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

FACT CHECK: BIDEN TALKING HEAD SPOKESWOMAN (msn)
“Karine Jean-Pierre: A U.S. Gov. poll that came out...and it said 64% of the American people agreed with the pardon. Reality: It was 64% of democrats that support the pardon. ONLY 34% of Americans approve of the Hunter Biden pardon.”
FACT CHECK: No, Poll Didn’t Show 64% Of Americans Support Hunter Biden’s Pardon
 
PRODUCTIVITY (Forex Factory)
“Nonfarm business sector labor productivity increased 2.2 percent in the third quarter of 2024, the U.S. Bureau of Labor Statistics reported today, reflecting no revision from the preliminary estimate.” Story at... 
https://www.forexfactory.com/news/1317822-us-productivity-and-costs-third-quarter-2024
 
MARKET REPORT / ANALYSIS
-Tuesday the S&P 500 declined about 0.3% to 6035.
-VIX rose about 0.1% to 14.18.
-The yield on the 10-year Treasury rose (compared to about this time, prior trading day) to 4.228%.
 
MY TRADING POSITIONS:
XLK – Holding since the October 2022 lows.  Added more 9/20.
SSO – added 10/16.
SPY – added 9/19 & more 10/16
QLD – added 11/5.
UWM – added 11/11
 
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
Today, of the 50-Indicators I track, 14 gave Bear-signs and 8 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) declined to -6 (6 more Bear indicators than Bull indicators).
 
TODAY’S COMMENT
Today’s Bull-Bear spread of -6 is Bearish. The 10-dMA of the 50-Indicator Spread (purple line in the chart above) reversed down and today so that is a bearish signal. (I follow the 10-dMA for trading buy-signals and as an indicator for sell signals.)
 
There is only 1 top-indicator warning of a top – breadth is too far ahead of the S&P 500. The ensemble of top-indicators is not yet suggesting we need to do anything more than pay attention - so no point in worrying about it yet.
 
As noted earlier, a few down-days would be good for the markets so today was healthy for the market. Breadth still looks ok for the most part.
 
BOTTOM LINE
I’m remain cautiously bullish, but indicators are declining and the S&P 500 is 2.5% above its 50-dMA. That's where dis decline may resolve itself.
 
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
 
TUESDAY MARKET INTERNALS (NYSE DATA)

My basket of Market Internals declined to SELL. (My basket of Market Internals is a decent trend-following analysis that is most useful when it diverges from the Index.) 
This is a short-term signal – I’m not making any changes to my portfolio.
 
 
 

...My current invested position is about 70% 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 confident that markets will continue higher.)
 
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.