Markets staged a good recovery last week and many of the stocks under chart coverage saw an abatement of selling. Quite a few started to test downtrends and some confirmed
the start of new uptrends. The net effect was a small but useful recovery the Sentiment Oscillator. Thus we can afford to be a bit more optimistic.

It is amazing how quickly the thematic on interest rates has turned around with Wall Street becoming bullish. Jerome Powell has signalled the the top of the interest rate cycle is in sight. He has given himself plenty of wiggle room though, saying that rates are unlikely to be cut before the middle of next year. Nevertheless he has laid the foundation for a swing in sentiment, for the time being at least.