Momentum Monday - More Rotations ivanhoff.com/2026/10/25/more… @MarketSurge @howardlindzon $QQQ $SMH $IGV $XLV $XLE

Another new all-time high for the energy ETF, $XLE

The groups that showed relative strength yesterday and most of the week are under pressure today - $XRT, $XLP, $XLV, while the oversold tech is bouncing - $SOXL $QQQ etc.

New 52-week relative-strength high for the cybersecurity ETF, $BUG vs $SPY. Biggest holdings include $OKTA $FTNT $PANW $CRWD $RBRK $ZS $TENB $VRNS etc. @MarketSurge #IBDpartner bit.ly/431EbVK

Month-to-date, $QQQ is down 5%, $SPY is down 0.7%. Rotation into defensive sectors like healthcare and consumer staples has made the difference. Semis $SMH is down almost 13% in October so far.

A bunch of software stocks are looking very different than semis. Here's $CRM

Select retailers continue to show relative strength. Here's $BBY

Healthcare stocks continue to dominate the 52-week relative-strength list - $LLY $BIIB $AMGN

$SSL - energy and chemical company out of South Africa at new 52wk highs. @MarketSurge #IBDpartner bit.ly/431EbVK

$SMH - semis continue to weigh on the tech sector.

Software is leading the tech sector. New 52wk high for $APPN @MarketSurge #IBDpartner bit.ly/431EbVK

$GOOGL is back below its 200dma while its relative strength line continues to decline.

$IGV - Notable relative strength in software compared to semis and the rest of tech all week so far. It could still turn into a bear flag if it goes under its 50dma again.

Healthcare stocks are dominating the new 52-week relative-strength high list: $HTFL $LLY $BIIB @MarketSurge #IBDpartner bit.ly/431EbVK

One big difference between the October 1999 pullback and October 2026 is that back then there were leaders that just tested their 20EMA during that 10% index correction. The leaders held their ground. Here's QCOM

Here's October 2018 price action in the Nasdaq Composite as a counteraction. A quick break of the 50dma led to a test of 200dma and a downtrend for the rest of the year.

Probably 0% chance of repeating or even rhyming, but just for historical reference, the Nasdaq Composite had a quick 10% pullback in October 1999, then an inside day followed by a gap up back above 50dma, slight consolidation and then off to the races.

$SMH is working on a tight-range inside day. I wouldn't be surprised if it tests its 50dma before hitting more resistance.

Stocks making new 52-week relative strength highs this morning: retailers, biotech, energy. $ANF $TBBB $BOX $DINO $FTRE etc.

$AMZN is back above its 50dma. Here's a weekly perspective. @MarketSurge #IBDpartner bit.ly/431EbVK