EB Daily Market Report - Brief Update - Tuesday, April 14, 2026

I just want to give everyone a quick update as I'm preparing for our Max Pain event that begins at 5:00pm ET later today.  Room instructions have been sent out separately.  Given the significant advance to begin the month of April, it would be worthy of attending tonight's event, if you can.  Of course, this event will be recorded as are all of our events.  So if you cannot attend live, you will still have the opportunity to review the recording at your leisure.

U.S. stocks continue to move higher.  As of this writing, the NASDAQ 100 ($NDX) is up 1.47%, leading the other major indices, which are up mostly in the 0.5%-1.0% range.  Areas like semiconductors ($DJUSSC, +1.91%) and transports ($TRAN, +0.81%) are moving further into record-high territory.  The S&P 500, which is up roughly 1% on the session, is less than 1% now from an all-time high.

While there are reasons why the market could pull back soon, make no mistake about it.  This rally is being supported by growth vs. value ratios and aggressive vs. defensive ratios.  This is absolutely a healthy advance and deserves our respect.  At the beginning of the year, I discussed the likelihood of challenges in 2026 and even discussed the potential of a 10% correction, which we have seen across nearly every major index. 

I currently view the 7000 level as key resistance on the S&P 500 and the now-rising 20-day EMA, currently at 6705, as our current trading range.  Another support level to watch is gap support at 6754.  I would be a buyer on either a breakout or on a test of the two support levels provided.

We are again seeing very solid sector performance as consumer discretionary (XLY, +2.03%), communication services (XLC, +1.37%), and technology (XLK, +1.06%) lead the action.  Energy (XLE, -2.30%) is today's laggard as crude oil prices ($WTIC, -7.59%) have tumbled back beneath $92 per barrel.  That's now $25 per barrel lower than we saw just last week.

I'll be back tomorrow with another look at the action.

Happy trading!

Tom