Cboe Global Markets Inc

CBOE remains in a Stage 2 corrective reset within its broader uptrend, forming higher lows and exhibiting a Momentum Breakout at former resistance. Medium-term bias is bullish, and short-term execution is favorable as price holds above rising 9 and 21 EMAs without signs of exhaustion. Initiate participation now on shallow pullbacks into the short EMAs or the recent breakout zone. Failure to sustain above the EMAs would warrant reevaluation.

• ↑Q1 2026 net revenue of $729 M (+29% YoY) and adjusted EPS of $3.70 (+48% YoY) demonstrate strong core performance.
• ↑Derivatives segment revenue up 32% YoY, driven by institutional engagement and elevated market volatility.
• ↓Shares trade ~3% above fair value, and below-average earnings yield suggests valuation risk.