A field guide to the narrow places.

What this is

Midnight Markets is a research project that aims to help people find and gain insight into all of the ‘bottlenecks’ that allow biggest companies in the world to function. This site gathers research across hundreds of sources and shows them in a manner that is digestible, even to those without technical or financial backgrounds.

Who writes it

Aash Mehta — find me on LinkedIn.

I'm not a registered investment adviser, a fund manager, or affiliated with any of the companies covered here. My day job is as a Product Manager, with previous work experience at companies such as Tempus AI and Twitch. This is a project rooted in my own curiosity, as well as my desire for even the most complex pieces of knowledge to be accessible and understandable. Outside of work, I enjoy producing music and traveling.

How the data works

The editorial content for each issue lives in a single master HTML document. When I update that document, a small parser converts it into structured JSON, the site re-deploys, and every page picks up the new version. Nothing is dynamic on the editorial side — readers always see exactly the snapshot I last published.

Stock prices on every card, on the other hand, are live. They come from Stooq and Yahoo Finance through a small edge function with a 15-minute CDN cache — no database, no account required, no per-user storage. The plain-English Signal shown beneath each price is computed in your browser from roughly the last year of daily closes — six honest measurements (50/200-day moving averages, Power Trend with Pre-Emerging detection, RSI, distance from the 52-week high), not a black box. The "How the Signal works" section below walks through each one.

How the Signal works

Every stock card shows one of four verdicts — BUY, WATCH, HOLD, or AVOID — alongside the live price. It's computed in your browser from roughly the last year of daily closing prices, so what you see is always current to the most recent close.

The math behind it is six honest measurements. None of them are secret — they're the same ones any technical chartist would look at. The trick is just stacking them so they have to agree before the verdict turns bullish.

What goes in

1. The 200-day average price. Add up the closing price of the last 200 trading days, divide by 200. If today's price is above that average, the long-term trend is up. If it's below, the long-term trend is broken. This is the single most important line on the chart — almost every big institutional investor treats it as the line between "investable" and "not investable."
2. The 50-day average price. Same idea, shorter window. This one tells you whether the mid-term momentum (call it the last 2-3 months) is working. Stocks that are above their 50-day but below their 200-day are in a bounce; stocks above both are in a real uptrend.
3. The 21-day average price (weighted). The fastest of the three, and weighted so the most recent days matter more. Think of it as "where the stock is travelling right now," vs. the 50-day's "where it's been on average."
4. Power Trend. The relationship between those three averages. When the 21-day crosses up through the 50-day, and the stock then holds above the 21-day for ten or more sessions, the trend is officially "on." This is the same rule IBD and Mark Minervini use. The version this site computes also recognizes a Pre-Emerging state — when the 21-day is still below the 50-day but climbing fast toward it (within 2%, gap narrowing day-over-day, and recent closes already above both lines). Pre-Emerging is the "setup forming" moment right before the formal cross — earlier than BUY, riskier, but higher reward if it confirms.
5. RSI — momentum thermometer. A 0-to-100 number that compares average up-days to average down-days over the last two weeks. Above 50 means buyers have been winning; below 50, sellers. Above 75 means the stock is overheated and due for a breather; below 30 means it's been crushed and is washed out. The sweet spot for a clean entry is the 50-to-75 band — strong but not overcooked.
6. Distance from the 52-week high. How far below its highest price of the past year the stock is trading. Within 8% of the high is the "buyable zone" — the stock has shown it can get to that level, and pullbacks of 5-8% are normal consolidation. More than 20% off the high means the tape is telling you something's wrong; the stock needs to repair before it's clean again.

How they combine. The verdict is just where those six measurements line up. The site doesn't weight them or run a model — it checks them in order and stops at the first matching rule:

None of this is a recommendation. It's six honest measurements evaluated against the live tape, surfaced in plain English. You still need to think.

What this isn't

Not investment advice. Not a recommendation. Not a hot tip. With the help of AI, I research ideas I find interesting. Do your own research, make your own decisions. See full disclaimers page.