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Weekly Signals Update – November 1, 2021 [Premium Signals]

The weekly systematic trading reports include open positions, new signals and year-to-date performance of seven trading strategies. Access to article requires Market Signals or All in One subscription. 

Market Recap and Comments

Stocks (SPY) finished the week up 1.4%. Commodities (DBC) fell 1.2%. Gold (GLD) ended the week down 0.7%. Bonds (TLT) rallied 2.5% in a move that surprised bears. DBC is up the most (+45.2%) year-to-date while GLD is down the most (-6.6%.)

Last week I wrote:

The rally to new highs in the stock market in the last two weeks surprised the bears but also the bulls.

Bonds added to recent surprises by rallying on Wednesday, October 27, 2021, with TLT gaining 1.7%. The ETF gained 2.5% on the week. Commodities failed to make new highs and DBC fell 1.8%, on the same day bonds rallied, to finish the week down 1.2%. Price action has become more volatility near extreme levels with certain sectors in the stock market benefitting the most, including consumer cyclicals, communication services and technology while real estate and financials came under pressure.

The S&P 500 has entered overbought territory in both daily and weekly timeframe, according to PAL OB/OS indicator. Odds of some profit taking have increased in the next two weeks. However, the bull market is exceptionally strong and technicals cannot forecast a large correction but that could only be the result of an unexpected development.

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