To The Moon

Weekly S&P500 ChartStorm - 9 August 2026

This week: global equities, technical check, tech stocks, credit and macro, volatility signals, wealth and boomers, the most hated investment...

Learnings and conclusions from this week’s charts:

• Global equities are in a bull market (path of least resistance = higher).

• US equities are in a broad-based upswing.

• Investors are scrambling into tech stocks at a record pace.

• Calm macro is keeping the lid on credit spreads.

• (but) VIX seasonality says stay alert to Q3 surprises.

Overall, the global equity bull market rages on, and with supportive-benign macro the path of least resistance is likely higher. That said, VIX seasonality and known tail risks suggest still having a plan and process on the risk management front…

$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $Dow Jones(.DJI)$ $iShares Russell 2000 ETF(IWM)$ $Corgi Mag 7 ETF(CMAG)$

1. Global Equity Bull Market: 

Global equities remain in a fully-fledged bull market with 40% of countries chalking-up new 52-week highs (and zero new lows). While things can turn faster than you expect and shocks can appear out of nowhere, this is a picture of strength and the path of least resistance is higher.

2. Onwards & Upwards: 

back in the USA it’s the same sort of thing. The equal-weighted index has been steadily pushing higher and 200-day moving average breadth trending up —and now, after a period of consolidation and ranging, the cap-weighted index is also out to new highs.

3. MAGS Up: 

both Mag-7 and ex-Mag-7 have quickly snapped back from the lows. Another victory for dip-buyers.

4. Tech Cheap? 

with tech stocks stuck in the range over the past few months, ever-enthusiastic analyst earnings expectations have continued higher and higher… and hence tech is cheap on a Forward P/E basis.

5. The Techening:

despite or because of this, investors have piled into tech stocks at an accelerating rate, and implied allocations to tech ETFs have surpassed 50%.