S&P 500 Lofty PEs: Forward P/E 21.1, 5-yr Avg 18.5, 10-yr Avg 16.7

McClellan Summation Index for Staples Near Decade High, Bad for S&P 500

McClellan Summation Index for Staples is now well above +1000, one of its highest readings in a decade. It's not just Staples. Another core defensive sector, Utilities, is also seeing impressive internal momentum. And so is the other one, Health Care. Investors so hyper-focused on defensive stocks is a bad omen for the broader market (courtesy of sentiment trader):

Some Optimism In the November 2021 Labor Report

210,000 jobs were added in November, far short of the half million estimate, however the unemployment rate came down to 4.2%, better yet the labor force participation rate Rose to 61.8%, still far short of the 63.3% rate pre-pandemic:

The Bullish Technical Signals Continue for Taiwan Semiconductor $TSM

After the reverse Head & Shoulders pattern, I see a Cup & Handle pattern emerging, which should lead the stock higher. Longer-term, still major China/Taiwan take-over concerns.

Bullish Technical Signals for Taiwan Semiconductor $TSM

I see a reverse Head & Shoulders pattern which should lead the stock higher. RSI & MACD are also extremely strong. Analyst upgrades are offsetting China/Taiwan take over concerns.