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Ted Zhang notes that after a day of pullback concerns, the market sent a clear message: the uptrend remains intact.
On Thursday, stocks opened weak and briefly fell below the 8-day EMA, but buyers immediately stepped in.
The market printed an open-equals-low session, reclaimed key short-term support, and trended higher throughout the day.
That type of price action typically signals underlying demand rather than distribution.
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The most encouraging development wasn’t the major indexes $SPX $QQQ — it was market breadth.
The equal-weight S&P 500 $RSP made a new all-time high, showing participation is expanding beyond a handful of mega-cap names and semiconductors.
Mid-caps $MDY also reached new highs, while small-caps $IWM continue building a constructive setup that could lead to a breakout of their own.
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Meanwhile, several concerns that weighed on sentiment overnight faded during the session.
The $VIX briefly approached 17 on war and inflation fears before retreating.
Treasury #yields moved lower, #bonds rallied modestly, #crudeoil pulled back, and the dollar $DXY remained contained despite looking technically stronger.
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While stocks continue to strengthen, traditional alternative assets remain under pressure.
#Gold $GLD and #silver $SLV are both still trading in established downtrends with little evidence of renewed momentum, as investors continue to favor risk assets over defensive positioning.
#Bitcoin also remains a notable laggard, with $IBIT breaking down technically and threatening new lows, highlighting the lack of demand for crypto despite the broader market’s advance.
For now, capital continues to flow toward equities rather than precious metals or digital assets, reinforcing the market’s current risk-on environment.
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Sentiment data remains supportive of the bull case as well.
Bears still represent 37% of AAII respondents, well above historical norms, while the NAAIM Exposure Index cooled from 98 to 87.
In other words, positioning remains elevated but not excessively crowded, leaving room for the rally to continue.
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Our portfolio activity reflected that constructive backdrop.
Positions were added in semiconductors via $SOXL / $SOXX, as well as in commodity-related names via $PICK and $COPX, all near favorable technical levels.
A new position was also initiated in $SNOW after a pullback into a high-volume support area.
On the risk-management side, $USAR was sold after a failed breakout, a bearish engulfing pattern, and a close below the 8-day EMA.
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The key event today is the upcoming employment report.
Markets will be watching closely for clues about economic strength and future Federal Reserve policy.
Until proven otherwise, however, the primary trend remains higher.
Breadth is improving, leadership is expanding, yields are easing, and buyers continue stepping in whenever weakness appears.
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Watch this Short video where we break it all down in detail 🔽
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You can now find more details about the Market Trend and Grotection Gauge in the FAQ section on the Revere Assets website, along with additional insights into our investment process, portfolio structure, and onboarding.
▶️ https://revereasset.com/faq/
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