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>Rising DXY, Treasury yields, and now energy commodities breaking out (Bloomberg Commodity index $DJP and WTI crude oil) suggests upside is likely to be capped, but...</li>
<li>...we still continue to see many other risk-on signals. As a result, we view this pullback as a buying opportunity, with all the major indexes testing/holding at support</li>
<li>Looking for support on the S&amp;P 500 at 5850, the 100-day MA (currently 5820), 5765-5770, and 5600-5670. As long as the S&amp;P 500 remains above 5600-5670, our outlook remains bullish</li>
</ul>


Rising DXY, Treasury yields, and now energy commodities breaking out (Bloomberg Commodity index $DJP and WTI crude oil) suggests upside is likely to be capped, but...
...we still continue to see many other risk-on signals. As a result, we view this pullback as a buying opportunity, with all the major indexes testing/holding at support
Looking for support on the S&amp;P 500 at 5850, the 100-day MA (currently 5820), 5765-5770, and 5600-5670. As long as the S&amp;P 500 remains above 5600-5670, our outlook remains bullish


S&P 500, Nasdaq 100 Testing Bull Flag Supports; Bullish Breadth Divergences; Buy the Pullback

<ul>
<li>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback <em>again</em>.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

<ul>
<li>Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.</li>
<li>This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.</li>
<li>We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass</li>
</ul>


Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.
This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.
We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass


Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>Despite some more mixed signals, a majority of market dynamics still suggests a risk-on environment. Our bullish outlook since early November 2023 remains intact with SPX and QQQ uptrends intact.</li>
<li>Near-Term we continue to expect to see support at the 20-day MA and 21-day EMA on the SPX (currently 5325-5330) and QQQ (currently $460-462).</li>
<li>Longer-Term, we're bullish as long as the SPX is above 5191 and QQQ is above $449. We'd need to see breakdowns below these levels in order to shift to neutral.</li>
</ul>


Despite some more mixed signals, a majority of market dynamics still suggests a risk-on environment. Our bullish outlook since early November 2023 remains intact with SPX and QQQ uptrends intact.
Near-Term we continue to expect to see support at the 20-day MA and 21-day EMA on the SPX (currently 5325-5330) and QQQ (currently $460-462).
Longer-Term, we're bullish as long as the SPX is above 5191 and QQQ is above $449. We'd need to see breakdowns below these levels in order to shift to neutral.


Bullish Outlook Intact; Downgrading Industrials and Transportation to Underweight

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>The start of the second half of the year so far has seen a change in the market themes versus the first half of the year.</li><li>Microsoft’s declaration in January 2023 that AI would emerge as the next computing platform coupled with Nvidia’s shocking earnings guide up last quarter, coupled with a weaker dollar and decline in bond yields, provided fuel in the first half of the year for the technology sector and garnered investor eyeballs to anything closely associated with AI.</li><li>However, on Microsoft’s most recent earnings call on July 25th, CFO Amy Hood stated “Even with strong demand and a leadership position, growth from our AI services will be gradual as Azure AI scales and our copilots reach general availability dates. So for FY '24, the impact will be weighted towards H2.”</li></ul>

The start of the second half of the year so far has seen a change in the market themes versus the first half of the year.Microsoft’s declaration in January 2023 that AI would emerge as the next computing platform coupled with Nvidia’s shocking earnings guide up last quarter, coupled with a weaker dollar and decline in bond yields, provided fuel in the first half of the year for the technology sector and garnered investor eyeballs to anything closely associated with AI.However, on Microsoft’s most recent earnings call on July 25th, CFO Amy Hood stated “Even with strong demand and a leadership position, growth from our AI services will be gradual as Azure AI scales and our copilots reach general availability dates. So for FY '24, the impact will be weighted towards H2.”

United States

Targa Resources Corp. owns general and limited partner interests in a limited partnership that provides midstream natural gas and natural gas liquid services.  The partnership gathers, compresses, treats, processes, and sells natural gas.  The Company also stores, fractionates, treats, transports, and sells natural gas liquids and related products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Targa Resources (TRGP US)

S&P 500, Nasdaq 100 Testing Bull Flag Supports; Bullish Breadth Divergences; Buy the Pullback

$SPX and $QQQ $NDX Testing Bull Flag Supports; Bullish Breadth Divergences (SPX and $IWM % above 20-dma); All Major Indexes Above Key Supports $DJI...

Vermilion Research

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

Bullish Outlook Intact; Downgrading Industrials and Transportation to Underweight

Bullish Outlook Intact; Downgrading Industrials $XLI and Transports to Underweight; We still expect support at the 20-day MA/21-day EMA on $SPX...

Vermilion Research

Weekly Stock Bullfinder - Week of 8/14

The start of the second half of the year so far has seen a change in the market themes versus the first half of the year.

Weekly Stock Bull Finder

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)