Market Notebook

PRICE ACTION:
Equity prices, as measured by ticker SPY, and bond prices, as measured by ticker BND, closed lower on the week, with SPY closing significantly lower.

TECHNICAL ANALYSIS:
SPY price action suggests that equities may be in consolidation.

BND price action suggests wide-ranging consolidation with recent tendencies toward a downward trend.

SENTIMENT:
Market participant sentiment suggests pessimism. The Federal Reserve’s action in holding rates steady and communicating that rates may remain static for longer appears to concern investors.

ECONOMY AND FUNDAMENTALS:
Economic indicators within the Market Notebook remain mixed.

Jobless claims are to be watched as an important indicator of a potential recession. Thus far, jobless claims are not indicative of a near-term recession.

THE CONFERENCE BOARD’S LEADING ECONOMIC INDEX:
“With August’s decline, the US Leading Economic Index has now fallen for nearly a year and a half straight, indicating the economy is heading into a challenging growth period and possible recession over the next year,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board.  – September 21st, 2023
https://www.conference-board.org/topics/us-leading-indicators

All the best during the week ahead!

Disclaimer: Nothing in this discussion should be considered investment advice. The content of this discussion is strictly my personal opinion and subject to change at a moment’s notice. Investment advice can only be provided to you by your investment professional and not by a general market discussion such as this one. If you wish to speak with an investment advisor, contact us. We can probably help.