Markets are currently in a search for a catalyst that remains elusive, resulting in choppy equity trading and a low volatility environment that may persist.
The medium-term trend continues to point upward, supported by the Federal Reserve's actions, indicating that market participants can expect ongoing backing from policymakers.
The low volatility environment is further underscored by the S&P's daily high-low range dropping to its lowest since mid-July, revealing a lack of significant market movements.
Despite a modest recovery of the dollar influenced by month-end flows, it remains near YTD lows, indicating that the USD's position is still fairly weak compared to other currencies.
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