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Daily Report : TradingEdge Weekly for Oct 4 - Broad momentum, utilities surge, S&P and gold winning streaks

Jason Goepfert
2024-10-04
This week, we saw that the stock rally has broadened out, with the equal-weight S&P 500 and small-cap Russell 2000 reaching important one-year momentum milestones. Cyclical industries continue to surge, a good sign for stocks, as is the S&P's monthly winning streak. Even gold and China are surging. Utilities have been surging, too, but tend to lose momentum quickly.
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Headlines

TradingEdge Weekly for Oct 4 - Broad momentum, utilities surge, S&P and gold winning streaks: This week, we saw that the stock rally has broadened out, with the equal-weight S&P 500 and small-cap Russell 2000 reaching important one-year momentum milestones. Cyclical industries continue to surge, a good sign for stocks, as is the S&P's monthly winning streak. Even gold and China are surging. Utilities have been surging, too, but tend to lose momentum quickly.

Smart / Dumb Money Confidence

Smart Money Confidence: 44% Dumb Money Confidence: 75%

Risk Levels

Stocks Short-Term

Stocks Medium-Term

Bonds

Crude Oil

Gold

Agriculture

Research

TradingEdge Weekly for Oct 4 - Broad momentum, utilities surge, S&P and gold winning streaks

By Jason Goepfert

BOTTOM LINE
This week, we saw that the stock rally has broadened out, with the equal-weight S&P 500 and small-cap Russell 2000 reaching important one-year momentum milestones. Cyclical industries continue to surge, a good sign for stocks, as is the S&P's monthly winning streak. Even gold and China are surging. Utilities have been surging, too, but tend to lose momentum quickly.

FORECAST / TIMEFRAME
None

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Indicators at Extremes

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% Showing Pessimism: 9%
Bullish for Stocks
Inverse ETF Volume
OEX Put/Call Ratio
OEX Open Interest Ratio
Mutual Fund Flow (no ETFs)
CSFB Fear Barometer
% Showing Optimism: 42%
Bearish for Stocks
Smart Money / Dumb Money Confidence Spread
Short-term Optimism Index (Optix)
NYSE High/Low Ratio
NYSE Up Volume Ratio
NYSE Arms Index
S&P 500 Down Pressure
Dumb Money Confidence
% Showing Excess Optimism
Intermediate Term Optimism Index (Optix)
Rydex Money Market %
Rydex Ratio
Rydex Bearish Flow
SKEW Index
NAAIM Exposure Index
AAII Bull Ratio
AIM (Advisor and Investor Model)
AAII Allocation - Stocks
Retail Money Market Ratio
LOBO Put/Call Ratio
Options Speculation Index
NYSE Available Cash
Equity / Money Market Asset Ratio
Mutual Fund Cash Level

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Optimism Index Thumbnails

Sector ETF's - 10-Day Moving Average
Country ETF's - 10-Day Moving Average
Bond ETF's - 10-Day Moving Average
Currency ETF's - 5-Day Moving Average
Commodity ETF's - 5-Day Moving Average
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Risk Disclosure: The information and tools provided are for research and analytical purposes only and are not intended as investment advice. Market analysis involves uncertainty, and outcomes may differ from expectations. Users should conduct their own due diligence and consider their individual circumstances before making any financial decisions. Past performance is not necessarily indicative of future results.

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