Consumer Discretionary weakening to new monthly lows

Near-term and intermediate-term technical trends remain bullish for US Equities, but a few sectors have started to weaken lately, making it right to be more vigilant.  Moreover, both Treasury yields and the US Dollar made 2025 lows in September and have gradually been higher, while Equities have also pushed higher. Furthermore, DeMark-related exhaustion signals are now close to materializing on a weekly basis across Equity index ETFs like QQQ, SPY, along with BTCUSD and Gold. Thus, heading into mid-month, it looks necessary to pay close attention to uptrends on SPX and QQQ, which at this time, remain intact. I expect a push back to new highs in both over the next 4-6 trading days, but expect that mid-month might bring about a stalling out and trend reversal, which might affect Equities, Precious Metals, and Cryptocurrencies.  This should occur from higher levels and monitoring trends in all three remains important, given that all have moved up in unison in recent months. 

Overall, I do not make much of Tuesday’s decline as weekly lows along with the ongoing uptrend from both late September and the intermediate-term uptrend from April were not violated.

Wave structure seems to suggest a possible “final” push higher to new all-time highs over the next week, which then might complete this most recent uptrend from late September and result in consolidation in the back end of October.

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