EB Daily Market Report - Friday, September 25, 2026
Dear Members.
When I wrote my last Market Report last Friday, the 10-year Treasury note was at 4.99%. Today it's at 5.22%, almost a quarter of a point higher, yet the NASDAQ hit an all time high earlier in the week and the S&P remains above all key technical levels.
So far, the historically weak month of September has played out in the Dow with blue chips down 3% for the month while both the S&P and NASDAQ are higher; a mixed picture but certainly not overly bearish.
Of course the biggest factor in the market is always the bottom line and we're now just a few weeks away from Q3 earnings season. Perhaps traders are giving the market the benefit of the doubt given the strong earnings performance we saw during Q2.
Technically, there's nothing showing any immediate concern. Two of the three major indexes remain above all key averages; the $VIX remains near the low end of the range; option activity remains mostly neutral; nothing the bears can point to that gives them any edge.
The bulls still have work to do if they hope to get the S&P back above its August 13 all time high of 7816. It looked like that might happen earlier in the week before we saw some profit taking. To the downside there should be technical support at the 50 day, currently at 7635 and if that goes there is price support just above 7500.
Tom will be back with his Weekly Market Report on Monday.
At your service,
John Hopkins