The week in five lines
Regime read: Mixed. Growth unwound while breadth broadened. Friday's selloff hit semis (SMH −7.0% on the day), the Nasdaq-100 (QQQ −3.5%) and North Asian tech, yet equal-weight beat the index by 1.4% on the week and health care led.
Last week's read: Week 43's Mixed read was not consistent with the week that followed: four of five risk-on measures. Breadth, staples vs discretionary, volatility and EM credit all read risk-on while the S&P 500 fell. Regime record: 2 of 3 consistent.
Where money moved: into biotech, health care, materials, financials, value and low volatility; out of semis, software, communications, clean energy, Taiwan, Brazil and gold.
New model states: XLY, XLF, XLB, XLE, XLV and IBB aligned positive; QQQ, EWJ, XLC, GLD, ICLN and EEM aligned negative.
Events ahead: US clocks change Sun 1 Nov (New York open 14:30 UK); US midterm elections Tue 3 Nov; US payrolls Fri 6 Nov, 13:30 UK.
Issue 04 · Week 44 · 26–30 October · completed New York closes to Fri 30 Oct. Daily read: four-hour signal against the daily trend. Weekly read: daily signal against the weekly trend.
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