65.0
100.0 0.0 100.0 ✓ $406.77 $409.42 -0.6% 1.5M 0.82x
10 MU ★ 7d Micron Technology, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $983.12 $1213.37 -19.0% 54.1M 0.67x
11 PANW ★ 4d Palo Alto Networks, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $352.89 $357.53 -1.3% 8.5M 0.80x
12 SNDK Sandisk Corporation Technology
65.0
100.0 0.0 100.0 ✓ $1757.82 $2335.00 -24.7% 12.9M 0.93x
13 STX Seagate Technology Holdings plc Technology
65.0
100.0 0.0 100.0 ✓ $878.31 $1093.26 -19.7% 4.4M 0.98x
14 WDC ★ 5d Western Digital Corporation Technology
65.0
100.0 0.0 100.0 ✓ $563.32 $746.23 -24.5% 8.6M 0.67x
15 OKTA ★ 3d Okta, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $154.62 $154.62 +0.0% 3.9M 0.84x