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

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $257 on IWM (up from $245) continue to hold.</li>
<li>We continue to see deterioration in market dynamics. While we expect a consolidation/pullback period, the aforementioned support levels would need to break to confirm the pullback has begun.</li>
<li>We will maintain our bullish intermediate-term outlook, and recommend buying pullbacks, as long as market dynamics remain constructive and the SPX is above 6480-6520 and IWM is above $245</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $257 on IWM (up from $245) continue to hold.
We continue to see deterioration in market dynamics. While we expect a consolidation/pullback period, the aforementioned support levels would need to break to confirm the pullback has begun.
We will maintain our bullish intermediate-term outlook, and recommend buying pullbacks, as long as market dynamics remain constructive and the SPX is above 6480-6520 and IWM is above $245


Monitoring for a Pullback; Still Near-Term Bullish Above 6824 on SPX, $610 on QQQ, and $257 on IWM

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We have discussed weekly since 10/14/25 how our near-term bullish outlook remains intact as long as SPX holds above the 3-month uptrend, coinciding with the 50-day MA; this remains true.</li>
<li>Gold (GLD) and silver (SLV) held above $358-$361 and $41.70 supports and appear ready to resume their long-term uptrends. Recently discussed we were buyers in our October 29th report</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We have discussed weekly since 10/14/25 how our near-term bullish outlook remains intact as long as SPX holds above the 3-month uptrend, coinciding with the 50-day MA; this remains true.
Gold (GLD) and silver (SLV) held above $358-$361 and $41.70 supports and appear ready to resume their long-term uptrends. Recently discussed we were buyers in our October 29th report


Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

<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 6480-6520, 6450, 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059; buy pullbacks</li>
<li>The list of areas re-emerging as leadership has meaningfully expanded to include ARKK, ARKW, uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), and other themes including IPOs/A.I./nuclear/robotics/drones/autonomous driving/bitcoin</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 6480-6520, 6450, 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059; buy pullbacks
The list of areas re-emerging as leadership has meaningfully expanded to include ARKK, ARKW, uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), and other themes including IPOs/A.I./nuclear/robotics/drones/autonomous driving/bitcoin


High Growth Areas Re-Emerging as Leadership; Remain Overweight Growth; Bullish Outlook Intact

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to rebound in response to the news that the Fed maintained its stance calling for three interest rate cuts this year and raised its 2024E economic growth estimate to 2.1% vs. 1.4% previously.</li><li>KTX anticipates that a resurgence in inflation will potentially lead the BoE to prolong its current policy interest rate.</li><li>In-line readings would suggest a slim chance for the global economy to enter a recession, which would positively impact the economic activities of developed countries.</li></ul>

Technically, the SET Index is expected to rebound in response to the news that the Fed maintained its stance calling for three interest rate cuts this year and raised its 2024E economic growth estimate to 2.1% vs. 1.4% previously.KTX anticipates that a resurgence in inflation will potentially lead the BoE to prolong its current policy interest rate.In-line readings would suggest a slim chance for the global economy to enter a recession, which would positively impact the economic activities of developed countries.

Keep a Close Watch on BoE Meeting and Vote on Second and Third Readings of 2024 Budget Bill

<ul>
<li>The SPX is at 4165-4200 support, and the Nasdaq 100 (QQQ) is at $350-$355 support. No "decisive" breakdowns quite yet as supports show signs of holding.</li>
<li>Russell 2000 (IWM) is testing 1.5-year support at $162-$163, making this a logical spot for small-caps to bounce and an attractive risk/reward for buyers</li>
<li>Continue to see signs of breadth possibly bottoming-out. Both the SPX and Russell 2000 and the % of stocks above their 50-day and 20-day MAs display bullish breadth divergences.</li>
</ul>


The SPX is at 4165-4200 support, and the Nasdaq 100 (QQQ) is at $350-$355 support. No "decisive" breakdowns quite yet as supports show signs of holding.
Russell 2000 (IWM) is testing 1.5-year support at $162-$163, making this a logical spot for small-caps to bounce and an attractive risk/reward for buyers
Continue to see signs of breadth possibly bottoming-out. Both the SPX and Russell 2000 and the % of stocks above their 50-day and 20-day MAs display bullish breadth divergences.


Bullish Breadth Divergences Persist; Russell 2000 Testing 1.5-Year Support; Buys in Education Svcs

United States

Nordic American Tankers Limited is a shipping company that owns and charters Suezmax tankers for oil transportation.  The Company's ships are all active in the spot freight market.

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Nordic American Tankers (NAT US)

Monitoring for a Pullback; Still Near-Term Bullish Above 6824 on SPX, $610 on QQQ, and $257 on IWM

Monitoring for a Pullback; Still Near-Term Bullish Above 6824 on $SPX, $610 on $QQQ, and $257 on $IWM. We expect a period of consolidation...

Vermilion Research

Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

More Upside Ahead for Gold $GLD and Silver $SLV Following Oct. 29 Buys; $DXY Below $100.25 a Risk-On Signal; Downgrading Services to Market Weight;...

Vermilion Research

High Growth Areas Re-Emerging as Leadership; Remain Overweight Growth; Bullish Outlook Intact

High Growth Areas Re-Emerging as Leadership; Remain Overweight Growth; Bullish Outlook Intact on $SPX $QQQ $IWM. $ARKK $URA $HYDR $IONQ $OKLO $BBAI...

Vermilion Research

Keep a Close Watch on BoE Meeting and Vote on Second and Third Readings of 2024 Budget Bill

Technically, the SET Index is expected to rebound in response to the news that the Fed maintained its stance calling for three interest rate cuts...

Krungthai XSpring

Bullish Breadth Divergences Persist; Russell 2000 Testing 1.5-Year Support; Buys in Education Svcs

$RTY $IWM $SPX $SPY and the % of stocks above their 50-day MAs (and 20-day MAs) display bullish breadth divergences. Similar bullish divergences in...

Vermilion Research

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