Market Notebook

PRICE ACTION:
Equity prices, as measured by ticker SPY, and bond prices, as measured by ticker BND, closed higher on the week.

TECHNICAL ANALYSIS:
SPY and BND prices closed above their respective 20-day exponential moving averages. SPY and BND appear established in an upward trend.

SENTIMENT:
Market participant appetite for risk assets continued during the week, even in the face of a major blowup in the crypto space. The idea that the Federal Reserve will have to moderate the path of interest rate hikes is growing.

ECONOMY AND FUNDAMENTALS:
The Conference Board’s Leading Economic Index release for October suggests that the U.S. economy may already be in recession. The range of economic indicators followed within the market notebook are mostly warning the same, that an economic downturn is imminent.

NEXT WEEK:
Next week is a holiday-shortened trading week, with several economic data releases on Wednesday. Data releases combined with the potential for low trading volume may cause additional volatility. Likely better to position investments or trades early in the week and avoid mid-week volatility.

All the best during the week ahead and Happy Thanksgiving!

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.