The September 2023 Newsletter has now been posted.
These three pages are the first of the 24-page September 2023 Newsletter.
Topics in this month's research report are: Commodities: Energy prices start to advance. International Equities: An expected retracement. U.S. & Canadian Equities: Slip, but no fall.
Topics in this month's research report discuss the soft breakout of the S&P Commodity Index. Is this just a head fake or the start of a new upward movement? We unpack the evidence. The outlook for Natural gas in Q4, gold's expected recovery in Q4, the weak recovery of the US dollar, what are the headwinds. The international equity markets begin an expected pullback, the outlook for emerging markets with USD strength, the minor retracements for Europe's indexes, Brazil's Bovespa remains rangebound until 2024, and Australia's ASX struggles to breakout above 7,700.
In the US and Canadian markets, breadth points to more consolidation in September, the Put/Call Ratio swings from greed to fear while the mood of the market shows waning optimism. The US and Canadian yield curves remain inverted. Now at 60 weeks! Forecast models for US 10yy suggest upward strength is not quite done, and upside targets for the S&P 500, Dow, and Nasdaq remain firm. And finally, the expected upside breakout for the TSX in Q4.
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