What a nice start to the week after stumbling into the weekend. Breadth eased from close to 75% advancers to just 58% by the closing bell. I’ll take it; beggars can’t be choosers. Momentum led the way as artificial intelligence (AI) infrastructure names rebounded solidly.

Tightrope

The S&P 500 (SPX) is still threading a tightrope, and it must hold, or it could be vulnerable to the 200-day moving average.

The semiconductors (SMH) still have work to do after the past two weeks. Interestingly, up days have seen more volume than down days.

They Bought the Dip

Investors sold leveraged exchange-traded funds (ETFs), especially in the Technology (XLK) sector, at the start of the year, and only became buyers when the Iran conflict began.

This time, investors didn’t bolt the scene during the sell-off; they were buyers of the ten largest U.S. leveraged ETFs.

Sometimes that smacks of desperation, but other times, it's just investors understanding the opportunity. I think it was the latter.

Today’s Session

Futures were pointing to a higher open led by the Russell 2000 and Nasdaq, while oil moves lower.

Durable goods orders rose 1.8% in September, above the 0.6% consensus, led by a 28.4% jump in nondefense aircraft orders, while orders excluding transportation rose 0.5%. Core capital goods orders rose 0.5%, below the 0.7% consensus, while shipments rose 1.2% after a 0.6% gain in August.

Building permits fell 0.4% to 1.398 million in September, slightly below the 1.400 million preliminary estimate, after August was revised to 1.403 million.

Make sure to catch my town hall special at 2 PM ET today on Fox Business.