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“Don’t think about the start of the race, think about the ending.” – Usain Bolt

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

Markets are priced to close out a strong week quietly as equity futures are indicated modestly lower, and they took another modest downturn following the release of Housing Starts and Building Permits which both missed forecasts and dropped to the lowest levels since mid-2020. The only other release on the calendar for today is Michigan Sentiment at 10 AM.  Outside of equities, we’ve seen larger moves in the Treasury market where the 10-year yield is down over 6 bps and crude oil is down over 2.5%.

It’s been a very impressive rally around the world since last Monday’s sharp sell-off, but one familiar aspect of the bounce has been that the US is once again leading the way. While the S&P 500 closed marginally above its 50-day moving average (DMA) on Wednesday, it convincingly broke through that level on Thursday, breaking through its short-term downtrend from the July highs and erasing all its August losses.

Over in Europe, the STOXX 600 has also rebounded, but it has yet to convincingly break back above its 50-DMA or its short-term downtrend of lower highs.

Japan was ground zero for last week’s decline and saw larger losses than any other global index. While it has also staged an impressive rebound, the TOPIX finds itself deeper in the hole as the 50-DMA has yet to come into play.

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