Last year at this time the stock market was in the process of finalizing a bottom and was about to embark on a rally that would carry into mid-July of this year. 

Yesterday I mentioned that the stock market could soon feel the pinch of overhead supply among the major market indices…but in yesterday’s session they failed to clear their 9/29 peaks and intraday peaks set earlier this week which setup a bit of a technical selling point. 

The major stock indices have uniformly established nice base formations that could indicate the lows set recently could be the lows set for the cycle. 

A year ago the stock market was in the process of bottoming and on the verge of launching a big rally that would carry into mid-July. 

A few weeks ago I made the observation that investors’ perceptions might be shifting with respect to the interest rate outlook. 

This morning we are seeing reactions in the markets globally to the horrific invasion of Israel by Hamas over the weekend. 

News items and data releases on the economic monetary and geo-political fronts could have larger than usual sway on the stock market as we move into the middle part of October.

At face value, yesterday's market rebound may have been little more than a relief rally.

The economic monetary and political culprits behind yesterday's decline have been advertised but interest rates play the biggest role for the stock market.