Volume Analysis | Flash Update – 10.28.24

Although our forces executed a strategic withdrawal across all fronts last week, our supply lines demonstrated remarkable resilience. The theater of operations experienced a reverse echelon retreat, with the infantry units, iShares Russell 2000 ETF (IWM), suffering the heaviest casualties, falling back -3.03%, while the high command, Invesco QQQ Trust (QQQ), held their ground with minimal losses, retreating -0.02%. Our reconnaissance, represented by the NYSE Advance Decline Line, also reported a pullback from previously secured high ground.

However, despite this tactical retreat, our logistics corps, as measured by both Capital Weighted Volume and dollar volume, made minor advances, establishing new forward operating bases (new highs). While these supply indicators still trail behind the front lines (price), their recent momentum may bolster morale among our bullish divisions. The tenacity of our supply chain in the face of adversity suggests potential depth for counter-offenses.

Grace and peace my friends,

BUFF DORMEIER, CMT

Updated: 10/28/2024. Historical references do not assume that any prior market behavior will be duplicated. Past performance does not indicate future results. This material has been prepared by Kingsview Wealth Management, LLC. It is not, and should not, be regarded as investment advice or as a recommendation regarding any particular security or course of action. Opinions expressed herein are current opinions as of the date appearing in this material only. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate their ability to invest for the long term. Investment advisory services offered through Kingsview Wealth Management, LLC (“KWM”), an SEC Registered Investment Adviser.