Weekly Market UpdateWeek of Oct 26, 2026Oct 23, 2026
Breadth improves while growth lags
Three Things to Know This Week
Participation improved beneath a softer index
60.8% above the 50-day average
- Up from 47.1% last week, a 13.7 percentage-point increase.
- 58.2% were above their 200-day average, up from 54.1%.
Small companies and value led growth
Small companies +1.7% · large growth −1.8%
- Large value gained 1.1%; equal-weight S&P 500 gained 1.1%.
- Eight of eleven sectors advanced. Energy rose 1.6% and health care 1.5%.
Bonds advanced as gold retreated
Long Treasuries +1.6% · gold −4.0%
- Aggregate bonds gained 0.6%, investment-grade credit 0.4% and high yield 0.2%.
- Broad commodities rose 1.1% and remained up 52.5% year to date.
State of the Stock Market
S&P 500 · Oct 23, 2026
Trend: Positive
Above 2 of 3 moving averages · 2 trading sessions in this positive trend since Oct 22, 2026
Risk
Low & Falling
63-day realized vol 11.1% · reference 15.0%
From 52-week high
-2.5%
52-week high set Oct 6, 2026
Position
Below Trend
Relative to the S&P 500's own 200-day trend history
Distance from trend
50-Day
-0.9%
2 trading sessions below since Oct 22, 2026
100-Day
+0.5%
138 trading sessions above since Apr 9, 2026
200-Day
+5.0%
139 trading sessions above since Apr 8, 2026
Broad markets
Total returns across major market exposures and horizons, shown side by side.
Tip: click any ticker to analyze it.
Sorted by YTD return · strongest to weakest
| Exposure | WTD | MTD | QTD | YTD | 1Y | 3Y Ann. | 5Y Ann. | 10Y Ann. |
|---|---|---|---|---|---|---|---|---|
| Broad commoditiesDBC | Broad commodities, Week to date: up 1.1 percent | Broad commodities, Month to date: up 5.5 percent | Broad commodities, Quarter to date: up 5.5 percent | Broad commodities, Year to date: up 52.5 percent | Broad commodities, 1 year: up 59.3 percent | Broad commodities, 3 years annualised, annualised: up 15.7 percent | Broad commodities, 5 years annualised, annualised: up 12.6 percent | Broad commodities, 10 years annualised, annualised: up 10.2 percent |
| U.S. small companiesIJR | U.S. small companies, Week to date: up 1.7 percent | U.S. small companies, Month to date: up 1.6 percent | U.S. small companies, Quarter to date: up 1.6 percent | U.S. small companies, Year to date: up 16.0 percent | U.S. small companies, 1 year: up 19.1 percent | U.S. small companies, 3 years annualised, annualised: up 17.3 percent | U.S. small companies, 5 years annualised, annualised: up 5.7 percent | U.S. small companies, 10 years annualised, annualised: up 10.3 percent |
| Emerging marketsEEM | Emerging markets, Week to date: down 1.3 percent | Emerging markets, Month to date: down 7.2 percent | Emerging markets, Quarter to date: down 7.2 percent | Emerging markets, Year to date: up 13.9 percent | Emerging markets, 1 year: up 16.7 percent | Emerging markets, 3 years annualised, annualised: up 21.9 percent | Emerging markets, 5 years annualised, annualised: up 6.0 percent | Emerging markets, 10 years annualised, annualised: up 7.5 percent |
| U.S. equitiesIVV | U.S. equities, Week to date: down 0.4 percent | U.S. equities, Month to date: down 0.3 percent | U.S. equities, Quarter to date: down 0.3 percent | U.S. equities, Year to date: up 12.4 percent | U.S. equities, 1 year: up 15.7 percent | U.S. equities, 3 years annualised, annualised: up 23.3 percent | U.S. equities, 5 years annualised, annualised: up 12.5 percent | U.S. equities, 10 years annualised, annualised: up 15.4 percent |
| International developedEFA | International developed, Week to date: down 0.9 percent | International developed, Month to date: down 1.2 percent | International developed, Quarter to date: down 1.2 percent | International developed, Year to date: up 8.6 percent | International developed, 1 year: up 12.3 percent | International developed, 3 years annualised, annualised: up 19.2 percent | International developed, 5 years annualised, annualised: up 8.3 percent | International developed, 10 years annualised, annualised: up 9.0 percent |
| Real estateVNQ | Real estate, Week to date: up 1.0 percent | Real estate, Month to date: up 3.4 percent | Real estate, Quarter to date: up 3.4 percent | Real estate, Year to date: up 7.7 percent | Real estate, 1 year: up 5.5 percent | Real estate, 3 years annualised, annualised: up 12.9 percent | Real estate, 5 years annualised, annualised: up 0.6 percent | Real estate, 10 years annualised, annualised: up 5.2 percent |
| High-yield creditHYG | High-yield credit, Week to date: up 0.2 percent | High-yield credit, Month to date: up 0.2 percent | High-yield credit, Quarter to date: up 0.2 percent | High-yield credit, Year to date: down 0.1 percent | High-yield credit, 1 year: up 1.2 percent | High-yield credit, 3 years annualised, annualised: up 8.6 percent | High-yield credit, 5 years annualised, annualised: up 3.3 percent | High-yield credit, 10 years annualised, annualised: up 4.1 percent |
| U.S. aggregate bondsAGG | U.S. aggregate bonds, Week to date: up 0.6 percent | U.S. aggregate bonds, Month to date: up 1.9 percent | U.S. aggregate bonds, Quarter to date: up 1.9 percent | U.S. aggregate bonds, Year to date: down 1.0 percent | U.S. aggregate bonds, 1 year: down 1.1 percent | U.S. aggregate bonds, 3 years annualised, annualised: up 5.4 percent | U.S. aggregate bonds, 5 years annualised, annualised: down 0.2 percent | U.S. aggregate bonds, 10 years annualised, annualised: up 1.3 percent |
| Investment-grade creditLQD | Investment-grade credit, Week to date: up 0.4 percent | Investment-grade credit, Month to date: up 2.1 percent | Investment-grade credit, Quarter to date: up 2.1 percent | Investment-grade credit, Year to date: down 2.4 percent | Investment-grade credit, 1 year: down 3.0 percent | Investment-grade credit, 3 years annualised, annualised: up 6.4 percent | Investment-grade credit, 5 years annualised, annualised: down 0.8 percent | Investment-grade credit, 10 years annualised, annualised: up 1.9 percent |
| Long-duration TreasuriesTLT | Long-duration Treasuries, Week to date: up 1.6 percent | Long-duration Treasuries, Month to date: up 5.0 percent | Long-duration Treasuries, Quarter to date: up 5.0 percent | Long-duration Treasuries, Year to date: down 3.4 percent | Long-duration Treasuries, 1 year: down 6.7 percent | Long-duration Treasuries, 3 years annualised, annualised: up 3.6 percent | Long-duration Treasuries, 5 years annualised, annualised: down 7.6 percent | Long-duration Treasuries, 10 years annualised, annualised: down 2.0 percent |
| GoldGLD | Gold, Week to date: down 4.0 percent | Gold, Month to date: down 3.7 percent | Gold, Quarter to date: down 3.7 percent | Gold, Year to date: down 7.5 percent | Gold, 1 year: down 5.8 percent | Gold, 3 years annualised, annualised: up 25.9 percent | Gold, 5 years annualised, annualised: up 16.9 percent | Gold, 10 years annualised, annualised: up 11.7 percent |
Total return, from adjusted closes. Data through Oct 23, 2026. — unavailable · 3Y/5Y/10Y annualised; shorter horizons cumulative.
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S&P 500 sectors
Total returns for the 11 S&P 500 sector ETFs across the same horizons.
Sorted by YTD return · strongest to weakest
| Exposure | WTD | MTD | QTD | YTD | 1Y | 3Y Ann. | 5Y Ann. | 10Y Ann. |
|---|---|---|---|---|---|---|---|---|
| EnergyXLE | Energy, Week to date: up 1.6 percent | Energy, Month to date: up 12.7 percent | Energy, Quarter to date: up 12.7 percent | Energy, Year to date: up 58.1 percent | Energy, 1 year: up 65.9 percent | Energy, 3 years annualised, annualised: up 19.1 percent | Energy, 5 years annualised, annualised: up 23.3 percent | Energy, 10 years annualised, annualised: up 11.4 percent |
| Information TechnologyXLK | Information Technology, Week to date: down 0.1 percent | Information Technology, Month to date: down 6.4 percent | Information Technology, Quarter to date: down 6.4 percent | Information Technology, Year to date: up 27.3 percent | Information Technology, 1 year: up 29.1 percent | Information Technology, 3 years annualised, annualised: up 31.5 percent | Information Technology, 5 years annualised, annualised: up 19.1 percent | Information Technology, 10 years annualised, annualised: up 23.9 percent |
| Health CareXLV | Health Care, Week to date: up 1.5 percent | Health Care, Month to date: up 6.4 percent | Health Care, Quarter to date: up 6.4 percent | Health Care, Year to date: up 16.8 percent | Health Care, 1 year: up 26.7 percent | Health Care, 3 years annualised, annualised: up 13.6 percent | Health Care, 5 years annualised, annualised: up 8.0 percent | Health Care, 10 years annualised, annualised: up 11.7 percent |
| MaterialsXLB | Materials, Week to date: up 0.8 percent | Materials, Month to date: up 5.4 percent | Materials, Quarter to date: up 5.4 percent | Materials, Year to date: up 14.1 percent | Materials, 1 year: up 18.3 percent | Materials, 3 years annualised, annualised: up 12.8 percent | Materials, 5 years annualised, annualised: up 5.9 percent | Materials, 10 years annualised, annualised: up 10.2 percent |
| Consumer StaplesXLP | Consumer Staples, Week to date: up 0.7 percent | Consumer Staples, Month to date: up 9.5 percent | Consumer Staples, Quarter to date: up 9.5 percent | Consumer Staples, Year to date: up 13.6 percent | Consumer Staples, 1 year: up 13.0 percent | Consumer Staples, 3 years annualised, annualised: up 12.2 percent | Consumer Staples, 5 years annualised, annualised: up 7.0 percent | Consumer Staples, 10 years annualised, annualised: up 8.2 percent |
| Real EstateXLRE | Real Estate, Week to date: up 1.0 percent | Real Estate, Month to date: up 4.1 percent | Real Estate, Quarter to date: up 4.1 percent | Real Estate, Year to date: up 8.0 percent | Real Estate, 1 year: up 4.8 percent | Real Estate, 3 years annualised, annualised: up 12.9 percent | Real Estate, 5 years annualised, annualised: up 1.1 percent | Real Estate, 10 years annualised, annualised: up 6.6 percent |
| IndustrialsXLI | Industrials, Week to date: down 1.9 percent | Industrials, Month to date: down 1.4 percent | Industrials, Quarter to date: down 1.4 percent | Industrials, Year to date: up 6.1 percent | Industrials, 1 year: up 9.4 percent | Industrials, 3 years annualised, annualised: up 20.1 percent | Industrials, 5 years annualised, annualised: up 11.0 percent | Industrials, 10 years annualised, annualised: up 13.1 percent |
| FinancialsXLF | Financials, Week to date: up 0.7 percent | Financials, Month to date: up 4.7 percent | Financials, Quarter to date: up 4.7 percent | Financials, Year to date: up 2.1 percent | Financials, 1 year: up 8.4 percent | Financials, 3 years annualised, annualised: up 21.9 percent | Financials, 5 years annualised, annualised: up 8.4 percent | Financials, 10 years annualised, annualised: up 13.0 percent |
| UtilitiesXLU | Utilities, Week to date: up 0.8 percent | Utilities, Month to date: up 7.9 percent | Utilities, Quarter to date: up 7.9 percent | Utilities, Year to date: down 0.3 percent | Utilities, 1 year: down 5.1 percent | Utilities, 3 years annualised, annualised: up 16.8 percent | Utilities, 5 years annualised, annualised: up 7.9 percent | Utilities, 10 years annualised, annualised: up 9.2 percent |
| Consumer DiscretionaryXLY | Consumer Discretionary, Week to date: up 0.6 percent | Consumer Discretionary, Month to date: up 3.9 percent | Consumer Discretionary, Quarter to date: up 3.9 percent | Consumer Discretionary, Year to date: down 5.3 percent | Consumer Discretionary, 1 year: down 2.9 percent | Consumer Discretionary, 3 years annualised, annualised: up 15.1 percent | Consumer Discretionary, 5 years annualised, annualised: up 4.1 percent | Consumer Discretionary, 10 years annualised, annualised: up 12.1 percent |
| Communication ServicesXLC | Communication Services, Week to date: down 4.4 percent | Communication Services, Month to date: down 4.9 percent | Communication Services, Quarter to date: down 4.9 percent | Communication Services, Year to date: down 9.5 percent | Communication Services, 1 year: down 7.1 percent | Communication Services, 3 years annualised, annualised: up 18.0 percent | Communication Services, 5 years annualised, annualised: up 6.7 percent | Communication Services, 10 years annualised, annualised: not available |
Total return, from adjusted closes. Data through Oct 23, 2026. — unavailable · 3Y/5Y/10Y annualised; shorter horizons cumulative.
Investment styles
Total returns across major U.S. style and factor exposures across the same horizons.
Sorted by YTD return · strongest to weakest
| Exposure | WTD | MTD | QTD | YTD | 1Y | 3Y Ann. | 5Y Ann. | 10Y Ann. |
|---|---|---|---|---|---|---|---|---|
| Small ValueIJS | Small Value, Week to date: up 2.0 percent | Small Value, Month to date: up 2.6 percent | Small Value, Quarter to date: up 2.6 percent | Small Value, Year to date: up 16.7 percent | Small Value, 1 year: up 22.1 percent | Small Value, 3 years annualised, annualised: up 17.7 percent | Small Value, 5 years annualised, annualised: up 6.3 percent | Small Value, 10 years annualised, annualised: up 9.7 percent |
| Momentum factorMTUM | Momentum factor, Week to date: down 1.3 percent | Momentum factor, Month to date: down 8.8 percent | Momentum factor, Quarter to date: down 8.8 percent | Momentum factor, Year to date: up 16.1 percent | Momentum factor, 1 year: up 15.3 percent | Momentum factor, 3 years annualised, annualised: up 29.0 percent | Momentum factor, 5 years annualised, annualised: up 10.4 percent | Momentum factor, 10 years annualised, annualised: up 15.6 percent |
| Small GrowthIJT | Small Growth, Week to date: up 1.4 percent | Small Growth, Month to date: up 0.5 percent | Small Growth, Quarter to date: up 0.5 percent | Small Growth, Year to date: up 14.8 percent | Small Growth, 1 year: up 15.8 percent | Small Growth, 3 years annualised, annualised: up 16.5 percent | Small Growth, 5 years annualised, annualised: up 4.7 percent | Small Growth, 10 years annualised, annualised: up 10.3 percent |
| Equal WeightRSP | Equal Weight, Week to date: up 1.1 percent | Equal Weight, Month to date: up 4.1 percent | Equal Weight, Quarter to date: up 4.1 percent | Equal Weight, Year to date: up 14.4 percent | Equal Weight, 1 year: up 17.0 percent | Equal Weight, 3 years annualised, annualised: up 18.4 percent | Equal Weight, 5 years annualised, annualised: up 8.2 percent | Equal Weight, 10 years annualised, annualised: up 12.1 percent |
| Large ValueIVE | Large Value, Week to date: up 1.1 percent | Large Value, Month to date: up 4.3 percent | Large Value, Quarter to date: up 4.3 percent | Large Value, Year to date: up 13.6 percent | Large Value, 1 year: up 17.5 percent | Large Value, 3 years annualised, annualised: up 18.6 percent | Large Value, 5 years annualised, annualised: up 11.3 percent | Large Value, 10 years annualised, annualised: up 12.1 percent |
| Quality factorQUAL | Quality factor, Week to date: down 0.9 percent | Quality factor, Month to date: up 0.3 percent | Quality factor, Quarter to date: up 0.3 percent | Quality factor, Year to date: up 12.9 percent | Quality factor, 1 year: up 16.2 percent | Quality factor, 3 years annualised, annualised: up 20.4 percent | Quality factor, 5 years annualised, annualised: up 11.0 percent | Quality factor, 10 years annualised, annualised: up 14.5 percent |
| Large GrowthIVW | Large Growth, Week to date: down 1.8 percent | Large Growth, Month to date: down 4.1 percent | Large Growth, Quarter to date: down 4.1 percent | Large Growth, Year to date: up 11.0 percent | Large Growth, 1 year: up 13.8 percent | Large Growth, 3 years annualised, annualised: up 26.9 percent | Large Growth, 5 years annualised, annualised: up 12.5 percent | Large Growth, 10 years annualised, annualised: up 17.4 percent |
| Mid GrowthIJK | Mid Growth, Week to date: down 1.2 percent | Mid Growth, Month to date: down 2.6 percent | Mid Growth, Quarter to date: down 2.6 percent | Mid Growth, Year to date: up 10.7 percent | Mid Growth, 1 year: up 13.5 percent | Mid Growth, 3 years annualised, annualised: up 16.2 percent | Mid Growth, 5 years annualised, annualised: up 5.8 percent | Mid Growth, 10 years annualised, annualised: up 10.6 percent |
| Minimum VolatilityUSMV | Minimum Volatility, Week to date: up 1.7 percent | Minimum Volatility, Month to date: up 5.7 percent | Minimum Volatility, Quarter to date: up 5.7 percent | Minimum Volatility, Year to date: up 10.5 percent | Minimum Volatility, 1 year: up 11.1 percent | Minimum Volatility, 3 years annualised, annualised: up 14.6 percent | Minimum Volatility, 5 years annualised, annualised: up 7.6 percent | Minimum Volatility, 10 years annualised, annualised: up 10.8 percent |
| Mid ValueIJJ | Mid Value, Week to date: up 1.3 percent | Mid Value, Month to date: up 4.0 percent | Mid Value, Quarter to date: up 4.0 percent | Mid Value, Year to date: up 10.0 percent | Mid Value, 1 year: up 13.6 percent | Mid Value, 3 years annualised, annualised: up 16.4 percent | Mid Value, 5 years annualised, annualised: up 7.6 percent | Mid Value, 10 years annualised, annualised: up 10.1 percent |
Total return, from adjusted closes. Data through Oct 23, 2026. — unavailable · 3Y/5Y/10Y annualised; shorter horizons cumulative.
Three Things We're Watching
Do the breadth gains hold?
60.8% above the 50-day average
- Watch both 50-day and 200-day breadth.
- Continued improvement would make the advance less dependent on a narrow group.
Can growth and momentum stabilize?
Momentum 14.3% below its weekly high
- Technology remains 8.3% below its weekly high.
- A broadening recovery would include stabilization in the weaker exposures.
Does sector strength broaden further?
8 of 11 sectors positive this week
- Energy and health care are at their weekly highs.
- Watch communication services and industrials, which remain more than 10% below theirs.
Notes & methodology
Weekly total returns from adjusted closes, through October 23, 2026. The market-state panel uses separately labelled daily trend observations. Each exposure uses the ETF named in its row. Model and reference drawdowns use the highest weekly total-return observation in the trailing 52-week window, not an intraday high or maximum historical drawdown. Daily market-state high measures can differ because their observation frequency differs.
AI assistance. This issue was prepared with AI-assisted research and drafting and reviewed by TrendToWealth before publication.
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