Jason Goepfert

10-29-2021 at 5:32 pm

Daily Report : Weekly Wrap for Oct 29 - Rally Broadens Out, Brazil Reaches Historic Oversold Levels

This week, we saw the rally in stocks broaden out. The Advance/Decline Line for the S&P 500 and then the broader NYSE both hit record highs. That tends to preclude large, sustained drawdowns. Seasonality in stocks and sectors is very positive heading into year-end. Brazilian stocks have been pounded and breadth is nearing historic levels of oversold.

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