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

VanEck Gold Miners ETF/USA / Technical Analysis

<ul>
<li>Large-Cap indexes are approaching critical support levels, including 4257 on the S&amp;P 500, $334 on the Nasdaq 100 (QQQ), and 33,250 on the DJIA. These are our "lines-in-the-sand" moving forward.</li>
<li>We expect for supports to hold, but breakdowns below these levels would not be surprising and would likely mean an additional 8-15% downside based on measured moves.</li>
<li>Charts Highlighted: S&amp;P 500, QQQ, DJIA, Bitcoin, XLP, XLU, IWM, IJR, BKNG, EXPE, SABR, DESP, NEM, GOLD, FNV, AEM, RGLD, GFI, SBSW, and AU.</li>
</ul>


Large-Cap indexes are approaching critical support levels, including 4257 on the S&amp;P 500, $334 on the Nasdaq 100 (QQQ), and 33,250 on the DJIA. These are our "lines-in-the-sand" moving forward.
We expect for supports to hold, but breakdowns below these levels would not be surprising and would likely mean an additional 8-15% downside based on measured moves.
Charts Highlighted: S&amp;P 500, QQQ, DJIA, Bitcoin, XLP, XLU, IWM, IJR, BKNG, EXPE, SABR, DESP, NEM, GOLD, FNV, AEM, RGLD, GFI, SBSW, and AU.


S&P 500, Nasdaq 100, DJIA Testing Support; Buying Gold Miners and Online Travel

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world. </li>
<li>This index regularly sees double-digit changes at its semi-annual reviews, and September 2026 is shaping up that way; we expect 20+ index changes (ADDs/DELs).</li>
<li>The top 5 fixed-weight capping in this index creates interesting UP/DOWN weights, and the race for the top 5 is tight. BIG Day Counts to trade here.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world. 
This index regularly sees double-digit changes at its semi-annual reviews, and September 2026 is shaping up that way; we expect 20+ index changes (ADDs/DELs).
The top 5 fixed-weight capping in this index creates interesting UP/DOWN weights, and the race for the top 5 is tight. BIG Day Counts to trade here.


[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: Changes Galore; US1.7bn+ One-Way

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&amp;P 500 is headed next. We also highlight several attractive stocks from a relative strength perspective across Sectors.

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&amp;P 500 is headed next. We also highlight several attractive stocks from a relative strength perspective across Sectors.

U.S. Equities: Upside Momentum Lost, But Not Breaking Down

We have noted several times throughout August that key support levels were being tested for global equities, and while there has yet to be a decisive breakdown, as time has passed there has been new negative developments which lead us to be even more cautious. This past Friday’s test of support is no different, and we believe the market is more vulnerable to a breakdown than it has been at any other point this year. In this report we highlight the new concerning developments which lead us to believe the market remains vulnerable to a breakdown. On a more positive note, we also highlight attractive Groups and stocks within homebuilders, storage REITs, and large- and small-cap Western Hemisphere gold miners

We have noted several times throughout August that key support levels were being tested for global equities, and while there has yet to be a decisive breakdown, as time has passed there has been new negative developments which lead us to be even more cautious. This past Friday’s test of support is no different, and we believe the market is more vulnerable to a breakdown than it has been at any other point this year. In this report we highlight the new concerning developments which lead us to believe the market remains vulnerable to a breakdown. On a more positive note, we also highlight attractive Groups and stocks within homebuilders, storage REITs, and large- and small-cap Western Hemisphere gold miners

U.S. Equity Strategy: Caution Remains Warranted

In last week’s Compass we laid the case that markets were at a key inflection point heading into the first Fed rate cut in over a decade. Despite hawkish Fed takeaways, it was the escalation in the U.S.-China trade war that was the bigger story, however both weighed on global equities. Needless to say, everything we highlighted last week as being at a key inflection point failed to resolve in a manner that was bullish for equities. Below we highlight several developments we are watching which will help determine if the current pullback will be similar to what happened in May, or if we should expect a deeper correction. In today’s report we highlight attractive Groups and stocks within Materials: Gold, Western Hemisphere, Large-Cap, Gold, Western Hemisphere, Small-Cap, Gold, South Africa, and Silver, Platinum

In last week’s Compass we laid the case that markets were at a key inflection point heading into the first Fed rate cut in over a decade. Despite hawkish Fed takeaways, it was the escalation in the U.S.-China trade war that was the bigger story, however both weighed on global equities. Needless to say, everything we highlighted last week as being at a key inflection point failed to resolve in a manner that was bullish for equities. Below we highlight several developments we are watching which will help determine if the current pullback will be similar to what happened in May, or if we should expect a deeper correction. In today’s report we highlight attractive Groups and stocks within Materials: Gold, Western Hemisphere, Large-Cap, Gold, Western Hemisphere, Small-Cap, Gold, South Africa, and Silver, Platinum

United States

Royal Gold, Inc. acquires and manages precious metals royalties.  The Company seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests.  Royal Gold Inc.'s gold-focused portfolio contains royalties ranging from those in production and development to those in the evaluation and exploration stages.

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Royal Gold Inc (RGLD US)

S&P 500, Nasdaq 100, DJIA Testing Support; Buying Gold Miners and Online Travel

Large-cap indexes are approaching critical support levels of 4257 on S&P 500, $334 on Nasdaq 100 (QQQ), and 33,250 on DJIA. These are our "lines in...

Vermilion Research

[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: Changes Galore; US1.7bn+ One-Way

The MV Junior Gold Miners Index rebal is a fave. Turnover is high on index construction; there are multiple ways to win. There are some BIG...

Travis Lundy

U.S. Equities: Upside Momentum Lost, But Not Breaking Down

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&P 500 is headed...

Vermilion Research

U.S. Equity Strategy: Caution Remains Warranted

We have noted several times throughout August that key support levels were being tested for global equities, and while there has yet to be a...

Vermilion Research

Here We Go Again

In last week’s Compass we laid the case that markets were at a key inflection point heading into the first Fed rate cut in over a decade. Despite...

Vermilion Research

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