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Oct. 29, 2021 – What a difference a week makes (plus some pretty good earnings reports). We’ve broken higher and the Advance / Decline line is very positive. Why is that important? Well simply, there are more stocks advancing (in price) than declining. A month ago that was not the case with leadership narrowing to fewer and fewer stocks driving the indexes higher.
The chart confirms the price enthusiasm via the increase in volume. That rate of change can’t continue forever so I would not be surprised to see a drawdown back to around the 15198 level (very modest) or worse case the 15085 mark. There . . . we should expect buying to come in and a resumption of the push higher. One caveat I note was some companies provided muted or poor earnings guidance going forward. But that’s months away . . just keep that in mind after early January when the next batch of reports get rolled out. Things may be different.
Looking at the Short Term Sector Strength I note the grouping of Technology based sectors leading the way. And that's "a wonderful thing". :) ... Tom ...
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