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 remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>SPX and QQQ are testing their 8-day EMAs which has been short-term support since early-April</li>
<li>If 8-day EMAs break, we'd expect SPX to test gap support (7259-7294) or the 20-day MA (same with QQQ), and we would be buyers on a test of this area.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
SPX and QQQ are testing their 8-day EMAs which has been short-term support since early-April
If 8-day EMAs break, we'd expect SPX to test gap support (7259-7294) or the 20-day MA (same with QQQ), and we would be buyers on a test of this area.


SPX and QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.</li><li>We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.</li><li>We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

<ul>
<li>Cybersecurity is the place where technology, geopolitics, and business strategy meet – and it’s evolving faster than almost any other sector.</li>
<li>Every year, cyberattacks grow more sophisticated, businesses become more dependent on digital infrastructure, and governments step up regulations, making security an absolute necessity, not a luxury.</li>
<li>So when it comes to long-term investment themes that offer growth and resilience, cybersecurity seems like, well, a lock.</li>
</ul>


Cybersecurity is the place where technology, geopolitics, and business strategy meet – and it’s evolving faster than almost any other sector.
Every year, cyberattacks grow more sophisticated, businesses become more dependent on digital infrastructure, and governments step up regulations, making security an absolute necessity, not a luxury.
So when it comes to long-term investment themes that offer growth and resilience, cybersecurity seems like, well, a lock.


Threats Are Rising. So Here’s How To Invest In Cybersecurity.

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.

Equity Bottom-Up

<ul><li>We recommend selling PANW80, PLTR06, and SNOW06 at losses, with holding-period returns of -7.0%, -2.4%, and -6.5%, respectively.</li><li>Meanwhile, we recommend opening positions in DBS19, a DR linked to a leading Singapore financial institution, and ZAI23, a DR linked to a Chinese AI model provider.</li><li>Our KTX Tactical DR Portfolio's average return declined 1.46%, reflecting weakness in software stocks despite a modest recovery in the broader US equity market.</li></ul>

We recommend selling PANW80, PLTR06, and SNOW06 at losses, with holding-period returns of -7.0%, -2.4%, and -6.5%, respectively.Meanwhile, we recommend opening positions in DBS19, a DR linked to a leading Singapore financial institution, and ZAI23, a DR linked to a Chinese AI model provider.Our KTX Tactical DR Portfolio's average return declined 1.46%, reflecting weakness in software stocks despite a modest recovery in the broader US equity market.

KTX Tactical DR Picks - September 3, 2026 (Eng.)

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Artificial intelligence (AI). AI is already having a major impact on the tech sector, and this is only going to accelerate in 2024.</li><li>With an estimated market size of $137 billion in 2022, AI is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.</li><li>We can expect to see more sophisticated AI applications and algorithms that can perform complex tasks and make decisions with human-like accuracy. </li></ul>

Artificial intelligence (AI). AI is already having a major impact on the tech sector, and this is only going to accelerate in 2024.With an estimated market size of $137 billion in 2022, AI is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.We can expect to see more sophisticated AI applications and algorithms that can perform complex tasks and make decisions with human-like accuracy. 

Top 10 Tech Trends in 2024 - What's Likely to Drive Tech Next Year

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)

SPX and QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight

$SPX and $QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight. Ff 8-day EMAs break, we would expect SPX to test gap...

Vermilion Research

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI...

CMB International

Threats Are Rising. So Here’s How To Invest In Cybersecurity.

Cyber threats are relentless, making cybersecurity a must-have for businesses and governments. Revenues are resilient, with global investment...

Finimize Research

KTX Tactical DR Picks - September 3, 2026 (Eng.)

We recommend selling PANW80, PLTR06, and SNOW06 at losses, with holding-period returns of -7.0%, -2.4%, and -6.5%, respectively. Meanwhile, we...

Krungthai XSpring

Top 10 Tech Trends in 2024 - What's Likely to Drive Tech Next Year

Artificial intelligence (AI). AI is already having a major impact on the tech sector, and this is only going to accelerate in 2024.

Water Tower Research

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