Historically, when the $SPX has been >5% above its 200-day moving average (as it is currently), a median of 81% of its stocks have also been above their 200 day MAs.

Currently, <60% of $SPX stocks are trading above their 200 days.

This has been the case for 23 consecutive… pic.twitter.com/J4I62T5Eu3

— David Marlin (@Marlin_Capital) September 19, 2023

Hedge Funds are shorting semiconductor stocks at one of the highest levels of the last 5 years according to data from Goldman Sachs pic.twitter.com/6qyzBeylvD

— Barchart (@Barchart) September 20, 2023

https://twitter.com/Mayhem4Markets/status/1704309199205753022

Yes, yes: the S&P500 is pretty expensive.

It trades at valuations (~19x P/E) which make its earnings yield close to T-Bill yields and analysts expect a 10%+ growth in earnings next year (you sure?).

But just flagging one thing: the S&P 493 trades at about 17x P/E.

— Alf (@MacroAlf) September 19, 2023

As the US continues to defy calls for an economic slowdown, the King Dollar has returned https://t.co/XbwLbes9ua

— Bloomberg Economics (@economics) September 19, 2023

https://twitter.com/JosephPolitano/status/1704241773009064372

BofA one-ups Goldman:

4Q might start with a confluence of four (mostly temporary) economic headwinds. pic.twitter.com/j2pAyP8j9Q

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 19, 2023

1/2
Make no mistake: job openings of 8.83 million is a big number. However, sometimes job market changes and rate of change are more important than levels. Fact: there are 2.66 million fewer job postings than there were 18 months ago. The chart fits like the S&P is going to… pic.twitter.com/JAZqQnSYdI

— Jeff Weniger (@JeffWeniger) September 19, 2023

https://twitter.com/FreightAlley/status/1704139383597658471

LA Port Inbound Traffic Down YoY in August https://t.co/0iQxiXvCeB pic.twitter.com/3ep76bMZhH

— Bill McBride (@calculatedrisk) September 19, 2023

Amazon is planning to hire 250,000 seasonal workers this year to deal with the holiday rush.

Last year at this time, the number was 150,000 https://t.co/aO06YTQ2Dl

— Joe Weisenthal (@TheStalwart) September 19, 2023

🇺🇸 Target to hire 100,000 workers for holiday season, start promotions in October – Reutershttps://t.co/aYSXNtFvVq

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

https://twitter.com/C_Barraud/status/1704354285306204451

UBS: “US consumers' Holiday season outlook is deteriorating .. The % of consumers who said they plan to spend less .. jumped 840 bps sequentially, while the % who said they plan to spend more rose only 340 bps. This 500 bps spread is the 2nd highest in 12 years.” $RLX pic.twitter.com/xzkZvkPJK6

— Carl Quintanilla (@carlquintanilla) September 19, 2023

🇨🇦 #CANADA INFLATION QUICKENS TO 4% Y/Y IN AUG. VS. 3.8% EST. – BBG
*CANADA MEDIAN CORE CPI 4.1% Y/Y IN AUG., TRIM CORE 3.9%
*CANADA SHELTER COST UP 6% Y/Y, LED BY RENT, MORTGAGE INTEREST

— Christophe Barraud🛢🐳 (@C_Barraud) September 19, 2023

Canada Inflation Quickens To 4%, Driven By Higher Gas Prices – BBGhttps://t.co/M5w7VZSNiM

— LiveSquawk (@LiveSquawk) September 19, 2023

https://twitter.com/C_Barraud/status/1704356346903019628

BREAKING: United Auto Workers (UAW) threaten to expand strike, according to WSJ.

4 days after workers at Ford, Stellantis, and GM went on strike, strikers are threatening to expand.

Currently, 13,000 out of 144,000 UAW workers are on strike.

A strike by the entire UAW would… pic.twitter.com/CfmT1KvMm6

— The Kobeissi Letter (@KobeissiLetter) September 19, 2023

$F | Unifor And Ford Reach Tentative Deal, Averting Strike – CBChttps://t.co/ziyi7fcUVd

— LiveSquawk (@LiveSquawk) September 20, 2023

🇺🇸 US Housing Starts Drop to Lowest Since 2020 While Permits Rise – Bloomberghttps://t.co/9NlJqIhb1p pic.twitter.com/K3QgeWrGLU

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

The beatings will continue until no one shows up at the open houses.

In 4 of the last 5 Fed tightening cycles, Homebuyer Traffic bottomed out many months or years after the Fed finished hiking. I suspect buyer traffic will wither further, deep into 2024, perhaps 2025. pic.twitter.com/Lu2IFCupzh

— Jeff Weniger (@JeffWeniger) September 18, 2023

This is likely to be the first FOMC meeting of the current hiking cycle where the Fed neither raises rates nor revises up its forecast for the peak rate

What to watch:

• How many officials pencil in a Q4 hike?
• Do they see fewer cuts in '24? https://t.co/nVKzZSksls

— Nick Timiraos (@NickTimiraos) September 20, 2023

The Federal Reserve is expected to pause its interest rate hikes for the second time this year following a slowdown in price pressures https://t.co/oTZEQPzuaD

— Bloomberg (@business) September 19, 2023

US Federal Reserve Set To Hold Rates At 22-Year High – FThttps://t.co/4fLj5uDot4

— LiveSquawk (@LiveSquawk) September 20, 2023

TD Securities 1/2: The #Fed should remain hawkish. Yet given stretched positioning it might not move the needle much. We prefer #EUR downside to EM, & highlight #EURBRL into this week's BCB. BoE provides the most dovish risks, where we remain short #GBPCAD. Riksbank, Norges Bank pic.twitter.com/UaT6Y3S8Zi

— Francesc Riverola – FXStreet.com (@Francesc_Forex) September 19, 2023

Current market expectations for path of the Fed Funds Rate…
-Sep 20, 2023: Pause
-Nov 1, 2023: Pause
-Dec 13, 2023: Pause
-Jan 31, 2024: Pause
-Mar 20, 2024: Pause
-May 1, 2024: Pause
-Jun 12, 2024: 25 bps cut to 5.00-5.25%

Video: https://t.co/JB6lNKepVz pic.twitter.com/KXDT4Xc1rX

— Charlie Bilello (@charliebilello) September 20, 2023

The straddle for tomorrow's FOMC went out 0.67%, the lowest implied move for a Fed day since November 2021

— zerohedge (@zerohedge) September 19, 2023

🇺🇸 McCarthy Plan to Avert Shutdown Dealt Twin Blows From Hardliners – Bloomberghttps://t.co/a7eLvnSs0N

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

Commerce Secretary Gina Raimondo said she was “upset” when #Huawei released Mate 60 Pro with an advanced chip during her visit to #China last month but noted that the US has no evidence China can make those components “at scale.”https://t.co/lgGIZ8Gg9W

— CN Wire (@Sino_Market) September 20, 2023

LIVE: President Biden delivers remarks at the United Nations General Assembly https://t.co/qBo0zr5PJv

— CNBC (@CNBC) September 19, 2023

President Biden will urge world leaders to back Ukraine in its war against Russia, in a speech to the United Nations General Assembly https://t.co/UKteQUfvtF

— Bloomberg Canada (@BloombergCA) September 19, 2023

US Pres. Biden: Condemns N.Korea's Violation Of UNSC Resolutions
– Says Iran ‘Must Never’ Acquire Nuclear Weapons
– Russia Alone Stands In The Way Of Peace

— LiveSquawk (@LiveSquawk) September 19, 2023

🌏 ADB warns regional growth under threat from China property, food securityhttps://t.co/oCbFQ1Gb3i pic.twitter.com/iBo3x9GPUM

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

🇨🇳 Beijing Touts #China’s Economic Resilience, Hits Back at Negative Comments – WSJhttps://t.co/Gf2r85iWxZ
*Conference link (Chinese): https://t.co/z6vmL5C9dA

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

🇨🇳 #China’s RRR cut and improving economic fundamentals will provide strong support for the yuan, the PBOC-backed Financial News says in a front-page article Wednesday.
*Link (Chinese): https://t.co/aZPrKUM63g

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

China’s NDRC Vice Chairman: Economy Faces A Lot Of Difficulties And Challenges – FXShttps://t.co/Xxpi39wPIi

— LiveSquawk (@LiveSquawk) September 20, 2023

Japan Trade Balance Aug: -¥930.5B (est ¥678.5B; prevR -¥66.3B)
– Trade Balance Adjusted Aug: ¥ (est ¥442.5B; prev ¥557.2B; prevR -¥600.2B)
– Exports (Y/Y) Aug: -0.8% (est -2.1%; prev -0.3%)
– Imports (Y/Y) Aug: -17.8% (est -20.0%; prevR -13.6%)

— LiveSquawk (@LiveSquawk) September 19, 2023

Japan's China-Bound Exports Dropped 11% In August – Nikkei https://t.co/RlPpOmQkVj

— LiveSquawk (@LiveSquawk) September 20, 2023

New Zealand’s economy probably emerged from a shallow recession in the second quarter as a surge in immigration fueled growth https://t.co/p6kfFmsXSK

— Bloomberg Markets (@markets) September 19, 2023

Latest release: Annual current account deficit $29.8 billion. https://t.co/9DiXuQ4w26 pic.twitter.com/TB74UjP5jF

— Stats NZ (@Stats_NZ) September 19, 2023

Residential land prices in regional Japan up for 1st time in 31 yearshttps://t.co/l60NGzhciQ#Japan #realestatemarket #地価 #KyodoNewsPlus

— Kyodo News | Japan (@kyodo_english) September 19, 2023

Land values aren't just rising in Tokyo. https://t.co/9qtuKEp1w8

— Nikkei Asia (@NikkeiAsia) September 19, 2023

JUST IN:
China's central bank keeps the Loan Prime Rate #LPR unchanged.
1-year LPR at 3.45% unchanged;
5-year LPR at 4.20% unchanged. pic.twitter.com/q95bh4LmR1

— CN Wire (@Sino_Market) September 20, 2023

https://twitter.com/C_Barraud/status/1704356669470159298

🇨🇳 There is room for #China to further cut RRR for banks, as well as interest rates this year to shore up the country’s economy, according to a front-page report Wednesdasy from the Shanghai Securities News (citing analysts)
*Link (Chinese): https://t.co/g6h8mHGIt1

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

⚡PBOC conducted 205 billion yuan of the 7-day reverse repo and 86 billion yuan of the 14-day reverse repo on Wednesday.
The net injection comes to 226 billion yuan as 65 billion yuan comes due today. https://t.co/3XEoyKeLF7

— CN Wire (@Sino_Market) September 20, 2023

https://twitter.com/C_Barraud/status/1704361147342717178

Economists remain divided on whether Australia’s central bank will raise its key rate again this year, even as cooling inflation suggests less pressure on the Reserve Bank to tighten further https://t.co/8SJGjo8ASv

— Bloomberg Australia (@BloombergAU) September 20, 2023

🇨🇳 As a reminder ⬇#China Is Speeding Up #Infrastructure Bond Sales to Boost Spending – Bloomberghttps://t.co/CVjzaGnRvV pic.twitter.com/ySu7V0XYy4

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

Japan’s liquefied natural gas inventories drop to the lowest level in over a year-and-a-half and could push the nation’s utilities to buy more fuel ahead of winter https://t.co/IlTlFxwIdF

— Bloomberg Asia (@BloombergAsia) September 20, 2023

".. the probe found that Qin had engaged in an extramarital affair that led to the birth of a child in the U.S. .."@WSJ @Lingling_Wei https://t.co/Uhs6Pcd8Rj

— Carl Quintanilla (@carlquintanilla) September 19, 2023

🇬🇧 *UK AUG. CONSUMER PRICES RISE 6.7% Y/Y; EST. +7.0% – BBG
*UK AUG. CORE CPI RISES 6.2% Y/Y; EST. +6.8%
*UK AUG. CPIH RISES 6.3% Y/Y; EST. +6.6%

— Christophe Barraud🛢🐳 (@C_Barraud) September 20, 2023

UK Inflation Posts Surprise Fall To 6.7% – FT https://t.co/7qXcRhsNOY

— LiveSquawk (@LiveSquawk) September 20, 2023

In the year to August 2023:

▪️ the cost of raw materials fell by 2.3%, up from a fall of 3.2%
▪️ the cost of goods leaving factories fell by 0.4%, up from a fall of 0.7%

➡️ https://t.co/Lu0gxiWaZm

— Office for National Statistics (ONS) (@ONS) September 20, 2023

Grant Fitzner continued: (2/3)

⬇️ pic.twitter.com/ByzhdfuRI0

— Office for National Statistics (ONS) (@ONS) September 20, 2023

Euro-area inflation slowed last month after all, according to revised data that will support European Central Bank officials saying no more interest-rate hikes are needed https://t.co/4Er8UQax8i

— Bloomberg (@business) September 19, 2023

Euro area inflation: based on this morning's details, my "trimmed index" is plunging, loosing c0.5 ppt for the third month in a row.

Nearly two third of the components are decelerating. The slowdown in inflation is very broad based. pic.twitter.com/mrPhVeBSSG

— Stephane Deo (@StephaneDeo) September 19, 2023

https://twitter.com/Sino_Market/status/1704375033370726609

https://twitter.com/fwred/status/1704156702415675738

BoC’s Kozicki: Prepared To Hike Further If Needed
– Inflation Remains Too High, Broad Based
– Seeing Evidence Of Demand Slowing From Tightening
– ‘Ups And Downs’ Of Cpi Data Is ‘Not That Unusual’
– Higher Rates Are Restraining Spending & Credithttps://t.co/wBHSQSpKlU

— LiveSquawk (@LiveSquawk) September 19, 2023

SNB’s Final Rate Hike Risks Ending Franc’s Rally – BBG https://t.co/mIu34XbKmB

— LiveSquawk (@LiveSquawk) September 20, 2023

Polish Central Bank Governor Sees Narrower Room For Cuts – NQ https://t.co/YZmuoJS7GL

— LiveSquawk (@LiveSquawk) September 20, 2023

UK PM Sunak Mulls Delaying Ban On New Petrol, Diesel Cars Sales – BBC https://t.co/xxPAfFo7c6

— LiveSquawk (@LiveSquawk) September 19, 2023

Estonian leaders struck a deal on the 2024 budget, compromising after calls for a windfall tax on banks led to disagreement among coalition parties https://t.co/zILDtZriaf

— Bloomberg Economics (@economics) September 19, 2023

EU chief says massive China subsidies for EVs warrant a probe https://t.co/bJlXYl3gWS via @flacqua @johnainger pic.twitter.com/ErYSCsi2hN

— Zoe Schneeweiss (@ZSchneeweiss) September 20, 2023

EU’s Ursula von der Leyen praises Ukraine’s progress on membership bid https://t.co/8FDxxjbANl via @flacqua @johnainger pic.twitter.com/myPW9AKuL3

— Zoe Schneeweiss (@ZSchneeweiss) September 20, 2023

Turkish Cypriots push 2-state deal before Greece-Turkey talks https://t.co/AZErgno8Tz via @SelcanHacaoglu pic.twitter.com/LqPZjeuox3

— Zoe Schneeweiss (@ZSchneeweiss) September 20, 2023

https://twitter.com/C_Barraud/status/1703492243443663075

JPMORGAN: There is concern that recent oil supply cuts “are not finished, and the price of oil could jump .. to as high as $120/bbl .. if this were to happen in the coming weeks .. the global economy would slow to a near stall next quarter ..”#OOTTB pic.twitter.com/241M8T6LPV

— Carl Quintanilla (@carlquintanilla) September 19, 2023

Oil nearing $100 is a red flag for central banks’ inflation fight https://t.co/63D5R35idY via @CraigStirling @alicegledhill1 pic.twitter.com/ryLXvdNK2o

— Zoe Schneeweiss (@ZSchneeweiss) September 20, 2023

World debt surges to record $307 trillion, rises as share of GDP https://t.co/LMNUCAbIsc via @RichMiller28 pic.twitter.com/HAlDDAjJ54

— Zoe Schneeweiss (@ZSchneeweiss) September 19, 2023