Deeply pessimistic sentiment conditions, evidence of short-term selling exhaustion, and the S&P 500’s successful test of 1810 argue for a countertrend rally, according to Ari Wald, Technical Analyst at Oppenheimer.
A ‘corrective’ interpretation of recent S&P market action is a better fit than an interpretation which thinks the bull market is over, according to Ron Meisels, President of independent research house Phases & Cycles.
Two levels are key for USDJPY and will determine whether the price action of the last six months has been a correction only or something more bearish, says Tony Sycamore at Commonwealth Bank of Australia.
The FTSE is en route to just under 5300, according to Andrew Gebhardt and Tom Read of HPC SA.
The US and Global Emerging Markets are currently in the contraction phase of the business cycle, whereas Europe is still a step behind, according to J.P.Morgan’s Quantitative Macro Index (QMI).
The MSCI US Momentum / Value ratio broke down below its 2014 trendline last week, suggesting the run for momentum stocks is over, according to Riccardo Ronco, Head of Technical Analysis at Aviate Global.
Equity outflows so far are consistent with a “healthy correction” rather than a recession/bear market, according to Michael Hartnett, Chief Investment Strategist at BofA Merrill Lynch Global Research.
The US equity bull market remains intact, says Ned Davis Research.
Peter Lee, Chief Technical Strategist at UBS in New York, gives his medium- to long-term view on 41 key US stocks.
Brent Crude has bottomed, at least for the next few months, according to David Linton, Chief Executive at Updata.