That divergence becomes apparent in the outperformance of the definitive "Everything Else" index, the NYSE Composite as it pushes deeper into new-high territory as it runs ahead of its tech centric cousins.
ASML Holdings (ASML) offers a prime example of strength in semiconductor equipment manufacturers. We reported on this last Friday when it posted a buyable gap-up (BGU) and the stock has continued to power higher, posting fresh all-time highs at the end of the week on big buying volume.
The action elsewhere in Big-Stock Tech Land has been mixed, at best. Apple (AAPL) triggered a short entry at the 50-dma two Fridays ago and has since trended lower while Alphabet (GOOGL) emerged from a base at the end of the week following a pocket pivot at the 10-dma on Wednesday. Microsoft (MSFT) remains in a bear and is now sitting below its 200-dma. Nvidia (NVDA) dropped below its 50-dma on Thursday to trigger a short-sale entry before closing below its 20-dema on Friday.
Other techs that we reported on two Fridays ago as pocket pivots have also been mixed, but among these, both Applied Digital (APLD) and Intel (INTC) have shot higher and broken out since. CoreWeave (CRWV) has tracked tight sideways since posting a pocket pivot two Fridays ago but may be setting up to move higher as it consolidates constructively. Iren Ltd. (IREN) has not made any further progress as it reversed along 50-dma resistance on Friday which could be interpreted as a short-sale entry using the 50-day as a covering guide. Keep in mind related company APLD reported blowout earnings pushing it toward new highs. Both transitioned to AI data center buildout so tend to correlate in price suggesting IREN could catch up. D-Wave Quantum (QBTS) moved higher after we reported its pocket pivot two Fridays ago but has since retraced back to the 10-dma and 20-dema on heavy selling volume.
Gold via the SPDR Gold Trust (GLD) sits 1.2% off its all-time highs after a breakout that failed the prior week found its feet along 20-dema support and broke out again. The trend remains intact as the 10-dma now serves as a reference for near-term support on any pullbacks from current price levels.
Silver continues to hold up well despite fears that a rebalancing of the Bloomberg Commodity Index and other investment vehicles weighted in silver as the iShares Silver Trust (SLV) continues to hold a very choppy and volatile uptrend over the past two weeks. Note the pair of moving average undercut & rally (MAU&R) moves over the past two weeks. What is quite fascinating here is that while the mainstream financial media is trying to link the BCI rebalancing to a potentially brutal sell-off in silver, it simply has not happened. If indeed this rebalancing is going to destroy the silver rally, it has not attracted any shorts attempting to front run the event, which may be telling. Stay tuned.
On December 12th we reported on VDU set-ups in South African gold miner AngloGold-Ashanti (AU) and silver miner Coeur Mining (CDE). On December 24th we reported on VDU set-ups in First Majestic Silver (AG), AngloGold-Ashanti (AU), NovaGold Resources (NG), and Nova Minerals Ltd. (NVA). All five names have pushed higher with NVA also posting a gap-up pocket pivot at the 50-dma on Friday.
As part of the rally in commodity-related names helping to drive the NYSE Composite's outperformance, copper miners have continued to trend higher. Copper cleared the $6.00 level for the first time this past week before settling in to close the week at $5.84. Over the past several weeks we have followed various copper names as they have posted various long entry signals, including pocket pivots, U&Rs and VDUs on the way up. Most recently, on January 7th, we reported on an MAU&R in Ero Copper (ERO) and a buyable pullback in gold/copper hybrid McEwen, Inc. (MUX) following a prior pocket pivot. Among the stocks shown below, little Taseko Mines Ltd. (TGB) is in a buyable position along 10-dma support, and for the most part, all of these names remain buyable on pullbacks to 10-dma or 20-dema support as appropriate.
Two Fridays ago we also reported on pocket pivots in a variety of uranium names, including Cameco (CCJ), NexGen Energy (NXE), Uranium Energy Corp. (UEC), the Direxion Daily Uranium Bull 3X (URAA) ETF and Energy Fuels (UUUU). Only UEC failed to trade enough volume for a pocket pivot that day but since then all five have shot to higher highs. On Friday all five also reversed sharply to close near the lows of their daily price ranges, although this could be considered a normal reaction following sharp prior upside moves over the past six trading days.
While the tech space has it sweet spots here and there, commodity-related names were running the show for most of the week. This week we will see Q4 2025 Earnings Season start up as several big-stock financials, along with Taiwan Semiconductor (TSM) get things rolling. Tuesday will see the latest Consumer Price Index (CPI) report while the Producer Price Index (PPI) will be released on Wednesday, the day after. The New Year has just begun, but already we are seeing a lot of interesting and profitable action among individual stocks.The Market Direction Model (MDM) remains on a BUY signal.