I Get by With a Little Help from My Friends
Dan Russo, CMT
February 9, 2026
Last week’s deceptive weakness failed to spill over into the broader market. In fact, the market shrugged it off completely and strengthened. The title of this week’s note speaks to the reality that the NASDAQ 100 and the S&P 500 are getting by with the help of almost everything else (those of a certain vintage may recognize the title from other places).
The question for the bulls is simple: how long can the rest of the market carry an elephant on its back? Because that’s exactly what’s happening right now. For the moment, they’re getting away with it.
S&P 500 and NASDAQ 100
The elephants in question are the two major U.S. averages (yes, I know the Dow hit 50,000 on Friday—but it’s a 30 stock, price weighted index, so I don’t put it in the same class as these).
The S&P 500 and the NASDAQ 100 remain above their respective 60-week moving averages. However, neither index has made meaningful progress since October 2025.
Source: Optuma
NYSE New Highs and New Lows
The first “friend” doing some heavy lifting is the NYSE New Highs list. Recall that we’ve been highlighting an expansion in new lows. At the same time, we’re seeing an explosion higher in new highs.
That combination is helping the bulls keep control—for now.
Source: Optuma
NYSE Advance / Decline Line
The second strong friend is the NYSE Advance/Decline Line. It’s trading above its 43-week moving average and broke out to a new high last week.
Dow Jones Transportation Average
The strongest powerlifter in the group remains the Transports. The average is well above its rising 27-week moving average. It’s hard to make a compelling bearish argument when the Transports look like this.
Source: Optuma
International
Let’s not forget the support coming from international markets. The iShares MSCI ACWI ex U.S. Index Fund put in a strong rebound above its rising 10 week moving average.
Source: Optuma
Final Thoughts
The major U.S. averages are treading water—but they’re not breaking down because nearly everything else is holding them up. That speaks to broadening participation across the market.
The open question is how long the smaller players can keep carrying the elephant. For now, they’re doing the job—and doing it well.
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