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Wednesday, October 21, 2026 · 06:30 ET

All Signal. Zero Noise.

THE SIGNAL

Tuesday split along size. IWM $275.78 (+1.66%) led while SPY $769.05 (+0.34%) edged up and QQQ $717.63 (-0.10%) went nowhere. Small caps carried the day, and the Nasdaq proxy held above Friday’s low: its own low was $710.39.

The tell: the bid went back to the names that were sold hardest last week, but not to all of them. Digital health ripped: TDOC $6.21 (+8.38%), DOCS $33.35 (+6.04%), HIMS $29.21 (+3.77%). Space and the grid builders did not join. PWR $596.00 (-3.62%) was the weakest name in our universe, and GEV $890.33 (-1.99%) and CEG $258.84 (-1.65%) slid with it, while the data center landlords rose.

Reporting on the session credits strong third-quarter earnings and falling crude for the lift in the broad market. Northrop was the clearest earnings story in our universe. We found no company news behind the digital health move, so we read it as a bounce in last week’s losers, not a new trend.

TODAY’S TOP CALLS

NOC $534.00 (+4.57%) — Per reporting, Northrop beat third-quarter expectations, raised its full-year profit guidance and reported a record backlog. The primes led last week on flows; this was earnings.

TDOC $6.21 (+8.38%) — The best performer in our universe, with no company news in the feed. A squeeze in a beaten-down name, with earnings due next week.

PWR $596.00 (-3.62%) — The weakest name in our universe, again with no company news. The companies that build and power the AI buildout keep selling while the landlords hold.

ON THE WATCHLIST

NOC, TDOC, DOCS, HIMS, PWR, GEV, CEG, VRT, IONQ, IBM, ASTS, RKLB, IWM

↓ The full 10-sector tape, the key levels, and what we’re watching are below — for Pro members. Upgrade at newsletter.zeronoisereport.com/upgrade.

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