The structural read behind today's Morning 10 — four setups pointing the same way, the earnings engine underneath them, and the one chart that gets a veto.
What Tuesday actually did
The Nasdaq-100 closed at 723.85, up 3.40%, the strongest session in months. Semiconductors did better: SOXX up 6.80%, SMH up 5.55%. Software joined at 4.70%, technology broadly at 4.98%, and the S&P 500 added 1.80% with small caps alongside at 1.85%.
One number sat out. MAGS, the Magnificent Seven vehicle, rose 0.85% — an eighth of what semiconductors did, and the second consecutive session with that shape. Hold on to that, because it turns up again below in a way that is more interesting than it first looks.
The long view. The five-wave advance completed in early 2025, the correction that followed is labelled wave 2, and the rising channel off the 2023 low has not been invalidated. Whatever else is arguable, the secular structure is intact.
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