PPI ... Momentum Trading DOW Stocks & ETFs … Stock Market Analysis ...

 
PPI (CNBC)
“A measure of wholesale prices showed no change in September, pointing to a continued easing in inflation, the Labor Department reported Friday. The producer price index, which measures what producers get for their goods and services, was flat for the month and up 1.8% from a year ago.” Story at... 
https://www.cnbc.com/2024/10/11/producer-price-index-september-2024-.html
 
MARKET REPORT / ANALYSIS
-Friday the S&P 500 rose about 0.6% to 5815.
-VIX declined about 2% to 20.46.  
-The yield on the 10-year Treasury rose (compared to about this time, prior trading day) to 4.096%.
 
MY TRADING POSITIONS:
XLK – Holding since the October 2022 lows.  Added more 9/20.
UWM – added 7/15 & more 9/20.
QLD – added 7/24.
SSO – added 9/16.
SPY – added 9/19 & more 9/20
 
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
Today, of the 50-Indicators I track, 9 gave Bear-signs and 13 were Bullish. The rest are neutral. (It is normal to have a lot of neutral indicators since many of the indicators are top or bottom indicators that will signal only at extremes.)

The daily Bull/Bear, 50-Indicator spread (Bull Indicators minus Bear Indicators, red curve in the chart above) improved to +4 (4 more Bull indicators than Bear indicators).
 
TODAY’S COMMENT:
Overall, a Bull-Bear spread of +4 is Neutral to slightly bullish. The 10-dMA of the 50-Indicator Spread (purple line in the chart above) is still sloping down. I need to see it break higher before I will commit more funds to the stock market.
 
The S&P 500 appears to be breaking out of the descending triangle and that‘s a good sign.
 
Breadth is improving, too. I suspect that I may get a buy signal early next week. I’ll post during the trading-day if I make any portfolio moves next week.
 
BOTTOM LINE
I’m neutral at this point, but leaning bullish.
 
ETF - MOMENTUM ANALYSIS:
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:
 

The top ranked ETF receives 100%. The rest are then ranked based on their momentum relative to the leading ETF.
*For additional background on the ETF ranking system see NTSM Page at…
http://navigatethestockmarket.blogspot.com/p/exchange-traded-funds-etf-ranking.html
 
DOW STOCKS - TODAY’S MOMENTUM RANKING OF THE DOW 30 STOCKS (Ranked Daily)
 

The top ranked Stock receives 100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
 
FRIDAY MARKET INTERNALS (NYSE DATA)

My basket of Market Internals remained SELL. (My basket of Market Internals is a decent trend-following analysis that is most useful when it diverges from the Index.) 
 
 
 

...My current invested position is about 65% stocks, including stock mutual funds and ETFs. I’m usually about 50% invested in stocks when markets are stretched. (75% is my max stock allocation when I am strongly bullish.)
 
I trade about 15-20% of the total portfolio using the momentum-based analysis I provide here. When I see bullish signs, I add a lot more stocks to the portfolio, usually by using an S&P 500 ETF as I did back in October 2022 and 2023.