The Fred Report - Weekly September 5, 2023

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Short-term breadth indicators look okay, but not great, suggesting we could see some weakness over the next couple of weeks – but this does not damage the intermediate  picture, which is still positive.  All of these Chinese ETFs (FXI, GXC, PGJ, KWEB) traded down to the bottom end of their respective right shoulders and have held – and started what looks to be a tactical rally.  While sentiment is a condition indicator and not a timing tool, the bond setiment chart does suggest there is “Gas in the Tank” to support a bond rally.

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