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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: J.B.C. who wrote (34777)	9/22/2025 9:18:27 AM
From: J.B.C.	Read Replies (1) \| Respond to of 34801

I’ve seen a lot of negative postings on the market recently, Could be right, IDK. Just paying attention: *** Morning Note - 9/22/25 BESPOKE INVESTMENT GROUP SEP 22, 2025 “A man who is certain he is right is almost sure to be wrong.” - Michael Faraday The S&P 500 closed at its 27th record high of the year on Friday as investors continued to bask in the light of the Fed’s rate cut on Wednesday. The 28th record high of the year will likely have to wait at least another day, though, as futures on all three major averages are indicated to open down by a little more than 0.30%. Small caps, which also hit a record high last week after a long drought, are also lower but not by as much (0.23%) as the S&P 500. Asian stocks were mixed overnight, with the Nikkei rallying 1% to another record high, while Hong Kong was down close to 1% and China was marginally higher. While Japanese stocks keep hitting record highs, JGBs keep falling as the 10-year yield hit the highest level since 2007. In Europe, the tone is more one-directional with the STOXX 600 down 0.2% while Germany leads the way lower with a decline of 0.7%. There’s no economic data in the region this morning, but auto stocks are weaker with both Volkswagen and Porsche trading lower after lowering guidance. As we noted in last week’s Bespoke Report, we’re in a data lull. While multiple FOMC members will speak today, last week’s cut is behind us, and earnings season doesn’t kick off for another two weeks. Newton’s first law of motion says that an object in motion tends to stay in motion unless acted upon by force, so that would suggest more gains ahead. However, it is late September, which is historically a weak time of year, and investors have seen some large gains over the last five months, so you can’t fault anyone for wanting to take some profits. Crypto will be one place to watch for a measure of risk appetite in the market, and this morning’s action is showing a more defensive posture. Bitcoin is trading down over 2% this morning as it has broken below $113,000 and below its 50-day moving average (DMA). With today’s decline, Bitcoin is essentially trading right where it was back in May. Unlike Bitcoin, which has been moving sideways, Ethereum prices had a much steeper run-up over the Summer, even as it has traded in a sideways range for the last month. This morning’s weakness in Ether has been more magnified with a decline of over 6%, and it too is below its 50-DMA for the first time in months. Click here to continue reading the longer version of today’s Bespoke Morning Lineup.