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>Ever since our 5/30/23 ETF Pathfinder, our view has been that we cannot be bearish unless a key support level breaks (at the time, that was 4050 on the SPX).</li>
<li>The S&amp;P 500 is now above 4300-4325 -- a level that, in January this year, we had anticipated would cap upside for 2023.</li>
<li>We believe 4300-4325 will act as major support moving forward, and we are bullish as long as the SPX is above 4300; we discussed this in our 7/3/23 ETF Pathfinder.</li>
</ul>


Ever since our 5/30/23 ETF Pathfinder, our view has been that we cannot be bearish unless a key support level breaks (at the time, that was 4050 on the SPX).
The S&amp;P 500 is now above 4300-4325 -- a level that, in January this year, we had anticipated would cap upside for 2023.
We believe 4300-4325 will act as major support moving forward, and we are bullish as long as the SPX is above 4300; we discussed this in our 7/3/23 ETF Pathfinder.


DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX, Dow, and Russell 2000

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>We discussed last week how consolidation was likely, so far that has played out with the SPX back testing the 4300-4325 area which we anticipated would cap upside for 2023.</li>
<li>We continue to watch short-term support at 4300, and we cannot be bearish if the S&amp;P 500 is above 4300.</li>
<li>The Russell 2000 (IWM) is back to test support at $180; we would expect to see this hold as support, but a failure to hold would mean a trip to $170<span id="autocomplete"><span id="autocomplete-searchtext"></span></span>
</li>
</ul>


We discussed last week how consolidation was likely, so far that has played out with the SPX back testing the 4300-4325 area which we anticipated would cap upside for 2023.
We continue to watch short-term support at 4300, and we cannot be bearish if the S&amp;P 500 is above 4300.
The Russell 2000 (IWM) is back to test support at $180; we would expect to see this hold as support, but a failure to hold would mean a trip to $170



Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>Quanta Services had a successful first quarter with double-digit revenue growth and strong performance across segments.</li><li>Their management team sees opportunities for further backlog growth driven by base business and energy transition projects.</li><li>In the quarter, Quanta Services also completed the acquisition of RP Construction Services.</li></ul>

Quanta Services had a successful first quarter with double-digit revenue growth and strong performance across segments.Their management team sees opportunities for further backlog growth driven by base business and energy transition projects.In the quarter, Quanta Services also completed the acquisition of RP Construction Services.

Quanta Services Inc.: Is The RP Construction Services Acquisition A Big Boost To Its Infra Solutions Platform? – Key Drivers

Credit

<ul><li>Quanta Services is a key player providing infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries across the globe.</li><li>Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.</li><li>In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.</li></ul>

Quanta Services is a key player providing infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries across the globe.Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.

Quanta Services Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on Quanta Services, a major provider of infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries.</li><li>Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.</li><li>In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.</li></ul>

This is our first report on Quanta Services, a major provider of infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries.Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.

Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments

United States

Quanta Services, Inc. provides specialized contracting services to electric utilities, telecommunication and cable television operators, and governmental entities.  The Company also installs transportation control and lighting systems and provides specialty electric power and communication services for industrial and commercial customers.  Quanta operates projects throughout North America.

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Quanta Services (PWR US)

DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX, Dow, and Russell 2000

$DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX $RSP, Dow $DJI, and Russell 2000 $IWM $RTY. $SPX remains bullish as...

Vermilion Research

Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys

Russell 2000 $IWM Testing $180 Support; $RTY $SPX Breadth Remains Constructive; Highlighting buy ideas in Services (Research/Consulting &...

Vermilion Research

Quanta Services Inc.: Is The RP Construction Services Acquisition A Big Boost To Its Infra Solutions Platform? – Key Drivers

Quanta Services had a successful first quarter with double-digit revenue growth and strong performance across segments. Their management team sees...

Baptista Research

Quanta Services Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Quanta Services is a key player providing infrastructure solutions for the electric and gas utility, renewable energy, communications, and...

Baptista Research

Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments

This is our first report on Quanta Services, a major provider of infrastructure solutions for the electric and gas utility, renewable energy,...

Baptista Research

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