V2 Newsletter October 28 2023 Update

Support Area Lost. War moves ahead. Fed on Wednesday

October 28, 2023

Recap

It was a tough week for stocks. At the start of the week, the S&P 500 slipped below its 200-day moving average. By the end of the week, the S&P 500 settled 10.3% lower than the July 31 closing high (i.e. a technical correction) and tested support near the 4,100 level.

Many stocks participated in a broad retreat. The Invesco S&P 500 Equal Weight ETF (RSP) and the market-cap weighted S&P 500 each fell 2.5% this week. Only one of the 11 S&P 500 sectors logged a gain -- utilities (+1.2%) -- while the communication services (-6.3%) and energy (-6.2%) sectors saw the largest declines.

The V2 was up this week. Since July 31st V2 is down roughly 2% while the SP500 is down over 10%.

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