Hello Everyone,

Here's a link to Tonight's Newsletter.

Happy Wednesday, the market pushed slight higher for the major indexes as the SPX and Nasdaq closed up about 0.25%, while the Dow Jones gained +0.3%, and IWM Small Caps added +0.7%. For the week the major indexes are up just slightly collectively between 0.2% - 0.5%, except for the Dow ones, which is off -0.15%. 

NVDA earnings were after the close, as well as other notables such as CRWD, SNOW etc.  NVDA got hit some after hrs and is off -2.7%, while SNOW is up 13% after hrs, and CRWD is off -3%.

No changes in market structure or the uptrend, so no reason to over complicate things. Obviously as we approach September, which is a less favorable time of the year, one has to be a bit more cautious.  Eventually once this uptrend ends, we'll see a major wave 4 pullback sometime this fall.

Nice drop today in the 10-Year Yield, which is a fractal coil pattern (daily coil inside a weekly coil).

Gold slightly up today and remains in a coil pattern, while the gold miners, which have been very strong, had a consolidation day.

News-wise : Plenty of news for this week, refer to the News Calendar below PCE inflation data o Friday will be important

Getting out my crystal ball, I do think 2026 may be shaping up for a negative year for the major indexes based on a trifecta of factors

This stat still boggles my mind: Nvidia, Microsoft, and Apple now make up over 21% of the S&P 500, the highest weighting for any  three stocks in the index on record. The 38% combined weighting of the 10 largest US stocks in the index is also a record high.

Matt