Today’s market wrap provides a comprehensive overview of the current price action and trends in the stock market. Our analysis covers various sectors, including semis, SOX, gold, and more.

65% of NDX names are down today, with some notable pullbacks early in the day. This could be due to the starting place of the market, which has been characterized by high RSI levels and sharp price movements intra-day. Our TMT Mo’ Pair is down ~2.5% from AM highs, indicating a potential slowdown in momentum.

Squeezy price action is taking a breather today after a violent squeeze higher last week. Our rolling most short basket, GSCBMSAL, is down 310 bps, liquid most short, GSX1MSAL, is down 250 bps, and our GS VIP Short basket, GSTHVISP, is down 100bps.

Gold continues to strengthen, with prices up +50bps on the day and tracking for an eighth consecutive week higher. Our research team increased their Dec2026 gold price forecast yesterday evening to $4,900/toz (vs. $4,300 prior).

Overall market volumes are tracking higher, with a 9% increase in daily volumes and a 20% increase in 20-day averages. Top of book liquidity is improving, sitting at $13.75m.

Our floor tilts suggest that both HFs and LOs are skewed towards sale, with HFs showing slightly more supply. HFs are 8.5% skewed for sale, driven by supply in info tech, macro products, and consumer staples versus demand in comm svcs and financials. LOs are skewed -$230m for sale, driven by supply in macro products, info tech, and cons discretionary.

Today’s market wrap provides a comprehensive view of the current price action and trends in the stock market. With 65% of NDX names down and some notable pullbacks early in the day, it appears that momentum may be slowing down. However, gold continues to strengthen, and overall market volumes are improving. Our analysis of floor tilts suggests that both HFs and LOs are skewed towards sale, with HFs showing slightly more supply.