Although ranked volatility is in its lowest decile, daily swings have been fairly wild. This week’s ultimate bounce on two successive power gaps off of Monday’s lows left the S&P 500 (SPY) higher by +2.2%. This leaves the major equities in very early overbought stages, although it certainly feels like a set-up to break recent highs. Speaking of new highs, Commodities (DBC) continue their tear. Although they are also technically overbought, this asset class is significantly more trend-prone, as evident by metal’s incredible Omega statistic (see Risk/Reward)
Source: ETF Rewind subscription service.
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