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“Reality is an undefeated champion.” – Jeff Bezos

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

As of 7:45 AM ET this morning, S&P 500 futures were trading down roughly 0.75% as both of the mega-caps that reported after the close yesterday trade lower.  Below is a snapshot of SPY trading on Halloween (10/31) since the ETF began trading back in 1993.  An opening gap lower of more than 0.66% would be SPY’s biggest open lower on Halloween since 2011.

A few sectors have really taken it on the chin over the last week: Health Care, Consumer Staples, and Utilities.  As shown in the snapshot below from our Trend Analyzer tool, Health Care and Consumer Staples are currently trading in extreme oversold territory, while the Utilities sector is down 3.7% since last Thursday and nearing its 50-day moving average.  At the same time, we’ve seen both Consumer Discretionary and Communication Services go in the other direction and trade at or near overbought territory.