Technicals | Nov 05 2019
By Michael Gable
The S&P 500 Index has consolidated its recent gains as it continues to make new all-time highs, just as we've been anticipating during the last few weeks. Last Friday night we had new PMI numbers out of the US and last night saw their release out of Europe. Both of these are still in contractionary territory. However, the important takeaway is that they have shown improvements compared to the prior month. This means that it could be an early indication that we are seeing a trough in global growth. Remember in our intro last week we highlighted the fact that the flow of funds into certain sectors was trying to sell us something about the global economy?
In terms of stock opportunities this week, we have taken a look at Transurban Group ((TCL)).