Cross-asset volatility is coming back, while Equity trends and momentum remain fragile

In this video on stock market outlook this week, Mark L. Newton, CMT, reviews how a hotter-than-expected October 2026 CPI report intersected with price action across U.S. equities, Treasury yields, the U.S. dollar and WTI crude oil. He analyzes the recent trading range in the S&P 500 Index (SPX), highlighting key technical features on daily and weekly charts, including momentum gauges, Ichimoku signals and wave structure, and discusses how these relate to the fragility of current equity trends and cross-asset volatility conditions into November options expiration.

Newton also examines sector performance dispersion using equal-weighted S&P 500 sector indices, contrasting recent moves in Technology with Consumer Discretionary, Consumer Staples, Financials and Industrials. He reviews the technical breakout in the U.S. 10-year Treasury yield (TNX) following CPI, curve dynamics between short- and long-dated yields, and what rising rate and dollar moves could mean for equities. The video further addresses the setup around upcoming Nvidia (NVDA) earnings and Anthropic’s IPO, and how these events may influence volatility, potential retests of prior lows and the search for evidence of capitulation or exhaustion. The full analysis, charts and Newton’s detailed view are available in the report.

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