... Particularly notable given some disinflationary messages from the market lately. ✓ MEANWHILE, THE RSP WITHIN 2% OF ALL-TIME HIGHS Proprietary Information - Please Do Not Redistribute. 5 11/4/2026 Equal-Weight S&P 500 ETF: RSP 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals The Equal vs. Cap-weight S&P tug-of-war is telling in itself... $ would rather rotate within equities than leave the asset class altogether. RSP doesn't have to lead, just ...

... Oct-26 XLI Industrials Sector ETF Relative to the S&P 500 & Odds of a Split Congress Odds of a Split XLI rel S&P 500 (Left) 40% 45% 50% 55% 60% 65% 70% 95 100 105 110 115 120 125 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 XLV Health Care Sector ETF rel S&P 500 & Odds of a Dem Sweep ... DKNG DraftKings TTEK Tetra Tech ILMN Illumina HYD VanEck HY Muni Bond ETF MUB iShares Municipal Bond ETF VWS-DK Vestas Wind KR Kroger WMT Walmart FSTR LB Foster Co WAB Westinghouse Air ...

At the same time, small-cap Energy looks more vulnerable compared to its large-cap brethren. We've been vocal bulls on Healthcare for much of the year (and remain of that view over the intermediate-term), but just be mindful that the sector is pretty overbought into the election, and as Todd Sohn has noted in our ETF work, the flows have turned very aggressive over recent weeks. A period of consolidation / correction here wouldn't surprise us. YIELDS NOW BELOW FOMC HIKE ...

See Appendix for Important Disclosures. ETF Research Tuesday, November 3, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com KEY NOVEMBER ETF CHARTS: CONCENTRATION, INVERSE VOLUME, FLOWS It's an eventful week here at Baird Strategas between our DC team covering the midterm elections impact and our London Macro Conference. ETFs are just one ... The rinse from Tech related areas is synchronized with a rise of inverse ETF trading volume and decline of levered ETF ...

Notable declines included GOOGL -12.64%, NOW -26.95%, RDDT -29.22%, and INTC -28.57%. Oct '26 ETF Description Oct 16, 2026 Oct 23, 2026 Oct 30, 2026 Return SPY ... VIX Index (red) & VXN Index (blue) intraday price action, Friday, October 30, 2026 Leveraged ETFs saw end-of-day rebalancing-forced selling of more than $35Bn ... straddles pricing in a move of 1.87% in either direction for SPY and 3.27% for QQQ. Both ETFs experienced moves of roughly that magnitude last Friday alone. ...

... In fact, the data center ETF, SRVR, has underperformed the S&P 500 as the odds of the Democrats winning in key data center states have increased (TX, ... Lead of Democratic Governors in Data Center States & SRVR Datacenter ETF rel S&P 500 Avg Dem Governor Lead (Left) SRVR rel S&P 500 (Right, ... 155 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 DTCR Data Center ETF rel S&P 500 DTCR Data Center ETF rel S&P 500 Dem Sweep Odds (Right, Inverted) Source: Factset The data ...

... The market is currently trading at 22x TTM earnings, well above its historical average of 16x since 1950. Given the recent rise in long-term interest rates, this leaves the market vulnerable to a sell-off. We are forecasting S&P operating earnings of $407 in 2027 and a target price of 8,140 for the Index (assuming a 20x multiple). Sentiment While we mark Sentiment as a Liability, our inputs are shifting. Broad Equity ETF flows have slowed and sector positioning skews ...

Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Tuesday, October 27, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com CYCLICAL ETF RESTRAINT AND HOW TO PLAY A REBOUND Here's an interesting stat about where the ETF backdrop stands: Cyclical relative Defensive ... We see this in the spread between Equity and Bond ETF flows too, another measure in its bottom quintile. It's a low bar for cyclical areas to ...

ETF Description Oct 9, 2026 Oct 16, 2026 Oct 23, 2026 SPY S&P 500 1.16% -1.97% -0.43% XLK Technology -0.52% -7.70% -0.13% XLY Cons. Disc. 2.55% -0.35% 0.57% XLC ... QQQ fell -2.85%, its worst daily return since June 23, and the Mag7 ETF (MAGS) fell -3.35% as all other members of the group fell in sympathy, except for AAPL, ... META 5Yr CDS With financing hurdles top of mind, neocloud names continued to feel pressure, with NCLD Roundhill Neocloud ETF) falling -7.07%, while on the other ...

... REMAINS IN A DOWNTREND Proprietary Information - Please Do Not Redistribute. 12 10/26/2026 China ETF: FXI 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals Trend turned negative back in March and has shown no signs of any durable improvement since. INDIA IS NO DIFFERENT... Proprietary Information - Please Do Not Redistribute. 13 10/26/2026 India ETF: INDA 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals Peaked back ...