Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>GRAIL Inc., a healthcare company whose mission is to detect cancer early when it can be cured, announced detailed results from its registrational PATHFINDER 2 study.</li>
<li>Samsung C&amp;T and Samsung Electronics also made a ~$110M equity investment in GRAIL at a price of $70.05 per share of common stock.</li>
<li>I expect GRAIL shares to outperform the market as solid performance from its Galleri test continues and investors are confident that the first MCED test will receive FDA approval.</li>
</ul>


GRAIL Inc., a healthcare company whose mission is to detect cancer early when it can be cured, announced detailed results from its registrational PATHFINDER 2 study.
Samsung C&amp;T and Samsung Electronics also made a ~$110M equity investment in GRAIL at a price of $70.05 per share of common stock.
I expect GRAIL shares to outperform the market as solid performance from its Galleri test continues and investors are confident that the first MCED test will receive FDA approval.


GRAIL: PATHFINDER 2 Results Were Impressive, Samsung C&T/Samsung Electronics Made Equity Investment

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.</li>
<li>Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026


S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.</li>
<li>Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.
Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL


Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

<ul>
<li>A weak 20-year note auction last Wednesday sparked the first semi-meaningful pullback since this lockout rally began April 22nd, when we turned short-term bullish (4/22/25Compass) as SPX was testing 5100-5120.</li>
<li>We will be watching the 10- and 30-year Treasury yields closely, as both are approaching important resistance levels (more on that below).</li>
<li>Unsurprisingly, SPX only tested short-term gap support on the pullback at 5700-5785, where we said to expect support in last week's Compass (5/20/25). Expect this gap support to hold.</li>
</ul>


A weak 20-year note auction last Wednesday sparked the first semi-meaningful pullback since this lockout rally began April 22nd, when we turned short-term bullish (4/22/25Compass) as SPX was testing 5100-5120.
We will be watching the 10- and 30-year Treasury yields closely, as both are approaching important resistance levels (more on that below).
Unsurprisingly, SPX only tested short-term gap support on the pullback at 5700-5785, where we said to expect support in last week's Compass (5/20/25). Expect this gap support to hold.


Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

United States

GRAIL, Inc. operates as a biotechnology company. The Company focuses on combining science, technology, and clinical studies to reveal cancer at its beginings. GRAIL offers its services in the United States.

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GRAIL (GRAL US)

GRAIL: PATHFINDER 2 Results Were Impressive, Samsung C&T/Samsung Electronics Made Equity Investment

Healthcare company GRAIL Inc. released impressive results from PATHFINDER 2 study. In my insight, I discuss key highlights of the study, private...

Andrei Zakharov

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining $GDX $XME $ARKG $ARKK $ARKQ $ARKX $ARKW $ARKF $GRAL...

Vermilion Research

Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

Downgrading Utilities $XLU to Market Weight; Bullish Outlook Intact; Time for Prior Leadership to Shine? $IGV $PLTR $APP $SOUN $RZLV $SHOP $FROG $U...

Vermilion Research

Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

Upgrading Consumer Discretionary $XLY to Overweight; 5700-5785 $SPX Gap Support Holding as we expected/discussed last week. 4.7-4.8% on 10y...

Vermilion Research

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GRAIL: PATHFINDER 2 Results Were Impressive, Samsung C&T/Samsung Electronics Made Equity Investment

​Healthcare company GRAIL Inc. released impressive results from PATHFINDER 2 study. In my insight, I discuss key highlights of the study, private...

Andrei Zakharov

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining $GDX $XME $ARKG $ARKK $ARKQ $ARKX $ARKW $ARKF $GRAL...

Vermilion Research

Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

Downgrading Utilities $XLU to Market Weight; Bullish Outlook Intact; Time for Prior Leadership to Shine? $IGV $PLTR $APP $SOUN $RZLV $SHOP $FROG $U...

Vermilion Research

Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

Upgrading Consumer Discretionary $XLY to Overweight; 5700-5785 $SPX Gap Support Holding as we expected/discussed last week. 4.7-4.8% on 10y...

Vermilion Research

Healthcare company GRAIL Inc. released impressive results from PATHFINDER 2 study. In my insight, I discuss key highlights of the study, private...