Market turning point?

Today the markets opened on a positive note, fueled by inflation data that came in cooler than anticipated. This news raised expectations that the Federal Reserve might halt its interest rate hikes and potentially implement cuts in the coming year. While we don’t anticipate any immediate rate cuts, the prevailing sentiment could drive the markets higher as we approach the year-end.

This upward movement exhibited a broad-based rally, which is particularly encouraging. It’s not just the well-known top-performing stocks leading the charge; instead, the market saw widespread participation. It’s worth noting that the Relative Strength Index at the bottom of the chart is nearing oversold territory, hinting at a potential pause. However, with the deceleration in inflation, declining energy prices, and robust seasonality, barring unforeseen events, we anticipate a strong year-end rally.

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