Market Review·September 14, 2026·9 min

The Nasdaq Sits 8% Above Its Long-Term Average — and Not ONE of Its 100 Stocks Is Near Its High

Green light, 2:1 allowed, nothing on watch — and underneath, fewer companies hold the index up every day. Plus Friday's SEC batch: thirteen companies through the five tests, one clean pass, and the day our own screen caught two of its own bugs.

Premarket read, Monday September 14, 2026. Prices and breadth are from Friday the 11th's close; premarket moves are from the 4:06 AM (New York) panel, on thin volume, and move in real time.

The signal says green. The crowd behind the signal is thinning by the day. That's today's whole story, and it's worth seeing exactly.

Exposure: green, 2:1 allowed

SignalReadingDistance to the trigger
QQQ vs. its 200-session average714.88 vs. 659.26 (Sept 11 close)+8.4%: it would have to fall 7.8% to turn red
FedEffective rate 3.63%, ceiling 3.75%, unchanged in 6 months (Sept 10 data)Not rising

In premarket the Nasdaq falls 1.53%. If QQQ opens there, it lands around $704 (an estimate) and the cushion drops to ~6.8% — but the light doesn't change. Nothing is on watch.

And a note on what the rule is for, because a green Monday is when it's easiest to forget: it isn't there to earn more — it costs about 4.2 points of return, and in exchange it cuts the worst historical drawdown from −32.6% to −12.9%. Today it requires touching nothing.

What changes today: nothing that forces action — and one statistic

What is moving is breadth. In three sessions, Nasdaq-100 members above their 200-day average went from 61.8% to 56.9% to 54.9% — and today the ones falling are precisely the companies that were pushing the index: the semiconductors.

One more step on the staircase: QQQ closed Friday only 0.6% above its 50-session average (714.88 vs 710.41). A −1.5% open puts it below. That's not the governor's trigger — but it's the first stair.

The universe: the fall is underneath the surface

MonthQuarterYear3 years
QQQ−2.35%−0.79%+22.98%+95.5%
SPY−1.75%+3.30%+17.50%+78.3%
RSP (equal-weighted)−3.53%+1.91%+14.77%+52.9%
IWM (small caps)−4.81%−1.15%+21.22%+62.4%

Two things stand out. The one-year QQQ-IWM gap is just 1.8 points — this year, picking the Nasdaq has barely paid versus small caps. And SPY beats its own equal-weighted version by 2.7 points: over the last month the average company falls more than the index. The decline is below the surface.

The premarket fall (from the panel's headline) is a semiconductor affair: MU −4.95%, INTC −5.38%, LRCX −5.11%, KLAC −5.00%, AMAT −4.96%, AMD −4.82%, AVGO −2.95%, NVDA −2.08% — plus HPE −5.61%, DELL −2.91%, ORCL −3.05%. Oil majors rise: XOM +1.62%, CVX +1.61%. The panel attributes it to oil (Middle East) and doubts about AI growth.

NVDA and MU alone are 55% of the Nasdaq-100's expected earnings growth. A red day in semiconductors weighs far more on this index than the −1.53% headline suggests.

Breadth: the divergence, in one table

IndexAbove 20-dayAbove 50-dayAbove 200-dayFar from highsAvg. RSI
Nasdaq-10020.6%33.3%54.9%54.9%43.9
S&P 50023.7%36.2%55.5%37.2%44.6
Russell 200028.7%36.9%56.0%54.8%45.6

The trend, member by member (share above their 200-day): Nasdaq-100 61.8% → 56.9% → 54.9% across Sept 9, 10 and 14; S&P 500 60.0% → 56.7% → 55.5%.

Here is the divergence: QQQ sits 2.4% from where it was a month ago — but only one in five Nasdaq-100 stocks is above its 20-day average, and NOT ONE is near its high. The index is being held up by a few names, and those few are the ones falling today.

The 4:06 AM premarket panel points the same way: 39.3% of the market above its 50-day average, and 31 new highs against 40 new lows. Thin-volume snapshot — but consistent.

Who published: Friday's SEC index

26 earnings reports and 3,717 filings on Friday the 11th (weekend skipped). Known names: ORCL (first-quarter 10-Q), GWRE, FLWS, SMBC and LPTH (10-K), RENT (10-Q), RSSS (10-K). Events: SUPN takes its merger to a vote (DEFM14A); IPO filings (S-1) from QVCG, DYAI, ELOX and RENT; ATAI and ING filed 25-NSE notices — almost always maturing debt, not the stock, but without opening the document nothing is asserted. And no late-filing notices (NT 10-Q) — nobody is hiding their accounts this week.

The five tests: one clean pass out of thirteen

Every reporting company goes through the same five checks — does profit grow with revenue, how much of the operating profit goes out as stock pay, cash yield against the 5–6% cost of money, how much of the profit is non-operating, and debt. The short version of Friday's batch:

TickerThe line that decides
CSBRGrows and doesn't earn: revenue +6.7%, margin from 4.7% to −1.7%
GWREOperating profit ×3.6 with revenue +22.7% — and stock pay equal to 121.3% of that operating profit disqualifies it. The growth is real; the shareholders are paying for it by diluting themselves
BUKSOperating +73.8% on revenue +28.9% (margin 21.3% → 28.7%), stock pay 0.7%
JVAThe only one that passes all five: operating +88.8%, revenue +8.2%, zero stock pay, 41.2% cash yield — but in a company this small that usually comes from working capital (coffee inventory being sold). Open the 10-Q before believing it
AXRRevenue −15.3%, operating −54.1%
HOFT / CULPRevenue falling, losses (larger at HOFT, smaller at CULP)
FREVSCoherent (+4.1% / +4.5%) — but interest eats 24.4% of revenue
ECXJCurrent ratio 0.15
BNC / FLWSSee data hygiene below

Data hygiene: the day the module caught itself

Three discrepancies between Finviz and the official XBRL accounts (BNC's operating margin: −128.5% vs −433.0% — XBRL rules, Finviz runs a quarter behind; HOFT +1.0% vs −4.7%; FLWS debt figures). And two flags against our own module: BNC came out labeled "coherent" when its operating result worsens 2,952% on +3.1% revenue — it should print red, and its 158.9% of pre-tax profit doesn't come from operating. FLWS and CULP print as "operating leverage" when they're really shrinking losses on flat-to-falling sales. Neither error changes today's reading; both are noted for the next version of the screen. We'd rather show the bugs than hide them.

In one sentence

The index sits eight points above its long-term average — but fewer companies hold it up every day, and today the ones falling are exactly the ones that were pushing it.

What is verified and what comes from a headline

ItemSourceStatus
Signal, prices, averages and returns (QQQ, SPY, RSP, IWM)stockanalysis.com, Sept 11 closeVerified at source
Fed rateNew York Fed, Sept 10Verified at source
Breadth of the three indexesFinviz sweep, member by member, Sept 11 closeCalculated
Filings and eventsSEC index, Sept 11Verified in the registry
The five testsEach company's SEC XBRLVerified (JVA pending its 10-Q)
Premarket moves, oil/AI narrative, insider flows4:06 AM panel, Sept 14Headline only, unverified
Estimated QQQ open (~$704)Derived: close × (1 − 1.53%)Estimate
General analysis published identically for all readers; not personalized investment advice or a recommendation to buy or sell, and the author is not a licensed adviser. Premarket read of September 14, 2026: prices and breadth from the September 11 close, Fed rate from September 10, SEC filings from September 11, and premarket panel from 4:06 AM New York on September 14. Prices and multiples move in real time. Capital at risk. Past performance is not indicative of future results.
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