As for the stock market specifically:
It still is early in the month, but at least so far, we have an upset in the making similar to the ones that occurred on college football fields this past Saturday. I say that because September is the only month of the year that, statistically speaking, results in a market decline.
In my opinion, there was no rhyme or reason as to why the markets did an about-face. Perhaps the people throwing big money around decided the markets fell enough.
In the famous words of Emily Litella, “Never mind” what I wrote last week, at least to some extent.
The major market averages did end their string of consecutive sell signals, which is a good thing.
The good news is that some short-term indicators turned positive. Additionally, just shy of being our Main Coach, the bullish percent for the S&P 500, S&P 500, and even bullish percent for mid-cap US stocks have all reversed to near-term positive/offense. That presents the typical confusing set of indicators. The Main Coach bullish percents (below) moved up a bit but are a long way from reversing. We shall continue with WEALTH PRESERVATION.
Remember, Xs mean OFFENSE or wealth accumulation, while Os mean DEFENSE, or wealth preservation.
Below is where our indicators stand as of September 9, 2022 (Courtesy Dorsey, Wright, and Associates)
On a general note:
No economic news worthy of comment made it to me last week.
Questions or want to talk? Email me at firstname.lastname@example.org.