The TML Report, April 7th, 2026 – Market Coiling Below Key Resistance?

Market Overview

The NASDAQ and S&P 500 gapped down at the open this morning and began to move lower, but halted their declines around 11 a.m., rallied for the rest of the day, and closed near session highs. This is considered bullish action for the major indexes, as they trade sideways just below key resistance.

Today was day five of the NASDAQ and S&P 500’s most recent rally attempts, meaning the next two sessions are still in the sweet spot for an “ideal” follow-through day. A heavier volume rally of at least 1.75% on either index from here would qualify as follow-through.

More importantly, you don’t have to look hard to find groups of traditional high-growth leaders building constructive bases and moving higher together, due to healthy rotation.

So while we wait to see what the market does for the rest of the week, make sure to continue updating your watch lists, set your alerts, and be ready for anything.

Indexes

QQQ

Tomorrow is day six of the NASDAQ's latest rally attempt as it continues to move sideways just below key resistance, with the potential to follow through and confirm a new uptrend is in play.

SPY

Just like the NASDAQ, tomorrow is day six of the S&P 500's latest rally attempt as it continues to move sideways just below key resistance, with the potential to follow through and confirm a new uptrend is in play.

IWM

The Russell 2000 is still the strongest of the four major indexes. Not only has it managed to hold above its key 200-day SMA, it has the least overhead resistance to contend with above. The small cap index has reclaimed all of its moving averages, with the exception of its 65-day EMA and 50-day SMA.

DIA

The Dow has shaped up similarly to the Nasdaq and S&P 500 over the last few weeks and looks like it will continue to do so.

Focus List

GOOGL

After almost touching its 40-week SMA, GOOGL has bounced and recovered the confluence of its declining tops line and 10-week SMA. I'm watching for a breakout above its 50-day moving average, which it appears to be doing in the after-hours period. Let's see how tomorrow shapes up.

AMAT

Watching AMAT for a breakout above the confluence of its consolidation pivot and prior gap.

LRCX

Watching LRCX for a breakout above the confluence of its consolidation pivot and prior gap.

AEIS

Watching AEIS for a breakout above the confluence of its consolidation pivot and prior gap.

FORM

Watching FORM for a re-breakout above its prior high.

SNDK

Watching SNDK for a re-breakout above its prior high.

WDC

Watching WDC for a re-breakout above its prior high.

STX

Watching STX for constructive weakness near key support, after breaking out to new all-time highs.

GLW

GLW has shaped up constructively over the last several weeks and looks like it's setting up to break out above the confluence of its consolidation pivot and declining tops trend line.

SATS

SATS has been showing clear signs of accumulation as it moves up the right side of its base and looks like it's setting up to break out to new highs from here.

Q

Q has shaped up constructively over the last several weeks it looks like it's getting ready to break out above the confluence of its consolidation pivot, prior gap, and declining tops trend line.

SOLS

SOLS has shaped up constructively over the last several weeks, and it looks like it's setting up to break out above the confluence of its consolidation pivot and declining trend line.