Halloween is still more than a week away, but financial assets put their zombie costumes on early this year, as major equity averages and other asset classes meander around awkwardly and aimlessly. The S&P 500 traded to an all-time high more than two-months ago in mid-August and then quickly went catatonic, trading in a range of less than three percentage points. Eight years ago, in 2008, the S&P 500’s average daily move was 3% per day on its way to a peak of 4% that December. These days we can’t even get 3% in two months. Looking at the charts of the major US equity benchmarks, it is a similar picture. The DJIA, Nasdaq, and Russell 2000 are all hanging around right near their August highs, pinned between their 50 and 200-day moving averages.
In our just-published Bespoke Report newsletter, we analyze this week’s action, including economic data, earnings, and sentiment. You can read the entire report by starting a 14-day free trial to our paid content.
Have a great weekend!