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Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Futures are indicated to open down about 50 basis points (bps) this morning following weakness in Europe where the post-French election rally has been largely reversed. Corporate news flow is tranquil this morning, although an op-ed attributed to President Biden and Bernie Sanders calls on weight loss drug makers to lower prices. On the economic calendar, the only report betfair online betting appscheduled is JOLTS at 10 AM, but right at the US open, we’ll hear from Powell and Lagarde speaking together from Sintra.

If someone had told you that four sectors were down over 2% over the last week, another three were down 50 basis points or more, and only three were higher, you’d probably think it had been a bad week. During that period, though, the S&P 500 rallied 0.50% and remains at overbought levels. As shown in the snapshot from our Trend Analyzer below, while the S&P 500 Betfairsits at overbought levels, only three sectors – Technology, Consumer Discretionary, and Communication Services – are in overbought territory. At the other end of the spectrum, just two sectors – Materials and Industrials – are oversold.

Below the snapshot, we also included two charts of the percentage of stocks above their 50-day moving average for the Technology and Materials sectors. At 73.1%, the Technology sector has the highest percentage of stocks above their respective 50-DMAs, but even for this sector, Betfairthat reading is well below other points in the last year when more than 90% of the sector’s components were above their 50-DMAs.

Materials is the most oversold sector in the market, and it also has the lowest percentage of stocks above their 50-DMAs at just 10.7%. While this reading was lower in late October, it ranks in just the sixth percentile relative to all other readings since 1990.

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