This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Linde is the largest industrial gas supplier in the world, with operations in over 100 countries. The firm's main products are atmospheric gases (including oxygen, nitrogen, and argon) and process gases (including hydrogen, carbon dioxide, and helium), as well as equipment used in industrial gas production. Linde serves a wide variety of end markets, including chemicals, manufacturing, healthcare, and steelmaking. Linde generated approximately $33 billion in revenue in 2024.

On the upside, there is little chart resistance for the S&P 500 (SPX) until 5,500. That is also a 50% Fibonacci retracement of the correction and the location of the 21-day exponential average. Trendline support, drawn off the intraday peaks on February 19 and March 26, comes in near 5,550 when projecting out a week. There is a price gap at 5,570, a 61.8% retracement of the decline at 5,646, and the next layer of overhead supply in the 5,780 region. On the downside, initial chart support for SPX lies between 5,250 and the corrective intraday low of 4,835. On the weekly chart, the 2021 bull-market high is near 4,820, and that is also the location of a 50% retracement of the 2022 to 2025 bull market. The important and rising 200-week average comes in at 4,680 and has marked many correction and bear-market bottoms. Long-term trendline support, drawn off the lows in 2011, 2018, and 2022, lies at 4,650 when projecting out a month. There is also chart support at 4,600 and a 61.8% giveback of the recent bull market is near 4,500. One of our long-term SPX buy signals incorporates the weekly Bollinger Bands (BB). When the SPX touches or undercuts the lower BB and then recaptures the band, it is an initial buy signal. For those that seek greater confidence, a break above the middle band (20-week average) has a higher probability of success. The SPX is sitting just above the lower band at 5,327. The middle band is at 5,860. This worked in early 2009, 2010, 2011, 2012, 2014, 2016, 2018, October 2022, and October 2023. It failed three times in 2008, in 2015, and three times in 2022. (Mark Arbeter, CMT)

Linde plc is a leading global industrial gas and engineering services company formed from the October 2018 merger of Linde AG and Praxair Inc. The company has approximately 65,000 employees and has operations in more than 80 countries.