It was a bearish month for most world equity markets, with net monthly changes ranging from -4.9% (Russia), -4.5% (South Africa), -3.6% (Australia), -3.5% (USA, Germany), -3.1% (Hong Kong), -2.3% (Japan), -0.3% (China), +0.5% (Brazil), to +1.5% (India).
Lets take our regular look at ten of the world equity markets.
USA - Dow
The mighty Dow saw a net September decline of -1214pts (3.5%) to 33507, a decisive close below the key 10MA. Monthly momentum has rolled over, even settling fractionally negative! First big support is the March low of 31429, some 2078pts (6.2%) to the downside. Whether that is hit within October or November, that drop wouldn't merit any bearish hysteria.
I'd note secondary support of the monthly bollinger, currently around psy' 30K. A loss of 30K would indeed spook some, and offer a challenge of the Oct'2022 low of 28660.
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Germany – DAX
Japan – Nikkei
Brazil – Bovespa
Russia - RTSI
India – SENSEX
China – Shanghai comp'
South Africa – Dow
Hong Kong – Hang Seng
Australia – AORD
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Summary
Eight world equity markets were net lower for September, with two net higher.
The Russian market lead the way down, whilst Brazil and India were net higher.
The Indian market broke a new historic high.
Seven markets are trading under their respective monthly 10MA, the three exceptions being Japan, Brazil, and India.
Six markets have positive monthly momentum, the four exceptions being the USA, China, South Africa, and Australia.
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Looking ahead
Earnings:
M -
T - MKC, CALM, NG
W - TLRY, AYI, ANGO
T - STZ, CAG, LW, AEHR, LEVI
F -
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Econ-data/events:
M - ISM manu', construction
T - JOLTS
W - ADP jobs, factory orders, ISM serv', EIA Pet'
T - Weekly jobs, intl' trade
F - Monthly jobs, consumer credit
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Final note
Again, I would suggest you ask yourself the following...
Did the market put in a key m/t high in July/August?
If yes, the default trade across the Fall, and into the winter/early 2024, is clear. If you believe otherwise, then I would argue to those buying into every down wave... good luck with that.
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Have a good weekend
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*the next post on this page will likely appear 4.20pm EST on Monday.
