NYSE · EQUITY · ENHANCED MARKET DYNAMICS

NNI

Nelnet Inc

US · Financial Services · Credit Services

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EMD SCORE41/100

CURRENT COMPLETED-WEEK READ

Cautious

The balance of evidence is weakening and risk control deserves more attention. Conditions are cautious and have weakened over the latest four completed weeks.

Deterioration20% directional agreement74/100 evidence quality6/6 sources available

Completed week: 9 Oct 2026
Latest close: USD 125.26
Evidence: 156 weeks

Four-week EMD change-4.1 pts

signed chart scale −100 to +100

Four-week price-1.1%

completed closing prices

Current directional run8 weeks

on the same side of EMD zero

Recent consistency5/13

recent readings above zero

COMPLETED-WEEK OVERVIEW

Price and market conditions over time

2 supportive · 3 cautious

Enhanced Market Dynamics and the price cycle156 completed weeks · bars use the left EMD axis; price uses the right axis.

20 Oct 2023–9 Oct 2026

Constructive EMDCautious EMDCompleted-week priceUp-cycle confirmationDown-cycle confirmation

Confirmation markers describe price-zone departures within this saved history. Earlier markers can change as the history changes; they are not a record of signals available in real time.

Cycle position 75%Current EMD -18.34-week EMD change -4.1Full saved history price range USD 80.39–141.30

View chart values · 156 observations

Week	Close · USD	EMD −100 to +100	Score /100	Agreement %	Coverage %
2023-10-20	82.78	-39.57	30	60	83
2023-10-27	80.39	-39.11	30	60	83
2023-11-03	85.85	-21.76	39	20	83
2023-11-10	83.36	-33.22	33	60	100
2023-11-17	83.94	-29.14	35	50	100
2023-11-24	83.09	-24.44	38	20	100
2023-12-01	83.39	-23.81	38	33	100
2023-12-08	83.50	-17.79	41	20	100
2023-12-15	85.65	-13.0	44	0	100
2023-12-22	85.17	-14.87	43	0	100
2023-12-29	85.99	-11.83	44	0	100
2024-01-05	82.38	-25.22	37	50	100
2024-01-12	80.94	-29.86	35	60	100
2024-01-19	84.08	-9.22	45	0	100
2024-01-26	85.93	-7.47	46	20	100
2024-02-02	85.89	-6.94	47	20	100
2024-02-09	86.91	1.95	51	33	100
2024-02-16	87.61	-0.79	50	20	100
2024-02-23	87.19	0.1	50	20	100
2024-03-01	83.61	-9.6	45	20	100
2024-03-08	86.67	4.17	52	33	100
2024-03-15	85.96	-4.02	48	0	100
2024-03-22	89.05	11.83	56	60	100
2024-03-29	92.56	36.74	68	67	100
2024-04-05	91.58	29.64	65	60	100
2024-04-12	92.46	39.24	70	67	100
2024-04-19	93.21	45.11	73	67	100
2024-04-26	92.73	34.6	67	60	100
2024-05-03	94.44	43.09	72	67	100
2024-05-10	106.78	71.7	86	100	100
2024-05-17	107.80	71.89	86	100	100
2024-05-24	103.35	48.84	74	60	100
2024-05-31	101.64	48.41	74	60	100
2024-06-07	98.73	30.2	65	33	100
2024-06-14	95.91	21.53	61	33	100
2024-06-21	98.19	35.76	68	67	100
2024-06-28	98.90	34.69	67	67	100
2024-07-05	99.86	31.53	66	60	100
2024-07-12	104.07	44.9	72	67	100
2024-07-19	107.49	53.95	77	100	100
2024-07-26	110.50	63.11	82	100	100
2024-08-02	105.49	45.13	73	67	100
2024-08-09	104.92	46.78	73	100	100
2024-08-16	108.01	48.82	74	100	100
2024-08-23	110.33	47.68	74	100	100
2024-08-30	113.61	62.45	81	100	100
2024-09-06	108.72	44.53	72	67	100
2024-09-13	111.05	61.38	81	100	100
2024-09-20	111.01	41.33	71	67	100
2024-09-27	110.03	42.44	71	67	100
2024-10-04	111.04	58.1	79	100	100
2024-10-11	110.74	51.89	76	100	100
2024-10-18	112.51	47.4	74	100	100
2024-10-25	110.42	30.82	65	67	100
2024-11-01	112.56	43.47	72	100	100
2024-11-08	110.60	18.41	59	50	100
2024-11-15	107.47	8.43	54	20	100
2024-11-22	106.09	10.27	55	20	100
2024-11-29	107.06	3.55	52	0	100
2024-12-06	106.94	1.86	51	0	100
2024-12-13	106.38	-8.53	46	33	100
2024-12-20	104.31	-14.56	43	60	100
2024-12-27	104.64	-7.96	46	20	100
2025-01-03	104.85	-10.93	45	50	100
2025-01-10	101.42	-23.46	38	60	100
2025-01-17	107.16	-3.3	48	0	100
2025-01-24	109.14	-3.3	48	20	100
2025-01-31	108.57	-7.07	46	33	100
2025-02-07	109.73	3.76	52	20	100
2025-02-14	111.29	8.43	54	20	100
2025-02-21	111.25	11.12	56	50	100
2025-02-28	120.88	51.85	76	100	100
2025-03-07	116.80	46.1	73	67	100
2025-03-14	113.85	48.95	74	100	100
2025-03-21	110.34	23.72	62	67	100
2025-03-28	110.27	29.43	65	60	100
2025-04-04	101.51	2.35	51	20	100
2025-04-11	103.08	3.75	52	33	100
2025-04-18	103.49	-2.04	49	20	100
2025-04-25	104.46	-6.99	47	33	100
2025-05-02	106.77	1.8	51	20	100
2025-05-09	111.28	12.3	56	33	100
2025-05-16	117.04	31.3	66	100	100
2025-05-23	113.02	28.49	64	67	100
2025-05-30	114.75	37.03	69	100	100
2025-06-06	113.45	29.27	65	100	100
2025-06-13	111.33	12.02	56	20	100
2025-06-20	112.31	25.07	63	100	100
2025-06-27	119.20	47.75	74	100	100
2025-07-04	121.17	53.52	77	100	100
2025-07-11	120.54	37.51	69	60	100
2025-07-18	118.44	35.73	68	33	100
2025-07-25	123.56	60.41	80	100	100
2025-08-01	121.87	44.95	72	67	100
2025-08-08	121.60	36.1	68	60	100
2025-08-15	125.62	57.21	79	100	100
2025-08-22	128.98	62.9	81	100	100
2025-08-29	127.33	48.41	74	67	100
2025-09-05	127.83	59.28	80	100	100
2025-09-12	122.34	28.6	64	33	100
2025-09-19	126.12	50.3	75	100	100
2025-09-26	125.18	34.39	67	60	100
2025-10-03	128.67	47.33	74	100	100
2025-10-10	125.03	33.5	67	60	100
2025-10-17	128.34	42.25	71	100	100
2025-10-24	131.68	49.1	75	100	100
2025-10-31	128.07	25.48	63	33	100
2025-11-07	131.67	49.53	75	100	100
2025-11-14	128.22	28.98	64	60	100
2025-11-21	126.80	38.04	69	100	100
2025-11-28	128.26	29.76	65	67	100
2025-12-05	129.82	22.81	61	50	100
2025-12-12	132.31	46.34	73	100	100
2025-12-19	137.89	63.82	82	100	100
2025-12-26	135.03	40.99	70	60	100
2026-01-02	128.33	20.69	60	33	100
2026-01-09	139.42	58.84	79	100	100
2026-01-16	131.88	19.21	60	33	100
2026-01-23	130.25	17.89	59	50	100
2026-01-30	131.23	23.09	62	50	100
2026-02-06	131.45	10.02	55	20	100
2026-02-13	128.97	7.36	54	20	100
2026-02-20	129.76	7.25	54	20	100
2026-02-27	129.13	10.03	55	33	100
2026-03-06	130.45	10.34	55	50	100
2026-03-13	129.51	12.02	56	50	100
2026-03-20	126.36	-10.11	45	50	100
2026-03-27	126.23	-11.78	44	20	100
2026-04-03	129.12	4.57	52	33	100
2026-04-10	131.95	3.43	52	20	100
2026-04-17	139.06	32.06	66	60	100
2026-04-24	140.77	48.09	74	100	100
2026-05-01	141.30	46.01	73	100	100
2026-05-08	122.07	-1.4	49	20	100
2026-05-15	125.08	-4.08	48	0	100
2026-05-22	128.62	-5.96	47	0	100
2026-05-29	130.24	-9.72	45	50	100
2026-06-05	129.03	-5.05	47	20	100
2026-06-12	130.30	-1.97	49	20	100
2026-06-19	130.34	-3.45	48	20	100
2026-06-26	134.41	12.83	56	20	100
2026-07-03	135.26	10.63	55	20	100
2026-07-10	133.51	4.99	52	20	100
2026-07-17	134.28	19.63	60	60	100
2026-07-24	133.36	12.98	56	50	100
2026-07-31	135.51	15.66	58	50	100
2026-08-07	131.11	6.89	53	50	100
2026-08-14	127.45	2.94	51	50	100
2026-08-21	126.70	-7.92	46	0	100
2026-08-28	127.04	-16.96	42	60	100
2026-09-04	127.31	-11.83	44	20	100
2026-09-11	126.69	-14.12	43	20	100
2026-09-18	126.07	-22.65	39	33	100
2026-09-25	124.34	-29.53	35	60	100
2026-10-02	123.87	-24.17	38	50	100
2026-10-09	125.26	-18.26	41	20	100

SIX SOURCES · LAST 26 OBSERVATIONS

Is support broadening or thinning?

Green is supportive, rose is cautious.
Grey means the reading is unavailable.

Reading	17 Apr	24 Apr	1 May	8 May	15 May	22 May	29 May	5 Jun	12 Jun	19 Jun	26 Jun	3 Jul	10 Jul	17 Jul	24 Jul	31 Jul	7 Aug	14 Aug	21 Aug	28 Aug	4 Sep	11 Sep	18 Sep	25 Sep	2 Oct	9 Oct
Trend	90	92	92	45	16	25	30	27	30	30	42	44	38	76	74	79	67	56	20	21	22	21	19	15	15	18
Momentum	75	78	77	43	44	47	50	69	68	66	72	73	67	64	56	59	65	56	53	51	56	58	57	51	48	51
Underlying pressure	43	67	82	78	68	48	33	32	35	37	47	55	58	62	54	53	51	48	44	35	27	21	20	19	18	18
Price & volume	66	69	51	38	61	57	56	51	56	52	72	58	53	55	51	51	45	57	56	44	57	55	30	29	50	59
Relative strength	54	57	54	8	11	15	15	19	20	19	35	30	23	30	30	32	15	11	12	12	13	14	14	10	11	11
Modeled Trend	80	81	82	83	84	83	82	83	83	83	82	81	80	80	80	81	82	82	82	80	79	77	76	75	74	72

Each cell is a finished component score from 0–100. Components can disagree even when the combined reading stays positive.

STRONGEST CURRENT SOURCE

Modeled Trend

72/100

LEAST SUPPORTIVE SOURCE

Relative strength

11/100

WHAT WOULD CHANGE THE READ?

Three paths to keep in view

Conditional research scenarios.
No assumed price target or timing.

Continuation

Price and evidence stay together

Further price weakness alongside cautious trend, pressure and relative strength would support the current defensive read.

Change of direction

Repair needs follow-through

Improving EMD while price still falls is an early observation. A turn in price and broader agreement would strengthen a repair case.

Cycle context

A range extreme is a location

An upper zone can persist during a strong advance; a lower zone can persist during a decline. Use departures, EMD direction and the related price charts together.

EARLIER COMPARABLE READINGS

What followed similar conditions?

Same ticker · similar score and direction of change.
Returns exclude costs and dividends.

4 WEEKS LATER+5.7%

Median price return · 7 non-overlapping examples

Observed range: -4.7% to +13.1%
Positive returns: 71%
All-period comparison: +0.7% median

13 WEEKS LATER+7.0%

Median price return · 3 non-overlapping examples

Observed range: +3.2% to +14.4%
Positive returns: 100%
All-period comparison: +1.9% median

How these comparisons are selected

Earlier observations must have the same constructive/fading/repair/deterioration condition, a score within ten points of today’s score and at least the same component coverage. The first 30 observations are omitted for warm-up; examples are spaced by the forward horizon to avoid overlap. Gapped return windows are excluded. The all-period comparison uses the same available history and spacing, without matching the current state. These are reconstructed observations, not a point-in-time strategy backtest or a forecast.

RECENT CYCLE HISTORY

How the current reading developed

14 Aug 2026Down-cycle confirmedUSD 127.45

15 May 2026Down-cycle confirmedUSD 125.08

20 Mar 2026Down-cycle confirmedUSD 126.36

28 Mar 2025Down-cycle confirmedUSD 110.27

15 Nov 2024Down-cycle confirmedUSD 107.47

12 Apr 2024Upper cycle zone confirmedUSD 92.46

THE FULL PRICE CYCLE

Follow the journey from one zone to the other

Cycle states use trailing completed-week observations.

Lower zone

Price establishes residence near the bottom of its long-cycle range. Improving EMD separates early repair from continued deterioration.

Upward journey

Price leaves the lower zone while EMD confirms improving participation. The objective is the broader move toward the upper zone, not a short weekly trade.

Upper zone

Price establishes residence near the top of its long-cycle range. A high range position can persist. Watch EMD for exhaustion and loss of support before interpreting it as a turn.

Downward journey

Price leaves the upper zone while EMD weakens. The reverse cycle remains active until lower-zone residence is confirmed again.

CURRENT READINGS