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“The main purpose of the stock market is to make fools of as many men as possible.” – Bernard Baruch

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Equity markets have seen volatility tick up as we enter the second half of October, which is very typical for this time of year.  US index futures were down more than 1% a few hours ago, but they’ve rallied back to the flat-line after President Trump made comments diffusing trade drama with China.

As shown below, key index ETFs remain within their long-term uptrends above their 50-day moving averages, with the exception of the S&P 500 Equal Weight.

While cap-weighted large-cap indices remain strong on the surface, a much higher percentage of stocks in the S&P are now oversold (43.2%) than overbought (21.4%).