McClellan oscillators are mostly overbought.
I believe this divergence between the performance in growth and value stocks is likely to continue, at least until the Fed 'pivots'.
The CPI report will hit tomorrow morning and that is going to be a significant market mover.
Let's check the charts of copper futures and SCCO.
The S&P 500 has posted a positive return for the 12-month period after a midterm election 19 consecutive times. That's a pretty nice batting average.
The focus is on positioning for the election and CPI Thursday.
Let's remember an elevated VIX simply means big ranges for the indexes.
A key contrarian indicator has turned very bullish.
Of primary importance, from a macroeconomic perspective, the focus of the week will be the October CPI to be released on Thursday.
The elections and the CPI report are going to be the big market movers this week.