- The S&P 500 fell 1.18%; curiously, 48% of its components still managed to rise, while the VIX settled at 21
- All four major U.S. equity indices have strongly bearish postures and are trading below their falling 30-day moving averages
- The S&P 500 closed with its first oversold cluster signal in over a year; the NASDAQ and Russell 2000 also closed with those signals
- The NASDAQ fell 1.76%, the Dow Jones Industrials Average fell 0.76%, and the Russell 2000 rose 0.34%
- Futures rose after the bell upon the warm reception of Amazon’s earnings report
- Quality continues to lead on the Factor Selector and Low Size is at the bottom; there are signs that the rankings could pivot next week
- The vast majority of dividend ETFs were up today, despite the big market sell-off
- The relative strength in the Consumer Staples sector has risen sharply in just the last couple weeks
- Consumer Staples have easily outperformed Consumer Discretionary in the last couple weeks
- Value stocks easily outperformed growth stocks today
- The equal-weighted S&P 500 vs market cap weighted S&P 500 may have broken through its bearish diagonal resistance today
- The Schwab Dividend ETF (SCHD) closed with its first oversold cluster signal in over a year
- The 10 Year Treasury Yield fell to 4.84%, which allowed the interest rate sensitive groups of Real Estate and Utilities to outperform
- Our trade application example featured selling a cash-secured put on American Tower (AMT) due to it continuing to be in the blue/attractive zone of the Dividend Stairstep chart, despite today’s 8% pop higher, which pushed it to its highest level above its 30 day moving average in several months
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
10/26/23 - Watch the full #MarketOutlook video from @MarketScholars here: https://t.co/1xsSNb3pxC$SPY $SPX $QQQ $IWM $RUT $DIA $DJIA $COMP $TNX $NVDA $META $MSFT $AAPL $TSLA $GOOGL $AMZN $NFLX $KO $CMG $SCHD $NOBL $MO $CCI $DLR $CMCSA $V $MA $PEP $RSP $CHRW $EQIX $IBM $F $AMT pic.twitter.com/ywoWLU5i5d
— Brandon Van Zee (@BrandonVanZee) October 27, 2023
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