Weekend Report for Monday, May 11

Weekend Report for Monday, May 11, 2026

Bottom Line:

There is nothing new to say. There is a panic bid in the NDX and that is also affecting the SPX. The other indices are holding up, but have not ramped like the NDX and SPX.

The velocity of the current rallies in the NDX and SPX is historic, only occurring a few times since stocks began trading in the US. The bull can continue but short-term this is musical chairs. There is no “resistance” above recent print highs (Friday’s high in the NDX and SPX), so where these two indices stop and pause/balance/retrace is a complete guess.

I do a deep dive (another one) into the incredible lack of rotation we are seeing, particularly in the NDX, in the video. Markets go higher until they run out of buyers in that timeframe, then “correct” and drop to attract more buyers. To this point the NDX has found buyers at every tick higher. Every single bull run I have personally watched over the past 40+ years of trading eventually reaches that point where the marginal buyer isn’t there, and the market corrects – through a combination of both time and retracement. It will happen.

PDF: Weekend Report_2026_05_09
VIDEO:

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Internals

The 10-day MA of NYSE advancing issues is diverging rather dramatically against the higher highs in the SPX and NDX. This is a “blunt instrument” but it merits notice.

VIX closed higher on Friday. It remains relatively elevated for a market that is up almost every single day.