... Both internally oversold, but bar for improvement now higher w/ trends softer. Prefer Equities > Commodity. THE NEXT ROTATION? SURE LOOKS LIKE MAG 7 WANTS TO BREAK OUT Proprietary Information - Please Do Not Redistribute. 9 9/4/2026 Mag 7 ETF: MAGS 50 & 200-Day MA MAGS Relative to SMH Positive / Negative Trend Signals Overbought / Oversold  4-month relative high for MAGS/SMH.  $71.16 We've termed this the "revenge of the funders." IMPORTANT CHART... NVDA CLOSE TO ...

... 15% 20% 25% 30% 35% 40% 45% 50% 55% 60 65 70 75 80 85 90 95 Jul-25 Nov-25 Mar-26 Jul-26 XHB Homebuilders ETF relative to S&P 500 & Betting Odds of a Dem Sweep Dem Sweep Odds (Right Axis, Inverted) Homebuilders rel S&P ... 46% 48% 50% 52% 54% 125 130 135 140 145 150 155 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 DTCR Data Center ETF rel S&P 500 DTCR Data Center ETF rel S&P 500 Dem Sweep Odds (Right, Inverted) Source: Factset $0 $10 $20 $30 $40 $50 $60 $70 $80 '14 '15 '16 ...

... Sam and corporate America remain restrained but persistent and potentially growing inflation due to the war may render real interest rates too low rather than too high. 9. Widening credit spreads ✓ ✓ x High-yield and investment grade credit spreads remain tight by any historical standard. 2. Heavy inflows into equity market funds ✓ ✓ ✓ Elevated flows into Equity ETFs reflect not only broad bullish sentiment but also a structural transition away from mutual funds. ...

... / Oversold Overbought, but now against the backdrop of an uptrend. Latest move > $506 recovers about 3/4ths of decline. 7/31/25 6/25/26 ✓ 6-month relative high. WILL THIS FOLLOW MSFT's LEAD? Proprietary Information - Please Do Not Redistribute. 10 9/1/2026 Mag 7 ETF: MAGS 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals MAGS has largely been off the playing field since last Fall. That said, a break & hold > $70 would improve the chart here. ?? ...

By contrast, the S&P 500 equal weight index finished the week down -0.46%, and the Russell 2000 ended down -1.51%. Interestingly, semiconductors, as measured by the SMH ETF, finished the week down -1.30%, as NVDA gave back most of its ... Crude oil also remains well supported amid the ongoing conflict with Iran. It will also be interesting to see whether software can sustain last week's momentum, after the Software ETF IGV posted its best day since April 9, 2025, rising ...

... COPPER CHART CONTINUES TO LOOK GREAT Proprietary Information - Please Do Not Redistribute. 15 8/28/2026 LME Copper 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals  It's really been about a 9-month consolidation in this uptrend for Copper... now resolving higher. COPPER STOCKS INFLECTING Proprietary Information - Please Do Not Redistribute. 16 8/28/2026 Global X Copper Miners ETF: COPX 50 & 200-Day MA COPX Relative to S&P 500 Positive / ...

One building block of market performance that worries us more this month than last is sentiment. Heavy ETF flows into growth-oriented sectors and ... largely chasing upside, elevated equity ETF flows, and a rebound in levered ETF AUM. This is rarely a timing mechanism but is a potential headwind for markets heading into September. ... This Year, But Equities Still Aren't Cheap By Most Metrics Leveraged ETF Notional Amount Level Elevated Relative to History EV/Sales Shiller CAPE ...

& TWO MORE "CONTRA" IDEAS Since the 7/29 FOMC meeting, the XME (Metals & Mining ETF) has been among the best-performing securities out there, up nearly +25%. ... With that in mind, we've been noting the persistent strength from the Singapore ETF (EWS) on these pages... it's a financials- heavy index (helpful) of which ... Proprietary Information - Please Do Not Redistribute. 11 8/26/2026 Singapore ETF: EWS 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend ...

COPPER CHART CONTINUES TO LOOK GREAT Proprietary Information - Please Do Not Redistribute. 3 8/25/2026 LME Copper 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals ✓ It's really been about a 9-month consolidation in this uptrend for Copper... now resolving higher. COPPER STOCKS INFLECTING Proprietary Information - Please Do Not Redistribute. 4 8/25/2026 Global X Copper Miners ETF: COPX 50 & 200-Day MA COPX Relative to S&P 500 Positive / ...

ETF Description Aug 7, 2026 Aug 14, 2026 Aug 21, 2026 SPY S&P 500 3.51% 0.40% -1.37% XLK Technology 7.20% 1.09% -3.53% XLY Cons. Disc. 3.25% -1.38% -0.15% XLC ... The main action, however, was in cryptocurrencies, which staged a powerful rally. The bitcoin ETF IBIT saw call options volume above 1.3M on Thursday and Friday ... recently, in cryptocurrencies, with record daily call activity in the Bitcoin ETF IBIT. We continue to like October calls outright or call spreads in both, as ...