DavidMarlin
DavidMarlin
NYC Equity Trader | SF Quant HF Adviser | CEO of Marlin Capital | Not Investment Advice.
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5 best Daily Charts and Insights: Every SPX Trader Should Watch Right Now

1. Tail risk protection Demand for tail risk protection, as measured by $S&P 500(.SPX)$ downside convexity (10D vs. 25D ratio), remained in the 99th percentile high, though off the extremes from a week ago. 2. Buyback blackout exit We estimate ~27% of the index is currently in open window, with that number almost doubling to ~50% by the end of the week. 3. SPX vs. 200DMA So far, the small-caps, mid-caps, transports, semiconductors, as well as many sectors have tested their 200 DMAs. We suspect SPX is next which would bring it towards 7300 at a minimum. 4. Earnings rollover The earnings rollover everyone keeps projecting may once again get pushed further out. 5. Compute efficiency $Anthropic(
5 best Daily Charts and Insights: Every SPX Trader Should Watch Right Now
avatarDavidMarlin
10-26 10:00

Fallen Leaders

Last week was another rough one for the AI trade. The $S&P 500(.SPX)$ fell -0.5% on the week. The $Invesco QQQ(QQQ)$ dropped -0.8%. Semis got hit harder. The $Philadelphia Semiconductor Index(SOX)$ fell -3.2%. On the surface, that doesn’t sound so bad. The indices barely moved. But underneath the surface, it has been a historic crash in Momentum stocks. Morgan Stanley’s US TMT Momentum Factor is now -62% from its highs ‼️ Image Leaders Breaking Down It’s a tale of 2 markets right now. Defensives are holding up and outperforming. Meanwhile, the very stocks that led this bull market for the last few years are in Stage 4 declines. Just look at where some of the AI
Fallen Leaders

Rough Waters

Thursday was another brutal day for US stocks. The $S&P 500(.SPX)$ dropped -1.2%. The $NASDAQ 100(NDX)$ fell -2.6%, its worst day since June. Semis $iShares Semiconductor ETF(SOXX)$ got hit the hardest, tanking -6.7%. $Meta Platforms, Inc.(META)$ and $Tesla Motors(TSLA)$ earnings set the tone (and not in a good way). The SPX is just -2.3% off its highs. Goldman’s High Beta Momentum basket is -41% ‼️ That’s through Wednesday’s close. BEFORE today’s tech wreck. Momentum is no doubt down closer to -45% + after today’s bloodbath. How did we get here? Let’s rewind back to July. 👇
Rough Waters

The $SPX Is Near All-Time Highs. High-Beta Momentum Is Down 41%

The $S&P 500(.SPX)$ is just ~1% below its highs, yet Goldman’s High Beta Momentum basket has plunged 41%. Meanwhile, semiconductors have fallen 26% relative to the $SPX from their relative highs. Over the past 20+ years, only three episodes went meaningfully deeper: 2008 financial crisis 2022 bear market Liberation Day sell-off 👇 Watch $VanEck Semiconductor ETF(SMH)$ $iShares Semiconductor ETF(SOXX)$ $NVIDIA(NVDA)$ This is a massive divergence beneath the surface. The headline index looks resilient, but high-beta momentum and semiconductors tell a very different story. When leadership deteriorates this sharply while t
The $SPX Is Near All-Time Highs. High-Beta Momentum Is Down 41%

Dip Buyers Are Piling Into Semis

Dip buying has been aggressive this week. The clearest sign? The 3x leveraged semiconductor ETF $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ is on track for its largest-ever week of net inflows. That’s a major vote of confidence from traders betting on a semiconductor rebound. But record inflows into a leveraged ETF can cut both ways: they amplify exposure to a recovery while increasing the pain if the selloff continues. The key question: Is this dip buying the start of a sustained rebound, or are traders stepping in too early? Strong inflows show conviction—not confirmation. Watch price action before assuming the bottom is in. Markets are always moving - and sometimes, the best move is knowing what works for you. With Treasury yields, oil
Dip Buyers Are Piling Into Semis

The AI Boom Has a Bear Market Problem 🐻

Here’s what’s happening under the hood 👇 Some of the biggest winners of the AI boom are now deep in bear-market territory, with many down more than 50% from their highs. $Oracle(ORCL)$ $CoreWeave, Inc.(CRWV)$ $Broadcom(AVGO)$ $Micron Technology(MU)$ $SanDisk Corp.(SNDK)$ $Intel(INTC)$ $ARM Holdings(ARM)$ $NEBIUS(NBIS)$ $Corning(GLW)$ $Astera Labs, Inc.(ALAB)$ The AI narra
The AI Boom Has a Bear Market Problem 🐻

$SPX Near All-Time Highs, Yet 134 Stocks Are Down 40%+

The index is telling one story. The average stock is telling another. 📉 134 $S&P 500(.SPX)$ stocks are down 40% or more from their highs. That’s roughly 27% of the entire index. Meanwhile, the $SPX is sitting just 0.1% below its all-time high. That’s a massive disconnect beneath the surface. Index strength is masking significant damage across individual stocks, with a narrow group of leaders keeping the headline market elevated. 👀 The key question: Does strength eventually broaden to the beaten-down names, or does weakness spread to the index leaders? Watch market breadth closely. The headline high alone doesn’t tell the whole story. Markets are always moving - and sometimes, the best move is knowing what works for you. With Treasury yields,
$SPX Near All-Time Highs, Yet 134 Stocks Are Down 40%+
The 3M correlation between the $S&P 500(.SPX)$ and $Invesco S&P 500 Equal Weight ETF(RSP)$ (equal weight) just hit 15 year lows. This is the narrowest market in decades. 👇 Markets are always moving - and sometimes, the best move is knowing what works for you. With Treasury yields, oil prices and rate expectations keeping markets on edge this week, investors are once again thinking carefully about where to position next. There’s no one-size-fits-all choice in investing — and the same goes for Tiger Merch. This month’s hot picks are in, featuring the Tiger Toiletry Bag, Universal Travel Adapter, Tiger Umbrella and more favourites chosen by fellow Tigers. Explore the Monthly Hot Picks in Tiger Coin Ma

$SPX Is Flashing a Rare Breadth Warning

Another one for the bears. 👇 $S&P 500(.SPX)$ just logged 10 straight sessions with more 52-week lows than 52-week highs while sitting within 2% of its highs. That’s an unusual divergence. Since 1990, this has happened only two other times: December 1999January 2000 Both occurred right around the peak of the Dot-Com Bubble. Does that mean the market is about to repeat 2000? No. But when the index is sitting near highs while breadth underneath is deteriorating this aggressively, it’s a signal worth paying attention to. Bears have a data point. Now they need the price action to confirm it. Markets are always moving - and sometimes, the best move is knowing what works for you. With Treasury yields, oil prices and rate expectations keeping markets
$SPX Is Flashing a Rare Breadth Warning

The $SPX Is Near a Record, The Average Stock Is Not

The $S&P 500(.SPX)$ is just 0.7% below its all-time high. But underneath the index, the picture looks very different. 📉 The median $SPX stock is 16% below its 52-week high. Only 51% of $SPX stocks are above their 200-day moving averages. Yet the index is still within roughly 0.5% of a record. That combination is extremely unusual. The last time the market saw a similar setup was March 2000, when the index was near record highs while participation underneath was already deteriorating. 👇 The key takeaway: Index strength ≠ broad market strength. A handful of large stocks can keep the $SPX near its highs even while a much larger part of the market is already correcting. That makes market breadth one of the most important things to watch right now.
The $SPX Is Near a Record, The Average Stock Is Not

Bond Volatility Is Flashing a Warning for $SPX $QQQ and $IWM

📈 Treasury bond volatility is suddenly picking up, while equity-market volatility remains relatively subdued. The divergence matters because bonds sit at the center of financing costs, liquidity and rate expectations across the broader market. 👀 When Treasury volatility rises sharply without an immediate reaction from stocks, the gap can eventually close through a move in equity volatility. That does not guarantee a selloff, but it does suggest that the current calm in equities may be less stable than it appears. 🏦 For $S&P 500(.SPX)$ , the key issue is whether rising rate uncertainty begins to pressure large-cap valuations. $Invesco QQQ(QQQ)$ could be more sensitive given its concentration in growth a
Bond Volatility Is Flashing a Warning for $SPX $QQQ and $IWM

$SPX Is Near a Record. This Hasn’t Happened Since 2000

$S&P 500(.SPX)$ is sitting near a record high. But underneath the surface, the market looks very different. Only about 48% of S&P 500 stocks are currently above their 200-day moving averages, meaning roughly 52% are below. The index was just 0.44% from its record close on Tuesday. The last time the S&P 500 was this close to a record while a similar share of its components traded below the 200DMA was March 2000, according to Dow Jones Market Data. That doesn’t tell us what happens next. It does tell us that index strength is being carried by a relatively narrow group of stocks. The headline index can look healthy while the average stock underneath it tells a very different story. That divergence is worth watching. Markets are always mov
$SPX Is Near a Record. This Hasn’t Happened Since 2000

The Fed Hikes. P/E Falls. Stocks Can Still Rise.

The Fed starts hiking. Valuation multiples usually compress. That part is pretty consistent. Looking at the last 5 hiking cycles, P/E contracted every single time. 📉 But here’s the part that matters: P/E compression alone didn’t necessarily mean stocks went down. The median $S&P 500(.SPX)$ 12-month return after the first Fed hike was still +6.8%. So what actually determines what happens next? Earnings. 👇 If earnings keep growing fast enough to offset multiple compression, the market can still move higher. If earnings weaken at the same time valuations are contracting, that’s when the setup becomes much tougher. That’s the piece I’d be watching across: $S&P 500(.SPX)$
The Fed Hikes. P/E Falls. Stocks Can Still Rise.

$SPX $QQQ $IWM History Says Fed Hikes Hurt More When Inflation Runs Hot

Not every Fed hiking cycle plays out the same way. History points to two things that matter a lot for equities: 🌡️ Higher inflation when the Fed starts hiking has generally been associated with weaker stock market performance. ⚡ Faster tightening has also tended to create more pressure on equities. That distinction matters for $S&P 500(.SPX)$ $Invesco QQQ(QQQ)$ $iShares Russell 2000 ETF(IWM)$ A slow, measured hiking cycle is one thing. A Fed that has to respond to already-high inflation with aggressive rate increases is a very different setup. The headline may simply be “Fed is hiking.” The market reaction depends heavily on how hot inflation is and how quickly
$SPX $QQQ $IWM History Says Fed Hikes Hurt More When Inflation Runs Hot
Only 22% of firms say they’re using AI in their regular business functions. We’re very early. $SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $Philadelphia Semiconductor Index(SOX)$

$1.3T Just Got Pulled Forward

🔥 The most important number from tonight’s $NVIDIA(NVDA)$ earnings call wasn’t revenue. It was CapEx. CFO Colette Kress said top-five hyperscaler CapEx could hit nearly $800B in 2026 and $1.3T in 2027. That’s the key takeaway. The market had been looking for $1.3T in 2028. Nvidia just pulled that level forward to 2027. In other words, the AI infrastructure spending cycle isn’t slowing down. It’s accelerating. And that has a much broader read-through: 🔹 $Philadelphia Semiconductor Index(SOX)$ — the semiconductor complex 🔹 $Micron Technology(MU)$ — memory and HBM 🔹 $Lumentum(LITE)$ — optical connectivity 🔹
$1.3T Just Got Pulled Forward
YTD, Goldman $Goldman Sachs(GS)$ ’s Momentum bucket has had 24 distinct 1-day selloffs of more than -5%. That is already more than the prior 5 years COMBINED. “Short term volatility is greatest at turning points and diminishes as a trend becomes established." - George Soros

Liquidity Is Driving the S&P 500

It’s not just about AI hype. Liquidity remains a major driver of the market. The $S&P 500(.SPX)$ has been closely tracking Global M2 with an approximately 11-week lag, and that relationship is currently pointing toward a potential 8,200 level for the index. At the same time, the AI infrastructure boom is starting to show up in corporate earnings. Massive spending on data centers, chips, power, networking and related infrastructure is creating a broad earnings tailwind across the market. The combination of expanding liquidity and accelerating AI-driven earnings could provide the S&P 500 with another leg higher.
Liquidity Is Driving the S&P 500

Goldman Just Mapped the Entire AI Optics Supply Chain

$Goldman Sachs(GS)$ just dropped a map of the entire AI optics supply chain. Goldman just mapped the AI optics supply chain from chips to testing. The list covers the major publicly traded players across nearly every layer of the ecosystem. Chip / xPU Design:$NVIDIA(NVDA)$ $Marvell Technology(MRVL)$ $Broadcom(AVGO)$ $Intel(INTC)$ $Advanced Micro Devices(AMD)$ $Cisco(CSCO)$ MediaTek Photonic & Electronic ICs:$Lumentum(LITE)$
Goldman Just Mapped the Entire AI Optics Supply Chain
The market has been carried by everything except AI for the last 3 months. 3M returns… 👇 $S&P 500(.SPX)$ ex-AI: +8.4% Broad AI: 0%, despite being 4x more volatile 🐯🪙 Share your choice and reasoning in the comments — thoughtful views may receive Tiger Coins! Good allocation isn’t just about investing — it’s also about keeping everyday life organised. Just like a well-balanced portfolio, the right organisation can make business trips, travel and workouts a little easier. The new Tiger Toiletry Bag features a dual-layer dry & wet separation design with plenty of space to keep your essentials neatly organised, wherever you go. Redeem the new Tiger Toiletry Bag now in Tiger Coin Mall.

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