Biotechnology Turns Up, Sugar Rolls Over - October 31, 2026

Last updated: October 31, 2026

Four ETFs are Recovering and one is Rolling Over, so the trend turns come first. Biotechnology (XBI) has the clearest move: its trend has been up 5 days and it climbed from rank 23 to rank 20. Sugar (CANE) runs the other way, with a 9-day score still at +40.98 while its trend has been down 5 days.

Breadth is weak, with 18 of 47 ETFs in an uptrend and 32 carrying a negative 9-day score.

Sector ETF Momentum Rankings

Trend = momentum strength since the last trend turn (positive = uptrend). 9 Days = trend strength added up over the 9 prior sessions. Signal = direction and pace of the trend line. Scores, not returns.

Energy holds the top two sector spots, XLE at +69.80 and XOP at +69.25, but both are Weakening. XLE’s slope has fallen 9 or more sessions in a row while the uptrend stays in place, and XOP’s has fallen 4 in a row.

Eight sectors are Accelerating, five are Weakening, and nine sit in Downtrend. Consumer Staples (XLP), Utilities (XLU) and Real Estate (XLRE) all moved from Weakening to Accelerating, while Blockchain (BLOK), Nuclear Energy (NUKZ) and Generative AI (CHAT) remain at the bottom in falling downtrends.

Commodity ETF Momentum Rankings

Crude Oil (USO) leads the commodity board at +48.80, but its signal is Weakening with the slope falling 2 sessions in a row. Sugar (CANE) stays second on its 9-day score while its trend has turned down, and Water (PHO) holds third as the only Accelerating commodity.

Commodities are heavily negative: 3 of 22 have a positive 9-day score and 19 sit in downtrends. Uranium (URA), Rare Earth Metals (REMX) and Semiconductor Metals (SETM) fill the bottom, each in a downtrend 41 to 42 days old. Soybeans (SOYB) and Wheat (WEAT) moved from Downtrend into Easing, while Corn (CORN) stays in Easing with its slope rising 7 sessions in a row.

Rotation and Market Context

Put together, sectors and commodities agree on direction but not on strength. Across both groups, 15 of 47 ETFs have a positive 9-day score and 18 are in an uptrend, against 32 and 29 on the negative side. Accelerating (8) is all sector names, Weakening (6) is the five sector names plus USO, Recovering (4) and Easing (4) are equal, and Downtrend (24) is the largest group.

Since the previous report, 17 ETFs moved from Easing into Downtrend, 7 in sectors and 10 in commodities. Semiconductors (SMH) and Technology (XLK) were among the sector moves, while Silver Miners (SIL) and Copper (CPER) led the commodity side.

XLE is still the leader, with a 9-day score of +69.80 against +63.11 in the previous report, even though its signal has stayed Weakening for a third report. XBI’s rank move of 3 or more places is the only one in either group.

ETFs to Watch

Energy is the strongest group, and the open question is whether XLE’s slope keeps falling. A falling streak of 9 or more sessions inside an uptrend reads as a warning, not a reversal. XOP’s streak is shorter at 4 sessions, but the signal is the same, so the slope needs to turn back up for either name to stop tipping toward Rolling Over.

The Recovering names are early. BUG has a trend strength of +2.94 over 5 days, XBI +1.21 over 5 days, DBB +0.38 over 4 days, and XLI +0.06 over 2 days. XBI’s slope has risen 9 or more sessions in a row, but its 9-day score of -60.14 still has to cross zero. I would not call this a turn yet.

CANE is the one turn in the other direction. Its trend has been down 5 days, and the signal changes only when its 9-day score falls below zero. In the weakest group, REMX, SETM and URA each have a slope that has fallen just one session, so the first less negative slope would be the earliest sign of Easing.

Next Observation Points

For the next session, watch whether XLE’s slope falls again, since one more falling session would extend the longest streak in the sector list. Check whether the Recovering names post a second rising slope and whether CANE’s trend stays down. Also watch the bottom ranks for a first less negative slope, which would be the first sign of Easing.

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