The
NASDAQ Composite and
S&P 500 ended the week at all-time highs as they ride a broad parabolic move in semiconductors higher. Semiconductors have stolen the show as almost nothing else in the market is rallying with as much authority, if any.
The
Philadelphia Semiconductor Index ($SOX) is now up 18 day in a row, making the rallies in any other market or sector index looks very much like the proverbial
small potatoes. We cannot recall when we have seen the $SOX rally this many days in a row as it exceeds the NASDAQ's record of 13 days up in a row set two Fridays ago. On its face, this is starting to look a bit climactic, but as of yet there is no pullback to be found. Whether this eventually reverses sharply or simply pauses and base-builds for a period of time remains to be seen. Assume nothing.
On Wednesday we reported on
Micron Technology (MU) as a pocket pivot which held into the end of the day. On Friday the stock continued higher and is now testing the $500 Century Mark.
Nvidia (NVDA) which was reported on earlier in April, on Friday posted a pocket pivot move through the $200 Century Mark. On Friday,
Taiwan Semiconductor (TSM) posted a buyable gap-up as it also cleared the $400 level. In cases where stocks clear a Century Mark level a long entry is triggered using the Century Mark as a selling guide. Failures to hold a Century Mark level can potentially reverse the stock and trigger a short-sale entry so this should always be kept in mind when playing Century Mark set-ups.
On Thursday we reported on
Applied Materials (AMAT) and
Advanced Micro Devices (AMD) as Century Mark long entry set-ups as they crossed the $400 and $300 Century Marks, respectively. On Friday both stocks moved higher in sympathy to
Intel (INTC) earnings, with AMD rocketing 13.91% higher.
On Thursday we also reported on
IREN Ltd. (IREN) as a pocket pivot and
Applied Digital Holdings (APLD) as a buyable gap-up (BGU), but both stocks ran into sharp selling on Friday. While IREN remains extended from the 10-dma, APLD is testing the intraday low of Thursday's gap-up price range which technically brings it back into buying range, although Friday's action is not necessarily what you would want to see following such a strong BGU on Thursday.
On Wednesday we also reported on uranium/nuclear power names.
GE Vernova (GEV) posted a BGU after earnings and has held up since as it now tests new highs at the $1150 level.
Centrus Energy (LEU),
Nano Nuclear Energy (NNE) and the
Global X Uranium Miners (URA) ETF were reported on as pocket pivot set-ups by by week's end all three names were slammed back to 10-dma support. They may come into better buying range as they pull into 10-dma support so this can be watched for. These four names, as well as APLD and IREN above, highlight the fact that the market has been all about the semiconductor space which has accounted for most, if not all of the market's performance over the past month.
On Friday, big-stock gold miner
Newmont Corp. (NEM) posted a pocket pivot trendline breakout after reporting blowout earnings Thursday after the close. The company came in with earnings of $2.90 vs. estimates of $2.07 to $2.17 and posted all-time record free cash flow of $3.1 billion. The mining sector has been slumbering after decent moves off the early April lows, and with the group set to report earnings over the 1-2 weeks higher ambient gold and silver prices could enable more names in the space to spring back to life as NEM has.
This week could be pivotal for the market as six of the biggest big-stock NASDAQ names are set to report this week. In an unusual confluence we are expecting earnings from
Amazon.com (AMZN),
Alphabet (GOOGL),
Meta Platforms (META) and
Microsoft (MSFT) all on the same day, Wednesday, after the close, while
Apple (AAPL) is expected to report on Thursday after the close. Any of these have the potential to move the markets, one way or the other, so will bear close attention this week as the market rally has become extended.
The
Market Direction Model (MDM) switched to a
BUY signal on Thursday morning, April 23, 2026.
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