Jason Goepfert

9-29-2020 at 5:32 pm

Daily Report : Breath thrust as long-term momentum reaches inflection point; Emerging market surprises gain momentum

Stocks enjoyed a broad thrust on Monday as an overwhelming percentage of securities advanced. Coming off of a pullback within an uptrend, that has been a good sign. The long-term McClellan Summation Index fell below zero, though, which bears watching as momentum ebbs.; Economic surprises among emerging markets have continued to rises even as those in other markets like the U.S. have tapered off. This comes as internal momentum in emerging markets, via the McClellan Summation Index, reaches a deeply oversold threshold.

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