Leuthold’s Major Trend Index held at Low Neutral for the week ending October 30, 2026. Disappointing hyperscaler earnings, including a 12% drop in Google, pulled Tech and Communication Services lower and pushed the S&P 500 to a third straight weekly loss, while the average stock gained for a fourth straight week. The 6% monthly gap between the cap-weighted and equal-weighted indexes was the widest since April 2009. Leuthold also marked the current bull market’s fourth birthday: at 48 months, it is the longest modern bull not born out of a recession, with a price gain of about 119%, roughly double the average of comparable non-recessionary bulls.
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