The equity market is heading for the last quarter with some downward pressure. Seasonally speaking, there is space for some optimism as the index tends to go up during November and December, however, we continue to be in a correction since July, and now algorithms have one more reason to be short: the S&P500 has broken down its 200 day moving average, which to technicians means a change in trend, and as you can see below, only 40% of companies are trading above their own 200 day moving average. The breadth continue to be poor and the magnificent seven are being priced to perfection. We’re still in the middle of earnings season for 3Q which needs to be strong to support the market.
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