Welcome back to your weekly market checkup!

I hope you had a great week!

ICYMI, you can see the latest Top Pick of the Week here →

A quick highlight from last week →

Airbnb Inc. printed a doji bar on Friday and hit an extreme-high RSI reading! This usually signals a top is in and a reversal may be underway here. ABNB was one of our Top Picks of the Week back in June. If this was a swing trade for you, you could close the trade. If this is a position trade, you could lock in some profits and leave the rest to run! ABNB is trading fairly valued here.

Congratulations to you in the ABNB trade!!

Let’s dig into last week’s market recap and the playbook for the week ahead →

Leadership changed in the markets last week.

Last week wasn’t a market where everything moved together.

Bitcoin exploded higher. Gold and Gold Miners continued their run. Oil strengthened. Healthcare took the lead inside the S&P 500.

Meanwhile, the major equity indexes pulled back, Technology went from leader to laggard, and Semiconductors took an even bigger hit.

That doesn’t look like money simply leaving the market.

→ It looks like money moving.

So this week, I’m paying less attention to whether “the market” is up or down and more attention to where capital is actually going.

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I. The Market Vitals (Best to Worst)

Here’s how the 7 major asset classes ranked this week:

Bitcoin ($BTCUSD)
Gold
Oil
The S&P 500
The Nasdaq-100
The Dow Jones 30
20 Year Bonds Treasury ETF

♥️Market Pulse: 4/7

4/7 assets are up.
GLD, BTC, TLT, and USO.
QQQ, SPY, DIA are down.

II. Section Rotation (11 SPDR S&P 500 Sectors)

The sector data confirms that leadership changed last week.

Healthcare led all 11 sectors at +4.33%, followed by Energy at +2.79% and Materials at +1.90%.

At the bottom, Technology fell 3.53%, Utilities dropped 3.48%, and Industrials declined 3.36%.

→ Only three of the 11 sectors finished higher, so market breadth was considerably weaker than the week before.

The Rotation

The biggest shift came from Technology.

Last week, XLK was the #1 sector at +7.20%.

This week?

It fell all the way to the bottom at -3.53%.

Meanwhile, Healthcare, Energy, and Materials took over leadership.

That fits what we saw in Part I: QQQ was the weakest major index, while Oil and Gold were among the strongest major assets.

My Read 👑

This looks like sector rotation with narrowing breadth, rather than broad strength across equities.

Healthcare and Energy attracted money while Technology gave back some of its recent gains. Materials participating alongside stronger Gold and Oil adds to the hard-asset side of the story.

→ The question now is whether this is a short-term rotation, or the beginning of a more meaningful leadership change.

Biggest Takeaway: Technology went from first to last while Healthcare, Energy, and Materials took the lead. Money didn’t disappear; it moved.

III. Important Secondary Assets & Sectors

The specialized ETFs reinforce the strength we saw in Gold , Healthcare / , and Energy .

→ Gold Miners dominated the group.

GDX surged 14.29% and GDXJ gained 12.28%, confirming Gold’s move with strong participation from the miners.

Biotechnology also joined the leadership, with IBB up 7.72%, supporting the strength we saw in Healthcare .

Energy confirmed too.

Brent Crude ($brent) gained 6.12% and XOP rose 5.01% but there’s an interesting exception to the Technology weakness.

ARKK gained 6.30%, even as Software fell 0.68% and Semiconductors dropped 5.52%.

So investors weren’t abandoning growth altogether.

They were becoming much more selective about where they took risk.

Where the Weakness Showed Up

Semiconductors were the weakest group at -5.52%, which fits the pressure we saw in Technology and .

Regional Banks fell 3.94%, Homebuilders (XHB) declined 2.31%, and small caps (IWM) lost 1.68%.

→ The rotation wasn’t broad. Leadership was concentrated.

My Read 👑

Parts I–III now tell a pretty consistent story:

→ Gold and its miners were strong. Energy participates. Healthcare and Biotech led. Technology weakened, but speculative growth still found buyers in ARKK.

This isn’t a clean risk-on or risk-off market.

→ It’s selective.

Biggest Takeaway: Gold Miners, Biotech, and Energy confirmed the new leadership, while weakness in Semiconductors showed just how selective the market became.

IV. What Assets & Sectors I’m Watching

Nurse in the Market

Nurse in the Market 8-23-26 Sunday Market…

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