TL;DR: Haruspex analysis on September 18, 2026, registered a strong bullish market with 461 signals across 681 stocks. Microstructure and technical indicators drove significant upside pressure in stocks like Frontline (FRO), UMC (UMC), and GFL Environmental (GFL). Monitor these dimensions for continued momentum, despite rising bond yields.
On Friday, September 18, 2026 ET, Haruspex analysis recorded a robustly bullish market, identifying 461 bullish directional signals out of 681 stocks analyzed. Only 11 stocks showed bearish pressure, while 209 remained neutral. This broad market strength follows a significant 1.14% gain in the S&P 500 [data: 2026-09-18 close].
Macro Regime Monitor
The broader market context reveals sustained bullish sentiment, even as certain macro indicators show shifts. The S&P 500 closed higher, maintaining positive momentum. However, the 10-year Treasury yield is approaching a critical level, indicating potential headwinds for growth sectors.
| Metric | Current | Key Level |
|---|---|---|
| S&P 500 | 7637.76 (+1.14%) [data: 2026-09-18 close] | 7600 (Resistance/Support) |
| VIX | 15.50 [data: 2026-09-18 close] | 18.00 (Volatility increase) |
| 10Y Treasury Yield | 4.98% [data: 2026-09-18 close] | 5.00% (Inflation/Rate concern) |
| WTI Crude Oil | $96.67 [data: 2026-09-18 close] | $95.00 (Energy cost pressure) |
| US Dollar Index (DXY) | 100.47 [data: 2026-09-18 close] | 101.00 (FX strength impact) |
Regime Thresholds
The current bullish thesis holds as long as the S&P 500 maintains its position above the 7600 level. Sustained VIX readings below 18.00 would support continued market stability and risk appetite. A breach of 5.00% on the 10-year Treasury yield, however, could signal a shift.
WTI Crude Oil above $95.00 suggests persistent energy cost pressure, which impacts margin-sensitive industries. The US Dollar Index (DXY) remaining below 101.00 allows for greater international revenue translation for multinational corporations.
What Haruspex Detected
Today's analysis highlighted strong bullish market pressure, predominantly driven by the microstructure dimension, indicating significant order flow and buying activity. Technical signals also played a crucial role, confirming established trends and breakout potential.
Options flow and institutional ownership intelligence further bolstered these signals, suggesting both retail and professional interest. Short-interest dynamics, with some stocks showing elevated short positions, could set the stage for short-covering rallies if upward momentum persists.
Why are Microstructure Signals Dominating?
Microstructure signals, which analyze the underlying mechanics of order flow, bid-ask spreads, and transaction volumes, are currently dominant because they reflect immediate buying pressure and liquidity dynamics. This dimension often captures shifts before broader technical indicators fully register them, making it a leading indicator of directional pressure.
Today, several top-scoring stocks exhibited strong buy flow and above-average volumes, suggesting robust demand at current price levels. This indicates active accumulation by market participants, creating substantial bullish pressure that is detectable in real-time trade data.
Top Bullish Signals
Frontline plc (FRO)
Frontline plc (FRO) registered a strong bullish directional signal at 77.0, an increase of 4.0 points. The microstructure dimension scored 78, indicating strong buying pressure with 68% buy flow on 208% above-average volume. The options-flow and technical dimensions both scored 68.
FRO closed at $54.03 [data: 2026-09-18 close], up 0.67% for the day, nearing its 52-week high of $54.91. The data suggests continued upward momentum, driven by consistent order flow. Monitoring sustained above-average volume will be key for confirmation.
United Microelectronics Corporation (UMC)
United Microelectronics Corporation (UMC) showed a bullish signal at 77.0, up 2.0 points. Its microstructure dimension registered a high 80, with 85% buy flow on 153% above-average volume. The technical dimension scored 70, and short-interest was 65.
UMC saw an impressive 8.61% gain, closing at $24.47 [data: 2026-09-18 close]. The strong microstructure and technical alignment, coupled with moderate short interest, suggest potential for further upward movement. Follow-through volume will be important.
Thermo Fisher Scientific (TMO)
Thermo Fisher Scientific (TMO) maintained a bullish signal at 74.0. The microstructure dimension, scoring 79, detected 73% buy flow on 215% above-average volume. Institutional ownership intelligence scored 65, as did short-interest.
TMO closed at $658.32 [data: 2026-09-18 close], a 1.53% increase, approaching its 52-week high of $663.57. The data points to strong institutional interest coinciding with robust order flow. Continued high volume will support the bullish pressure.
GFL Environmental Inc. (GFL)
GFL Environmental Inc. (GFL) experienced a notable 17.0-point surge to a bullish score of 73.0. This was driven by a microstructure score of 80, indicating 85% buy flow on 213% above-average volume. Institutional ownership intelligence scored 66, and sentiment scored 64.
GFL posted a 5.26% gain, closing at $43.23 [data: 2026-09-18 close]. The significant increase in directional pressure, supported by strong institutional and sentiment signals, suggests substantial recent accumulation. Watch for volume to remain elevated.
Tempus AI, Inc. (TEM)
Tempus AI, Inc. (TEM) also climbed 9.0 points to a bullish 73.0. Technical analysis scored 69, showing a bullish trend with a golden cross. Sentiment scored 67, and options-flow scored 65. The company closed at $80.36 [data: 2026-09-18 close], up 14.85% for the day.
The strong technical setup combined with positive sentiment and options flow suggests a robust upward trajectory. Sustained momentum and positive catalyst reactions over the next 1-2 weeks will be critical to confirm this signal's strength.
Risk Factors
- Rising Interest Rates: The 10-year Treasury yield is nearing 5.00%. A sustained break above this level could increase borrowing costs for companies, compress valuations, and shift investor preference away from growth stocks towards value.
- Oil Price Volatility: WTI Crude Oil at $96.67 remains elevated. Any sharp increase could escalate inflationary pressures, impacting consumer spending and corporate margins across various sectors.
- Market Overextension: While bullish sentiment is strong, a VIX at 15.50 reflects relative calm. A sudden spike in volatility could trigger broad-market profit-taking, especially in stocks that have seen rapid gains.
What Would Change This View
- If the S&P 500 closes below 7500 for two consecutive trading days on above-average volume, the broad bullish pressure thesis is weakened.
- Should the 10-year Treasury yield sustain a weekly close above 5.10%, a significant shift in capital allocation away from risk assets could occur, invalidating the current market optimism.
- A decline in the number of bullish signals from 461 to below 300, accompanied by an increase in bearish signals above 50, would indicate a material shift in underlying market directional pressure.
Market Outlook
Haruspex analysis indicates that the market maintains strong bullish directional pressure, primarily driven by robust microstructure and technical signals. The prevailing sentiment suggests continued upside, supported by consistent buying activity in key stocks across various sectors.
Investors should monitor the 10-year Treasury yield closely, as its proximity to 5.00% presents a key macro pivot point. While current signals favor bullish trends, a sharp rise in yields could introduce new challenges. Focus on stocks exhibiting strong, confirmed order flow and technical momentum.
