Since hitting a record intraday high of 6920 just before Halloween, the S&P 500 has pulled back a bit over the past two weeks after failing to hold 6900. It then fell below its 20d moving average ~6750, putting support at the significant 50d ma in play this week, ominously around 6666. The index has not broken below it since early May. Like a pile of unsold 80's horror movie masks in a post-holiday Spirit Halloween store, this week was not particularly attractive for most asset classes. However, the good news is that equities came off their trick-or-treat sugar crash to finish Friday with some nice reversals and momentum into the weekend. At one point on Friday the S&P was down around ~3% this week, while the equal -weight was doing better, only down about 1%. Tech and the mega caps were a significant source of weakness. The ICE semiconductor Index, FANG+ Index and Mega Cap Growth ETFs were down over 4-6%. As we mentioned above, however, buyers stepped in to defend key levels. As we rounded noon, the climb higher began. Small and mid-caps outperformed. For commodities, this week was largely about consolidating recent moves. It was another tough week within the crypto complex but it ended on a positive note. Next week is setting up to be a somewhat quiet week with earnings hitting a lull before retail earnings start to flow in. Have a great weekend!

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