See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.” – Jason Zweig

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

While the S&P 500 still sits 2.8% below all-time highs, both the Dow Transports and Philadelphia Semiconductor index — two groups seen as “leading” indicators — hit new all-time highs yesterday.  The charts below show the breakouts to new highs for these two closely-followed areas of the market.

US equity futures are trading slightly higher this morning as we look to close out the week with five days of gains (and extend the daily win streak to eight dating back to last Tuesday).

Below is a look at the swing we’ve seen from oversold levels last week to back above the 50-DMA for most key US index ETFs:

While we’ve seen a nice bounce, price charts for ETFs like SPY, QQQ, and IWM still have work to do to break out of the choppy action seen for many months now.

Yesterday was another painful day for the software group, which fell another 3.9% as algos look to exit or short anything at risk of AI obsolescence.

As shown below, IGV is now down 4.8% since Tuesday’s close when the US/Iran ceasefire was announced versus a gain of 3.7% for the broader Nasdaq 100 (QQQ).

Start a two-week trial to Bespoke Premium to continue reading today’s full Morning Lineup.